How Much Is Paper Costing Your Business?

Money is constantly on our minds, especially now, during tax season. Everyone is trying to make decisions about where to save and where to spend. What could you do with some extra cash? What could our businesses do with a little extra cash? But where do we start? We have mentioned it before… the answer is paper. Or should I say, paperless. Many companies are choosing document management to improve their customer service, increase productivity and reduce costs. Not to mention, they are finally free from the pile of paper that is lurking behind them and taking over their desk.

Cutting out paper from your daily business processes will have the most immediate ROI. When you utilize a document management system, you are relieved of the following costs:

  • Offsite storage rent or filing cabinets and accessories
  • Postage to send documents
  • Printing costs like ink and toner
  • Actual paper

We generally spend $20 in labor to file a document, $120 to find a misfiled document and $220 to reproduce that lost document.  Office workers can waste up to two hours  a day looking for a document. That is 500 hours per year. If the average wage is $15 an hour, you are losing $7,500 a year.

Reading about how document management can make a difference for your business is one thing But it just does not convey how beneficial it really is. Mooresville Consolidated School Corporation in Indiana is comprised of one high school, one middle school and five elementary schools, with 403 employees and 4,350 students. Imagine all the paperwork that is associated with each employee and student. Schools cannot afford to lose transcripts, records, and employee files. They were able to find a solution that offered a secure and cost effective way to store, search and share their files. Using Filebound they saved $55,000, along with $1,000 a week in employee costs and $3,000 in cabinets and cabinet accessories (labels, records, etc..).

To see how document management solutions have benefited other businesses, go to our Case Studies page. Interested in how document management can benefit you? Contact us.
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