Having an epayroll system for your business can do far more than simplify your payroll process. In fact, it can benefit your business, your payroll staff, and your employees.
An epayroll process is sometimes called by a number of names: online payroll, paperless pay, and even green payroll. The underlying idea is that paper is eliminated from the payroll process as much as possible since (almost) everything is done digitally. The advantages of a paperless or epayroll processes are numerous.
Making the Distinction Between Epayroll and Paperless Pay
The rise of the cloud and vastly increasing amounts of remote storage, there has been a massive shift in the way business is done across the entire spectrum of business functions. This is especially true for HR processes, including payroll management.
Having secure access to employee data, along with unlimited remote storage solutions at any time, allows for almost every payroll function to be paperless. And, again, the benefits of having a paperless, or green payroll, are numerous. Aside from the decrease in office clutter and the reduction of labor, a paperless payroll process will significantly impact your bottom line.
This happens through reduced paper, mailing, printing costs as well as the reallocation of labor in more productive tasks. It is entirely possible for a large company to save thousands of dollars annually by implementing a paperless payroll process. The "paperless" refers to the final output of the process.
What we call epayroll is essentially an electronic payroll. This would include being paperless and environmentally friendly, or "green." It would also include the data entry - the part where you begin the process of the payroll by actually entering the hours or the wages that you’re paying employees. Being able to do this in the cloud through the web is what makes it an epayroll process.
Electronic payroll, or epayroll, simply means instead of taking pen to paper and faxing it over, or calling it in on a telephone, you’re actually submitting your data online through an electronic service.
The Advantages of an Epayroll System
Here are a few of the primary benefits of transitioning to a epayroll system with a paperless output:
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Considering Your Payroll Process Options
As a business owner or payroll manager you have a number of options for your payroll functions. Software that can be installed in-house, or cloud-based programs, offers a good alternative. On the other hand, Paperless Payroll Management Solutions by Accuchex, also known as “Green Payroll”, combines tax payment and direct deposit. With direct deposit and online access and there is no need to have a payroll package delivered every check date.
But the ultimate "paperless" pay solution is to outsource your payroll process. There are many reasons why businesses should consider online payroll outsourcing, especially small to medium sized businesses that may not be able to afford dedicated human resources and payroll clerks.
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.
In addition to the time and dollar savings, having the peace of mind of knowing that your payroll processes are being handled competently, accurately, and on time is a great reason to consider outsourcing.
On top of that, you can be assured that the accountability and liability for payroll compliance rests with your vendor, freeing you from the constant pressure of staying fully informed and compliant with the ever changing - and growing - rules, regulations, and legislation.
In addition, all wages and tax payments are sent electronically and online access lets you view, print and save all payroll data. Employees have access to their wage history by logging into their own portal; access to complete wage history ensures they will always be able to view their information at their convenience.
Reliability, full-service options, and reputation are the hallmarks of a quality payroll management service provider. If you are currently looking to invest in outsourcing you get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.