There are many actions a business can take to save money on operations. Moving to a "green" payroll process is one of the best.
Every smart business owner or manager constantly looks for ways to cut costs and generate savings with cost-effective procedures and tools.
Fortunately for business owners and HR payroll professionals, moving to a green payroll process can do just that. Almost any business will see measurable cost savings when they transition from a paper-based payroll process model to a green, or paperless, payroll system.
Also known as an epayroll process, this can be done strictly with a variety of in-house software solutions, or it can also be accomplished by simply outsourcing some or all of your payroll functions.
And for many small businesses, an outsourcing payroll as an option can be especially cost-effective in a number of ways.
Many Ways to Save With a Green Payroll Process
For most business owners, the number one reason for going with a green payroll is to simply save money. For many of their managers, especially HR and payroll professionals, the objectives are likely to be more about saving time, materials, and other tangible and intangible resources.
One of the best things about a well designed green payroll process is that it will accomplish all of this with the net result of freeing up valuable time and resources for you and your company. Another way to look at it is that the savings are essentially doubled: in other words, every hour not spent processing payroll is an hour to invested in additional productivity, and every dollar not spent on your payroll process costs is a dollar towards revenue building.
This infographic helps to illustrate the various benefits that can come from transitioning from a paper-based payroll process to a paperless, green payroll system:
Other Advantages of "Going Green"
In addition to the tangible and often substantial savings benefits, there are also many process and security advantages with a paperless payroll process.
For example, using an online payroll system, such as Time2Pay from Accuchex, will provide an easy to use and integrated employment solution that is delivered directly to you from the cloud. In addition to reducing the typical processing time required by your paper-based payroll process, it will provide your employees with direct 24/7 access to their own pay information.
By using direct deposit payroll, pay cards, and online pay stubs you can eliminate trips to the bank, having to drop off paychecks to job sites or other locations, and the delivery of your payroll checks. In addition, you can free up more time to allow your staff to pursue other, revenue generating or support tasks.
And, in today's vulnerable cyber-world, your security is enhanced while your overall workload is minimized.
The Additional Advantages of Outsourcing Your Payroll Processes
There are a number of other good reasons to consider outsourcing.
For example, a basic payroll function typically offered is full tax service. This sevice ensures that your employer and employee taxes are calculated accurately and paid on time, every time. In addition, your service provider usually assumes full liability that your taxes are handled correctly.
This is a great benefit for you and your business. You can have the assurance of compliance so that you can concentrate on running your business. And you will never pay penalties or interest to a taxing authority again.
The most complex aspects of payroll are handled by the vendor with online and automated payroll management systems, thereby making it simple and efficient for your company. And services such as Accuchex's Time2Pay offer flexibility and customizable options within the software, allowing for many possibilities for reporting and functionality.
Find Out How a Green Payroll Can Work for Your Business
And while investing in the best available software for your payroll is one option, another direction you can consider is outsourcing. This can be simply outsourcing one process such as basic payroll. However, with a full-service provider such as Accuchex, you have additional options for outsourcing as well.
Paperless Payroll Management Solutions by Accuchex combine 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.
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 and access to complete wage history.
The Accuchex technology team takes pride in never having turned anyone away. If you can define it, Accuchex and Time2Pay can do it.
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.