Accounts departments are at the core businesses the world over. They keep the whole company ticking over, collecting payments, chasing up invoices and keeping an eye on budgets. However aside from the day to day duties, there are certain boxes that departments have to tick in order to ensure they are meeting regulations. PAYE and payroll for employers is a prime example of this; accounts departments are expected to keep payroll records for up to six tax years, and failure to do so accurately can result in estimated tax charges and a penalty to pay.
Although a key requirement, it is often difficult for businesses to adhere to such strict guidelines. Storing six years’ worth of payroll records, even for just 30 staff members, takes up an incredible amount of space. And due to the incredible amount of paperwork coming and going on a daily basis, it can often lead to paperwork being lost or damaged. Pearl Scan, one of the country’s finest providers of scanning services to a range of sectors, is highlighting the incredible benefits offered to businesses who make the switch to digital – starting with accounts and payroll departments.
Naveed Ashraf, Managing Director at Pearl Scan Group said: “Paper documents have been at the core of businesses for many years, however as time has moved on and technology has changed traditional paper processes have moved onto computers and digitised. Yet many businesses are yet to see the benefits of digitising accounts departments – potentially due to the disruption it will cause.
“Hiring in professionals to undertake this process however minimises disruption, allowing departments to carry on with their day to day work and simply letting them reap the benefits.”
Digitising documents brings with it a plethora of benefits for businesses. It allows them to keep all documents safe and secure – key for accounts departments – and free up much needed space. Digital documents also allow employees to be more productive due to time spent searching for past documents minimised.
“Accounts departments deal with so much paper on a daily basis, it is somethings hard to keep up,” added Naveed. “Although all business departments can benefit wholly from the digitalisation of work and day to day processes, accounts teams are right up there when it comes to needing to move forward with the times in order to remain productive.”