“Everything is going digital.”
You may have heard this statement tossed around in both business and personal conversations – and it’s not just idle chatter. To save time, money, hassle, and our planet, an ever-increasing number of people and companies are opting to eliminate paper from their lives as much as possible.
Paperless payroll may not fit every business, but chances are, there’s a platform out there that will work for yours. In case you’re not already familiar with it, a paperless payroll system is an entirely electronic process for delivering pay stubs and tax forms, tracking employee time, creating payroll reports and last but not least, paying your employees.
A Closer Look
If you opt for a paperless payroll system, the benefits to your business include:
- Saving time: You save countless staff hours spent cutting, signing, and mailing or otherwise distributing checks every pay period.
- Saving money: In addition to direct deposit, which saves you significant expense for every payroll run, you save the postage involved in mailing checks and any costs related to reprocessing those that inevitably get lost in the mail.
- Streamlining your tax payments: Many paperless systems notify you before it’s time to complete and file your tax forms, or even take care of this task for you. It’s a real win-win as the timely completion of all requirements, plus the increased accuracy offered by an automated system, add up to a lower risk of penalties.
- Greater consistency in paying your employees: Since the Post Office is eliminated from your process, there’s no worry if a federal holiday or other delay occurs. Your automated system helps ensure that every employee gets paid accurately and right on time, every time.
- Enhanced data and records security: Digital storage means more robust safeguards for financial and other sensitive information, as electronic encryption is typically much harder to breach than physical locks. And since there’s no physical location involved, even in the event of a fire, flood or other disaster, your records remain intact.
- Eco-friendliness: Every 100,000 sheets of paper consumed eliminates eight trees from the earth and results in substantial carbon emissions.
- Better accessibility of employee data: Your team members can easily access their online payroll data via their mobile devices or web browsers.
- Seamless systems integration: Your paperless payroll system integrates with your accounting platform, so numbers entered in one instantly appear in the other as well.
If you think paperless payroll is the way to go for your company, but need assistance with selecting the right platform and implementing the process with your workforce, turn to Key HR for the expert guidance you need. We’re aligned with a full spectrum of preferred provider companies to offer innovative, customized payroll, insurance and HR solutions, including professional employer organizations (PEOs). Contact us today to learn more.
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- On October 11, 2022
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