But when you fax or mail Form SS-4, you won’t receive your EIN for days or weeks.The 5 best paperless office software tools When you file online and are approved, the IRS immediately provides your EIN. For example, you can apply for an EIN (Employer Identification Number) online instead of filing a paper Form SS-4. Look for digital alternatives to other business owner responsibilities. And, you can easily access your payment history. Using EFTPS is free, and it streamlines your tax payments. To simplify your tax paying responsibilities, you can register with the Electronic Federal Tax Payment System (EFTPS). And if you have employees, you will owe even more taxes. Regardless of your business structure, you owe taxes to the government. Withholding and remitting taxes is a task no business owner can escape. Streamline Business Owner Responsibilities You should have an option that allows customers to opt out of electronic invoicing if they prefer. Some customers prefer to receive physical invoices. Keep in mind that invoicing online might not work for every customer. If you use software that lets you create and track invoices, you can handle unpaid invoices more efficiently by sending out follow-up requests for payment, when appropriate. When you send an email invoice, your customer will likely receive it immediately, which could speed up how soon they pay. Aside from the cost savings of supplies, there is also the chance you could expedite payment. Instead of sending paper invoices, you can switch to electronic invoices, saving you money on paper, envelopes, and postage. If you extend credit to customers, you’re going to need to invoice them at one point or another. Employees can collaborate in the cloud instead of waiting for co-workers to hand them paper files. Online tools let employees share documents, folders, and projects using an efficient system. This can improve teamwork, encourage innovation, and prevent knowledge hoarding. Using digital collaboration tools not only reduces paper in the office, but they can make it easier to share knowledge and circulate information. But when everything is scribbled out on notecards, transferring knowledge can be difficult. Sharing knowledge among your staff is a key part of having a successful business. This also saves you time because you don’t need to call in every time you need to verify funds. You have 24/7 access to your accounts, giving you the freedom to view account balances and pay bills at any time you need. When you bank online, you aren’t limited by bank hours. And, you can send tailored email campaigns to customers instead of mailing out promotions. Paperless systems can make pulling up customer information faster and more accessible. For example, if you use online accounting software, you can update your books any time you want, from any location you want. If you use a cloud-based filing system, you can access data from any device with an internet connection. With paperless business systems, you don’t need to sort through mountains of paperwork to find documents. If you need to look through shoe boxes full of crumpled up documents to find the answer, it might be time to use a paperless filing system. “When’s my invoice due?” your customer asks. Have Access To Everything At Your Fingertips And once you eliminate some of the space devoted to paper records, you might find yourself more able to access information. Digital files take up less room than having filing cabinets stretch across your office space.
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