Reducing Expenses Through Online Transactions
Posted on August 16, 2016
They say that to expect a constant flow of money to come into your business, you must be willing to spend money as well. Indeed, a company who has not spent money on resources and employee training does suffer being left out of new best practices in their industry and advances in technology, and being thrifty losses the company more money than it is gaining. However, there are expenses which you can do without, and you can reduce those expenses through online transactions. They have become so important that there are companies out there who make it their business to make sure these unnecessary operational expenses are cut off.
Take for example, InfoTrack, a technology company that offers a SaaS platform for businesses that handle pertinent information on property, company, personal, and national search data. One of their services is to provide an electronic system for Section 32 and electronic contract documents. Ordering InfoTrack’s Electronic Contract For Sale (https://www.infotrack.com.au/products/disruptive-technology/sign2exchange/ecos/) allows you to prepare contracts without printing dozens of copies or paying for shipping fees. It has effectively reduced administrative costs.
Here we will talk about ways in which you can benefit from turning some of this ink-paper transactions into electronic arrangements.
Online Transactions Eliminate Processing Errors
Humans naturally make mistakes, but some mistakes cost employees wasted time trying to resolve it. Going digital may help employees with their processing because data inputting follows a format your employees can easily follow. Additionally, it gives instantaneous updates to everyone in the company. For instance, an online inventory that updates real-time can help a realty company take note of properties that have been sold already almost as soon as payment has been made.
Remember that while errors do not exactly incur any expense, they do take up a lot of employee time that could have gone to working on other important or more pressing things.
Requires Less Time to Prepare and Manage
Because most online transactions follow a template, it can be easily prepared, edited, and managed by quality control employees. Think about the invoices you send out and receive, for instance. A simple printed out receipt would have been tedious to keep because sometimes we deal with lots of them on a daily basis. With online invoicing, you can easily keep track of payments being sent out and received by your company. Your accounting department can easily review discrepancies if there are any.
Important Documents can be Easily Reviewed
Important documents pertinent to most businesses are Section 32 (or the Vendor’s Statement) and the Contract for Sale. Instead of printing those documents, why not exchange electronic versions of these documents to the client. Let us take our previous example, InfoTrack. Because they act as a middleman to your transaction with the company, you can just order the document that you need on their search system. Afterwards, they will send you a copy for editing. You can put in important details that might have been left out, and then easily upload it for signing.
Not only do you and your client have electronic copies you can consult wherever you are, but signatures needed to authenticate the documents can be easily accounted for.
Minimises Administrative Costs and Other Fees
Obviously, if you are not printing out documents every now and then, it will significantly shed expenses from operations. Not only that, but shipping invoices or contracts is as easy as sending an email, you would not need to pay shipping costs. If you are a business who would like to cut down in bills without needing to let go of manpower, reducing menial operational costs and turning them electronic can help.
These are just some of the ways in which you can take advantage of eCommerce tools, middleman SaaS platforms, or your own online system. It makes daily working routines much less constricted and cramped, and makes transactions with clients easy. Go on and try it out for your business and see how manageable expenses become.