(Guest Post by Kevin Corley of Image One)
Due to their constant need to reduce overhead costs, nonprofits can’t always focus on growth and innovation. But many groups can start to leverage productivity and efficiency by embracing paperless technologies and document conversion services.
One main benefit of going paperless is an improved ability to manage finances. By reducing office supplies / printing costs and having to store physical records, nonprofits can use funds for more critical demands.
According to Yale University report, its Student Employment office alone saved $100,000 in the year after switching to an electronic process to replace timesheets. Additionally, the Yale School of Medicine realized $92,000 in saving when it eliminated paper course packets with iPads
With paperless initiatives comes the switch from physical to digital formats for information. Digitizing enterprise content allows them to then adopt other cost-savings solutions such as cloud storage.
A recent First Nonprofit Foundation report highlighted just how significant a difference moving records to paperless platforms can make. UCAN Chicago used over 4 million sheets of paper in 2010, a figure which they cut to 2.8 million just two years later after prioritizing document conversion services.
One concern about going paperless is regulatory compliance and the maintaining of nonprofit status. A financial audit could pose a risk for firms that haven’t optimized their records, and when everything is stored on paper it can be easy to lose or overlook a document that could spell the difference between continued nonprofit status or not. Digital formats help to ensure audit compliance.
Investing in paper conversion services can save nonprofits time and money, allowing them to harness the benefits of digitized records quickly while driving ROI and productivity. An investment into paperless technology is an investment into an organization’s future, and one that needs to be carefully planned and executed. The right support from a document conversion service will ensure success and flexibility in adapting new paperless trends as they develop.
(Image One is committed to helping businesses and nonprofits through the use of document imaging hardware and professional service.)