Every smart business owner or manager constantly looks for ways to cut costs and generate savings with cost-effective procedures and tools.
For HR professionals, going to a green payroll process can do just that, and save their company in three different ways.
Any business will see savings when they transition from a paper-based payroll process model to a green, or paperless, payroll system. While this can be done strictly with a variety of in-house software solutions, it can also be accomplished by simply outsourcing some or all of your payroll functions.
And for many small businesses, the latter option can be especially cost-effective.
There's More Than One Way to Save With a Green Payroll Process
For most owners, saving money may top the list of your desired outcomes with green payroll. For many managers and HR and payroll professionals, the objectives may be more about saving time, materials, and other tangible and intangible resources.
The beauty of a well designed green, or paperless, 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. In essence, the savings are essentially doubled: every hour not spent processing payroll is an hour to invested in additional productivity; 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 switching your paper-based payroll process to a paperless, green payroll system:
The Many Advantages of Going Green
Not only are there tangible savings to be had, there are also process and security advantages to a paperless payroll process.
Using an online payroll system, such as Time2Pay by Accuchex, provides an easy to use integrated employment solution that is delivered directly to you from the cloud. In addition to reducing the processing time typically required by a paper-based payroll process, you can provide your employees with direct 24/7 access to their own pay information.
Using direct deposit, pay cards, and online pay stubs eliminates the need for trips to the bank, for dropping off paychecks to job sites or other locations, and the delivery of your payroll checks. More time is thereby freed up to allow your staff to pursue other, revenue generating or supporting tasks. Security is enhanced, and the overall workload minimized.
The Additional Advantages of Outsourcing Your Payroll Processes
There are a number of other good reasons to consider outsourcing. For example, part of the basic payroll function is full tax service. This function ensures that your employer and employee taxes are calculated accurately and paid on time, every time. Your service provider assumes full liability that your taxes are handled correctly. This is great for you since you can have that assurance and simply concentrate on running your business and you will never pay penalties or interest to a taxing authority again.
With online and automated payroll management systems, the most complex aspects of payroll are handled by the vendor making it simple and effective for your company. Many services, such as Accuchex's Time2Pay, offers flexibility and customizable options within the software, allowing for many possibilities for reporting and functionality. The Accuchex technology team takes pride in never having turned anyone away. If you can define it, Accuchex and Time2Pay can do it.
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, also known as “Green Payroll” 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; access to complete wage history ensures they will always be able to
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.