Breaking Free from the Paper Workflow Trap

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By Macro Analyst Desk

In today’s fast-paced, technology-driven business landscape, efficiency is an expectation. Yet many companies remain tied to outdated, paper-based systems in their finance departments. These processes create delays and make it harder for businesses to operate effectively. A recent survey from Yooz, a leader in accounts payable automation, highlights just how much these paper-based systems are costing businesses. The 2024 Yooz Survey: The Cost Finance’s Paper Dependence provides valuable insights into these challenges and how automation can help.

The Hidden Costs of Paper-Based Processes

Paper-based finance processes may seem harmless, but they come with significant costs. The Yooz survey found that most employees spend a significant amount of time managing paper invoices, with 30% of employees reporting 1-3 hours spent weekly and 13% nearly doubling that at 5 hours and beyond. 

There’s also an environmental cost–paper makes it more difficult for businesses to meet sustainability goals, an increasingly important factor in today’s corporate landscape.

How Paper Processes Hold Businesses Back

Companies that rely on manual processes face more than just wasted time. The Yooz survey revealed that paper-based systems prevent finance teams from focusing on higher-value tasks, such as planning budgets or improving financial strategies.

These outdated processes can also damage relationships with vendors due to delayed payments and unclear financial records. Businesses that fail to adopt digital systems risk falling behind competitors who are already leveraging modern tools.

Why Automation is the Solution

Automating accounts payable isn’t just a helpful upgrade. It’s becoming essential for businesses to streamline their finance processes. Without automation, employees may waste company resources, with 19% of survey respondents reporting they have reprinted documents due to lost originals. Another 22% have also misplaced essential paper documents, which have in turn soured relationships with vendors. 

Automation doesn’t just save time and money. It also improves job satisfaction for finance teams by eliminating repetitive, low-value tasks. This enables employees to focus on more rewarding work, such as analyzing financial data and improving cash flow management.

Taking the First Step Towards Digital Transformation

Switching from paper to digital systems might seem daunting, but the benefits are worth it. According to the survey data from Yooz, businesses that invest in automation enjoy long-term advantages like better scalability and efficiency–and ultimately, greater business success.

The delays and extra costs caused by paper-based finance systems are challenges businesses can and should overcome. By adopting accounts payable automation, companies can work more efficiently, reduce expenses, and unlock their full potential. 

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