These regulations help uphold customer confidentiality and trust. Complying with these regulations in a paper-based system is complicated. An open file on a desk, a customer that wanders into a confidential area, or a misplaced paper all hold risk of a potential violation and headache for you. Keeping sensitive information secure and up to compliance standards is much easier with built-in electronic protections and safeguards.
You can easily create an audit trail to track your documents whenever you need. Reducing your reliance on paper allows you to create a more sustainable business. Even with recycling, the amount of paper used in U. The average employee uses an astounding 10, sheets of copy paper per year. Your company can contribute to the well-being of the environment by cutting down on the amount of paper you use. Beyond paper, the printer, ink, and ink cartridges are harmful to the environment as well.
It takes over 3 quarts of oil to create a laser printer and inkjet cartridges. Printers and ink also contain potentially harmful chemicals that, if disposed of improperly, pollute water and soil and contribute to the spread of ecological damage. Not only is an eco-friendly approach more sustainable and better for the planet, it also helps your brand image.
Working in a fast-paced environment is exciting; it can also be very stressful. You can reduce some of the stress by going paperless. The decreased clutter, seamless access to data and other assets, increased security, and reduced busywork all make for a more peaceful workspace.
You can reduce the chaos of paperwork, the fear of losing something important, eliminate errors, and strengthen the security of your organization. Extract attached documents from your e-mail and save them in the appropriate folder.
If you set up online bill pay, especially if it's automatic, be sure to record the payment in your checkbook or financial software well in advance so you don't risk overdrawing your account. Whether you're paying a bill, making a deposit, transferring cash, or anything else, save a copy of all confirmations. Notify businesses if you change your e-mail address.
Otherwise you might miss bills and other important documents, exposing yourself to late charges and other problems. Also watch your junk e-mail folder in case a document gets routed there by mistake. This article appeared in Consumer Reports Money Adviser. Get Ratings on the go and compare while you shop. Sign In. Become a Member. Remember Me. Forgot username or password? Not a member? Need further assistance? Please call Member Services at Subscribers only Sign in or Subscribe now!
Forgot password? Check this box if you wish to have a copy mailed to you. What's in it for you? Paperless billing and record-keeping offers several advantages for consumers. Cost savings Paying bills online eliminates the cost of postage. Reduced clutter All those paper bills, notices, and statements tend to pile up, and they need to be stored somewhere.
Speak to a Coach Now Skip to main content More and more banks, creditors and utility companies are urging customers to go paperless and get all of their billing statements online. Should you go Paperless? About The Author Melinda Opperman is an exceptional educator who lives and breathes the creation and implementation of innovative ways to motivate and educate community members and students about financial literacy.
FICO Score vs. Develop and improve products. List of Partners vendors. By LaToya Irby. LaToya Irby is a credit expert who has been covering credit and debt management for The Balance for more than a dozen years.
Learn about our editorial policies. Reviewed by Erika Rasure. Article Reviewed November 27, Erika Rasure, Ph. She has spent the past six years teaching and has included FinTech in personal finance courses and curriculum since , including cryptocurrencies and blockchain. Learn about our Financial Review Board. Article Fact Checked July 22, Article Sources. Your Privacy Rights. To change or withdraw your consent choices for TheBalance.
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