According to The Paperless Project there are some significant cost savings in eliminating paper. Let’s put this in perspective and review some of their facts:
- 15% of an organization’s revenues are spent creating, managing and distributing documents.
- 60% of employee time is spent working with documents.
- 85% of business documents are in paper form.
- The average document is printed 5 times and copied 9 to 11 times.
- At $30/hour, knowledge workers waste $4,500 per year working with paper.
- In the last 20 years, combined usage of top 10 paper users jumped from 92 to 208 million tons, with growth at 126%
- Paper in an average business grows by 22% per year, meaning your paper will double in 3.3 years.
Let’s look at some facts on the costs of paper:
- Filing costs an average of $20 per document.
- Every 12 filing cabinets requires a additional employee to maintain.
- Each misfiled document costs $125 and each lost document costs $350 to $700.
- The average time to retrieve and re-file a paper document is 10 minutes.
- It costs about $25,000 to fill a four-drawer filing cabinet and over $2,100 to maintain it.
- Each day one billion photocopies are made.
- The average worker has a 34 hour paper backlog.
Amazing isn’t it? I am a firm believer in being paperless but find the majority of society makes that a very hard objective. Here are some of the ways I manage to save a few trees and have less paper to deal with.
- Online Bill Pay with my bank or automated bank withdrawals.
- Paperless statements from vendors who email notice when statement is ready so I can save to my computer.
- Request all information be emailed rather than mailed allowing me to save to my computer.
- Bookkeeping software for business and personal finances: scan receipts to attach to records and then shred the paper.
- Client Portal for secure exchange of documents and information on my website.
- Remote Access to client’s bookkeeping software.
- Dual Monitors allowing me to view source documents on one screen and enter or review data in a program on the other.
Reduce your stress by eliminating paper, save a few trees and money….go paperless.