3 Reasons Why Going Paperless is an Investment in Your Business’s Future

If you’re exploring the idea of going paperless, you might be intimidated by some of the costs you are running into in your research of document capture solutions. We understand that from a distance it might seem like a paperless solution is going to cost you a pretty penny, but the truth is that, like any investment, it will end up saving your business a good chunk of change in the long run.

Seem farfetched? Let us break it down for you.

  1. Going paperless reduces labor costs. Research shows that the average employee spends about an hour a month searching for and/or replacing files. Assuming that you have 50 employees who make roughly $20/hr., your office would be spending about $1,000 a month for employees to search for documents.
  2. Lost files cost money. On average, 7 percent of a company’s paper documents are permanently lost. That might not seem like a big deal, but the reality is that a lost file can cost between $125 and $300 to replace. Those expenses can add up very quickly.
  3. Storing files is very expensive. It costs between $25 and $50 to create a file folder. When you factor in the cost of storage space, paper and ink and labor, an average four-drawer file cabinet can cost around $25,000 to fill and $2,000 annually to maintain.

When you add up all the various expenses associated with paper, the Gartner Group approximates that between 7 to 12 percent of a business’s revenues are spent, in some way, on paper documents.

Don’t waste any more of your company’s hard-earned money. Find out how you can solve your paper problem at psigen.com.

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