Issue link: https://viewer.e-digitaledition.com/i/55875
GOING PAPERLESS CAN PAY OFF By Krista Dobronos C URRENTLY, MEDICAL PRO- FESSIONALS are making the final transition from paper to electronic health records (EHR) to share clinical data with ease, streamline messaging, and eliminate paper files. With the mandatory EHR deadline approaching, now might be the perfect time to identify ways to reduce paper (and costs) in other areas of your business, especially in banking. Electronic banking has become the mainstream for most small businesses. Online cash management allows com- panies to automate daily banking while reducing paper and postage costs, and the potential for costly errors. In addition, by converting paper check payments to electronic images, called desktop deposit, companies can deposit checks from their office and eliminate daily trips to the bank. If your company devotes 30 minutes each day to a bank trip, the average annual cost savings using desktop deposit would be a mini- mum of 130 hours of employee wages for the trip alone. Here are some additional cost-saving benefits of desktop deposit: + Funds are available faster + Extends deposit hours + Eliminates the risk of transporting checks + Automated check research + Decreases fraud risk + Reduced deposit time preparation Other time-saving, online cash man- agement benefits include: + Secure online bill payments + Balance alerts – email notifications for account balances + Balance reporting and detailed transaction reporting + Electronic check images + Real-time fund transfers between accounts + Stop payments + ACH originations and wire transfers + Electronic statements As you make your transition to a paper- less practice, you should consider ways to reduce paper by automating your banking. Ask your banking partner to help evaluate your needs and determine which paperless options will yield the most savings. Krista Dobronos is a senior vice presi- dent and market leader at Westfield Bank in Akron, Ohio. ■