Even though we live and work in the age of cloud computing, many businesses still labor under the weight of paper-based payroll processes. But the good news is that a paperless payroll is an easy step to take.
We've had desktop computers for decades now and, more recently, we've become accustomed to having computing in the "cloud". And, along the way, we've always had the promise of a "paperless" workplace. But the statistics from the American workplace reveal that this is more of an exception than the rule.
Granted, computers tended to just create more paper faster. But the introduction of cloud-based computing and massive storage capabilities has really launched the possibility of a truly paperless office. And more businesses are beginning to minimize their use of paper by taking advantage of web-based business solutions.
While it may have seemed impossible not too long ago, payroll management services can now offer payroll processing systems that allow a business to set up and implement paperless payroll, or epayroll, processes that are fast, accurate, dependable, and reliable.
Paperless Payroll Vs. Traditional Processes
Most people agree that it's in the best interests of everyone to consider paperless options. We all have to live on the same planet and want to do our part to keep it livable. And while "going green" is a good thing and can even enhance your company's image, being environmentally altruistic isn't the only reason that a paperless payroll - or green payroll - makes sense for business owners.
Managing your company payroll is a task that has to be taken on from the first day you hire your first employee. And it only becomes more complex and demanding as you grown and your staff size increases. Too many owners and management teams address their growing payroll processing burden by simply adding hours, hiring more lower-level staff, or spending money on new payroll management software and training.
A paperless payroll system, however, can offer many benefits as well as make your payroll management easier.
Paperless Payroll Saves More Than Just Trees
Paper costs are on the rise and, according IBISWorld,
"The prices of paper and packaging products are on an upward trend as input costs rise for upstream suppliers and consumer shopping trends drive demand for shipping materials and services."
In other words, paper that is needed for everything from packaging materials to payroll processing is costing more than ever and will continue to do so.
Consequently, having a paperless payroll system will benefit your business in cost savings alone. If your business could eliminate a majority of the paper that is used when processing payroll, cutting and mailing checks, filing government forms, and the myriad of related tasks that use paper, the impact would be significant.
Five Employee Benefits of Paperless Payroll
You already can see some of the benefits of this approach for you and your HR staff. But the truth is, a paperless payroll system will make your employees happy, as well. Here are some of the advantages:
- They won't have to go to the bank and wait in line to deposit their paycheck
- Misplacing or losing their paychecks will no longer be a concern
- Their pay will be available on their payday
- Paystubs and pay information will be available anytime online
- They won't have to wait to pick up their checks at work or come in on their day off
In addition, they will have the peace of mind that the payroll will always be accurate, on time, and reliable. No more missed pay-days or processing errors by overworked and understaffed payroll departments.
A great way to implement a paperless payroll process is to outsource it to a third-party firm. Along with the benefits of being practically "paperless", you will be able to eliminate other issues, as well. For example, you might find that you are dealing with the following issues with your labor-intensive payroll process:
Too many mistakes
Payroll compliance mistakes are costly. A good payroll services provider is far less likely to make serious errors. And in the unlikely event that it happens you able to receive financial restitution from the provider. Peace of mind is one of the greatest benefits of outsourcing your payroll process.
Too much time
Professional payroll management services specialize in processing complex payroll systems. Since your payroll staff probably has multiple roles to fill in your business, removing the burden of constantly processing your payroll will increase their productive time.
Too much cost
While large corporations might be able to absorb the cost of fully staffed payroll departments this is not the case for smaller businesses. And when you include the cost of printing and distributing checks, creating tax documents, and related tasks associated with your payroll process, the savings can be substantial.
Save Time, Save Money, and - Yes - Save Trees
When viewed from the perspective of a strategic business owner looking to optimize resources while minimizing costs, going paperless is a no-brainer. When seen from the point of view of a conscientious business leader with an eye towards social responsibility, it is again, a no-brainer. And when you look at it with the eyes of a typical employee, it's a smart move on the boss's part!
Take some time to assess the state of your own payroll management capabilities. If these signs are present and you're finding that your payroll process has become a drain on your company's time and resources then you know it's time to outsource!
Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.
