Payroll software is a critical component of growth and success for many businesses. Taking advantage of the benefits of an online system is often the next step.
There are many reasons why businesses should consider transitioning to an online payroll software process. While outsourcing your payroll can be a great option, many small to medium sized businesses may not be able to afford outside human resources and payroll services.
Outsourcing payroll can save staff time, money and be the best payroll solution for your business. In addition, many payroll services offer related services like insurance solutions, retirement planning, and HR functions.
Fortunately, payroll service providers, such as Accuchex, also offer online payroll software solutions.
A Payroll System Using Cloud-Based Payroll Computing
As we have become more environmentally aware and look for ways to reduce our carbon footprint and excess waste, a cloud-based payroll computing option provides a "green" choice. It greatly reduces paper usage, saving you money, and helps retain our natural resources for future generations.
With more and more people choosing direct deposit of their payroll checks, there is often no need to print paper checks except for special circumstances. With the convenience of direct deposit, employees no longer need to leave the office during work hours to deposit their checks, reducing driving time, as well.
With an expert online payroll provider, setting up payroll online is quick and easy and is a win/win for everyone involved.
Five Advantages of Online Payroll Software
Following are some of the ways an online payroll solution helps you and your company:
No more “store forward” and overlapping data entry. If you can access a web-browser, you can do your payroll, anytime, anywhere. You can enjoy the ease and cost-effectiveness of operating in a real time, web or PC environment.
Today most people have checking accounts linked to ATM cards, so having direct deposit enables them to have almost immediate direct access to their funds, instead of having to wait several days until the funds are cleared. Also, since employees don’t have to drive to their bank to deposit their check, it reduces driving which saves gasoline and carbon emissions, furthering the positive environmental effects.
Retirement Account Reporting
A "green payroll solution" that offers 401k and other retirement investment accounts can offer online access, so employees can check their accounts, make investment elections, and access other information online instead of waiting for paper statements in the mail.
Having your payroll solution provider set up online health insurance coverage eliminates the need to send out statements via the U.S. mail. Employees can also review the status of medical claims online.
Payroll service firms can file all the IRS forms that are required, correctly and on time. Online payroll processing programs will send out reminders of when filings and paperwork are due, reducing penalties and keeping business owners compliant.
Choose Online Payroll Software and "Go Green"
While the impetus to "go green" is an important motivator, there are many other good reasons to opt for a green, paperless payroll process.
1. Employee Access Through an Online Portal
A survey from the American Payroll Association (APA), 2014 Getting Paid in America, found that over 8 in 10 employed Americans have access to pay and benefits information from an employee self-service portal. With cloud-based technology, you can streamline and improve your payroll process.
The same survey revealed that over 49 percent of employees access the portals from a desktop computer, another 25 percent use a laptop computer, while over 7 percent access them from a smart phone. Employees overwhelming prefer this direct access and the flexibility of being able to use different platforms.
2. Increased Efficiency in the Payroll Process
While it is true the payroll management and HR functions in general do not generate revenue, they can certainly add significantly to your business's bottom line with reduced expenses and lower personnel costs. This can be accomplished through the implementation of a paperless payroll solution. Accuracy, speed, security and convenience all add up to time and cost savings.
3. Mobile Access to Pay Stubs
According to the APA's surveys, HR professionals have been moving to mobile-enabled processes by over 75 percent since 2012. Most of these new uses have been in payroll and recruiting, as well as performance management, and employee development functions. In addition, over 24 percent of survey respondents who still receive paper checks say they regularly use smart phones to deposit those paychecks.
“Organizations are scrambling to react to the demand for mobile-friendly solutions to everything, as employees get more and more attached to their digital tethers,” according to a white paper from TalentWise, a recruitment technology company.
4. Secure Access to Payroll Information
Security is a critical concern for businesses and individuals. The threat of identity theft and cyber-theft of businesses is an ongoing reality. Eliminating paper pay stubs can drastically minimize the potential of sensitive information being at risk. If a pay stub doesn't exist it can't be lost or copied.
In addition, an online system will provide your employees the peace of mind and convenience of viewing their pay stubs securely and at home. And having an online paycheck system along with online reports also means no lost records.
5. Reduce Paper Waste
According to the APA survey, over 40 percent of American wage earners still receive a paper pay stub. That is equivalent to almost two billion paper check stubs annually. In addition, over 74 percent of employees in the U.S. still receive paper copies of their annual Form W-2s.
While eliminating all paper may still be impractical for now, a large and significant reduction in paper use and waste paper accumulation can be had with a green payroll system.
Save time, save money, save the planet
And while investing in the best available online payroll software for your payroll processes is a viable option, another direction you might consider is outsourcing. This can be simply outsourcing one process such as payroll. However, with a full-service provider such as Accuchex, you have additional options for outsourcing as well.
Let Accuchex help you in managing your HR needs, payroll processes, and staying on top of compliance demands. Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.