We are looking to going paperless and to filing all forms and attachments to a central drive. Is there a best practice to cover this and how can I establish what the cost savings will be when this system is implemented?
Do you currently scan and image invoices? You can scan and image under same system; if you don't already scan invoices, you'll get a better ROI if you do.
To separate master vendor changes from invoices, have logic to the indexes; for example, all adds and changes to the vendor master could start with VMxxxx, where x equals the tax ID or vendor number, followed by the date. This would also group all vendor changes.
Cost savings to consider:
- Real estate office for 7 years of data. [@2,500 sheets per filing cabinet drawer]
- Cost for long term storage
- Supplies: paper, filing cabinets, file folders, filing boxes when sent to long term storage
- Time: file, retrieve, re-file (time is added to scan)