Improve Compliance in Finance with Paperless Processes
Paper is a compliance risk — and a costly one
According to the Association for Intelligent Information Management (AIIM), organizations lose an average of $120 for every misfiled document and spend $20 in labor costs just to file a single paper document. Once you multiply that across even a small-sized business, those costs will add up quickly. For finance teams that rely heavily on paper-based processes, these costs compound and increase the risk of non-compliance, data breaches, and audit failures. As regulations grow more stringent, it’s clear: paper is a liability.
The Many Paths to Better Compliance
Improving compliance in finance doesn’t require a single, one-size-fits-all solution. Instead, it calls for a strategic blend of tools and workflows that reduce manual tasks, improve data visibility, and meet regulatory requirements. Paperless processes are at the heart of this transformation, enabling finance teams to:
Maintain accurate, real-time records
Automate approval workflows
Strengthen data security and access controls
Streamline audit preparation and reporting
Enforce consistency across all submitted forms and transactions
Digital Tools That Support Financial Compliance
When building a more compliant and efficient finance operation, here are several tools and approaches to consider:
Digital Forms
Replacing paper with structured digital forms ensures consistent data collection, reduces the chances of human error, and supports secure storage and access. A mobile form builder lets teams complete and submit forms on the go — ideal for field operations, remote approvals, or expense tracking.
Electronic Signatures
An electronic signature form speeds up authorization processes while maintaining legal validity and traceability. It also eliminates the need to scan or physically archive signed documents, while maintaining legal and regulatory compliance within any industry.
Cloud Storage & Role-Based Access
Secure Cloud platforms allow financial documents to be stored centrally, with access limited to specific roles. This protects sensitive information while making audit trails easier to track.
Digital Invoicing System
A digital invoice streamlines billing and ensures each transaction is documented accurately and stored securely. It also minimizes delays and provides better visibility into cash flow and payment compliance.
Workflow Automation
Automating tasks like purchase order approval or expense reimbursement ensures rules are followed consistently and frees up time for strategic work. It also reduces the chances of compliance violations due to missed steps or deadlines.
Real-World Benefits of Going Paperless
Finance teams that go paperless see a wide range of benefits beyond compliance, including:
Faster approvals: No waiting for paper to be passed around
Lower overhead: Reduced printing, storage, and labor costs
Improved accuracy: Fewer manual entry errors
Audit readiness: Quick access to complete and organized records, with timestamped audit trails
Remote flexibility: Work from anywhere without needing physical files
Making the Switch: Steps Toward Paperless Finance
You don’t need to overhaul your entire system overnight. It’s easy to start small and scale up, which can help you address the most pressing issues first, while also easing your team's training and transition burden.
Identify high-volume paper processes, such as invoicing or reimbursements, that consume time from your employees and prevent them from performing more strategic or creative tasks.
Introduce digital alternatives using a digital form builder or electronic document system, explaining the pain points and reasoning behind this decision to improve adoption among your team.
Train your team and get feedback early; top-tier digital solutions will even offer training and support packages to help your team start off on the right foot.
Integrate with existing tools to minimize friction through native integrations or an open API. Best-in-class digital platforms will offer various options to work with your existing tech stack.
Monitor for compliance improvements and iterate as needed. These changes will often be incremental, and planning for continuous improvement will keep you ahead of any roadblocks.
Paperless transformation isn’t just a tech upgrade; it’s a strategic move toward better compliance, lower costs, and more agile finance operations. Whether it’s a digital attendance system, a digital forms platform, or mobile apps to access internal platforms securely, these tools give finance teams the power to work smarter, not harder.
About GoFormz
GoFormz is a powerful digital forms platform that allows teams to create, fill out, and manage forms from anywhere, using any device. With an intuitive drag-and-drop form builder, customizable templates, and seamless integrations with CRMs, Cloud storage solutions, and project management systems, GoFormz helps finance teams streamline approval, automate document workflows, and maintain secure, compliant records. Whether you’re managing expense reports, processing invoices, or collecting signatures, GoFormz empowers finance professionals to eliminate paperwork, reduce errors, and accelerate operations.
