The TDSIT Blog

Improve the Efficiency of Your Finance Department By Digitalizing These 5 Processes

Posted by Tim Stanley on Tue, Jul 31, 2018 @ 10:24 PM

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A finance department that operates efficiently is the key to managing your company's profitability. Despite this, many finance teams are still relying on manual, paper-driven processes that slow productivity and leave room for error. 

When your finance team is using paper-based workflows, an important document such as an invoice can easily become buried under a mound of paperwork. According to a recent study, it can take as long as 14.3 days for an invoice to process if an organization is relying on a paper-based payment system.

If your finance department is still practicing manual data entry, workflows not only take longer to complete but any errors related to the allocation and reconciliation of data can lead to unnecessary bank fees and cash flow problems. 

With today's advancements in technology, your finance department no longer has an excuse to be using manual processes. Digitalizing your finance processes will save your organization time, minimize errors, improve cash flow, and increase productivity. 

Here are 5 processes that your finance team needs to digitalize for maximum efficiency:

  1. Invoice Management - Relying on a manual process to pay invoices increases your risk of errors, missed payments, unnecessary fees, and non-compliance issues. Digitalizing invoice management will allow you to process payments faster and even take advantage of vendor discounts. The up-to-the-minute financial reporting available from a digital accounts payable system will empower your organization to make prudent financial decisions.  
  1. Accounts Receivable - Managing accounts receivable electronically will allow your finance department to process customer payments promptly, which will help to improve cash flow. Digitalizing A/R processes also gives your organization the ability to automatically create and send invoices, helping you to get paid faster. 
  1. Document Management - Eliminate the need for your employees to waste time looking for documents and give them the information that they need at their fingertips by moving to a digital document management system. 
  1. Forms  - Digitalizing forms and making them editable will help your finance department eliminate the need for re-work and move through workflows faster. 
  1. Tax Filing - Once your finance team goes digital, tax season will become a cinch as you can quickly retrieve all of the reporting that you need when it comes time to file. 

Digitalizing your finance processes will save you time, money, and frustration. Contact us to learn more about electronic document management and how going digital will increase the efficiency of your finance team. 

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Tags: TDSIT, Small Medium business, Digitization

How to Tackle Spring Cleaning for Your Office

Posted by Tim Stanley on Fri, May 18, 2018 @ 12:02 PM

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Considering that spring is the season of rejuvenation and fresh starts, many of us are motivated to take care of some much needed spring cleaning. However, as you create your "to do" list, don't forget about your office! 

Here are spring cleaning best practices for your office you can implement today:

  1. Divide your workspace into zones. Your office serves your needs in many capacities, from filing paperwork to tackling in-depth projects. When you take on too many tasks at once, it's easy for your office to look like a disaster zone. Eliminate the calamity by dividing your workspace into zones. For example, designate a library area for all of your resources and a storage area for all of your supplies. When everything in your office has a place, you'll create a sense of order and prevent clutter from accumulating. 
  1. Minimize paper. Paper can quickly pile up on your desk. If you can find a way to minimize your need for paper, keeping your office in order will be much more manageable. Scan documents to store them electronically to the cloud so that you can access them securely from any location at any time. 
  1. Clean out your inbox. Research reveals that the average office employee receives 121 emails each day. As a result, checking your email can be time consuming. Add some order to your inbox by grouping conversations and creating folders.  This will make it easier for you to retrieve emails when you need them. Encourage your contacts to use other forms of communication to reach you by including a link to a messenger app in your email signature. 
  1. Designate a drawer for short-term items. At the start of each month, consider all of the items that you'll need over the next few weeks. Your list could include specific documents, invitations, event paraphernalia, and more. Designating a drawer in your office to store these short-term items will make it easy for you to find these items when you need it. Be sure to refresh your drawer at the start of each month to keep your items organized. 

Spring cleaning your office doesn't have to be an overwhelming project. Start small by de-cluttering one or two areas at a time. The satisfaction that you'll feel after organizing these initial areas in your office will give you the motivation to continue on with your spring cleaning.

Looking for more ways to get your office clutter under control? Talk to us about our document management solutions. You'll enjoy the benefits of a more organized office, reduced need for storage, ease of collaboration and increased security!

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Tags: TDSIT, Digitization, Small Medium business

Take Your SMB to the Next Level by Going Digital

Posted by Tim Stanley on Thu, Dec 29, 2016 @ 09:29 AM

digital_xtech.jpgIn a world where technology moves at the speed of sound, it’s easy to understand the movement towards a paperless, digital office environment. In addition to lowering your carbon footprint, eliminating the use of paper from common business processes can help your business flourish with faster response times, increased productivity, streamlined workflows and more. Why then, are so many small businesses still bogged down by paper? 

Studies have shown that up to two thirds of businesses see a marked return on their investment within the first 18 months of going digital, regardless of their size. And simply by going digital with accounts payable and receivable, seventy percent were satisfied, or very satisfied with their return. 

The Benefits of Going Digital for SMBs

In a small business environment, where every employee, dollar, and minute count, time spent searching for lost documents can cost you dearly. Paper often gets misplaced; so much so that a survey by Software Advice shows that office staff can spend as much as six hours each week looking for documents, and when compared with office staff in digitized offices who lose almost no time, the choice is clear. 

Need more reasons to go digital? Here are three:

  • BYOD - With millennials heading up the workforce, and over 85 percent of them owning a smartphone, tablet, or other portable device, it's easier than ever for this generation to work from home or any location other than the office. Keeping company information stored securely in the cloud allows employees timely access to documents from anywhere with an Internet connection. 
  • Accounting - Save money, time, and resources by digitizing this otherwise paper heavy area of business. Reduce errors, allow accountants to process and approve requests faster, and take advantage of early payment discounts from vendors by storing information in the cloud. 
  • Digital Onboarding - HR staff in a small business are often stretched thin, but with digital HR onboarding, commonly used documents can be digitized for fast and easy retrieval to streamline the process. 

Your small business has nothing to lose from going digital, and everything to gain. To learn more about the benefits of a paperless office environment, contact us today. 

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Tags: Digitization

Is Paper Putting Your Business at Risk?

Posted by Tim Stanley on Fri, Aug 19, 2016 @ 09:01 AM

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A recent incident at the NY Times is a perfect example of why digitizing your records should be a priority. A pipe burst in the sub-basement where decades worth of irreplaceable Pulitzer Prize winning photography was housed. If not for the fortunate timing of a news assistant, the entire catalog could have been lost.

Digitization and backup of your mission critical files is crucial. Like most businesses you probably have vital records stored in filing cabinets throughout your office. 

The reason for digitization is simple: paper documents are costing you money, taking up valuable real estate and impacting employee productivity!

Paper is Fragile

There are many risks to your paper documents: theft, misfiling, fire or flooding are just a few examples. While it’s true that all of these potential disasters could impact the data center where you store your digital records, the fact is that redundancy and easy duplication of digital files can reduce your risk.

As compliance laws change, those older records may be more important than you think!

Even if you’re not in a heavily regulated industry you may be at risk. You may need your files during a tax audit, or to defend yourself against litigation from an ex-employee or disgruntled customer. According to The Paperless Project, large organizations lose a document every 12 seconds. Digitization makes it easy to search and retrieve the information you need, quickly. 

Going Digital Is the Key

Technology today has made digitizing easy. Digital records will not only protect you from the threats as mentioned above, they offer additional benefits like easy access for remote employees, increased productivity and significant cost (and space!) savings. If you’re using data analytics to uncover facts about your company, having your information in a digital format will allow you to more easily analyze trends over time.

Reducing risks and increasing productivity can have financial benefits for your business. Reducing print costs and paper use, eliminating storage expenses and freeing up office space for other uses can immediately improve your bottom line.

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Tags: Digitization