An ePayroll process provides numbers of benefits for a business. The most important, perhaps, is the reduction of paper. But the advantages go far beyond simply being "green."
Many businesses are looking for ways to “go green", cut costs, and maintain the security of their company's data. One way of accomplishing this is with an ePayroll process, also known as a 'paperless pay' system or 'green' payroll.
By eliminating time cards or time sheets, physical paychecks, and paper pay stubs you are making huge strides towards a truly paperless payroll process. Having an online portal system available to your employees at all times provides also eliminates most of the paper being used. In fact, a number of surveys show that a majority of employees prefer to receive their check stubs and pay information electronically.
In fact, with the proper systems and technology, implementing a paperless payroll process is far more secure system and it's a win-win for everyone.
Why it Pays to "Go Green" with ePayrollThere are many good reasons to opt for a green, paperless pay system. Whether you continue to manage your payroll process internally, or decide to outsource most or all of it, there are five major benefits to ePayroll:
1. Provide 24/7 Employee Access
In a survey from the American Payroll Association (APA), 2014 Getting Paid in America, over 80 percent of employed Americans have access to pay and benefits information from an employee self-service portal. You can streamline and improve your payroll process with either in-house or cloud-based technology.
The same survey stated that over 49 percent of employees access the portals from a desktop computer, while another 25 percent use a laptop, and more than seven percent access them from a smart phone. Employees overwhelming prefer this direct access and the flexibility of the cross-platform usability.
2. Increased Payroll Process Efficiency
While the payroll and HR management functions of a business generally don't generate revenue, they can certainly add significantly to a business's bottom line with reduced expenses and lower personnel costs. This can be done primarily through the implementation of a paperless pay solution. Greater accuracy, speed, security and convenience can add up to significant time and cost savings.
According to the ACA'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.
According to a white paper from TalentWise, a recruitment technology company,
“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."
4. Greater Security for Payroll Information
Security is a major concern for every business and for individuals. The threat of identity theft and cyber-theft of businesses is a growing reality and by eliminating paper pay stubs, businesses 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. Reduction of Paper Waste
According to an APA survey, over 40 percent of U.S. workers 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 a long ways off for now, a large and significant reduction in paper use and waste paper accumulation can be achieved in a business with a green payroll system.
How to Save Time, Save Money, and Help Save the Planet
Investing in the best available paperless payroll software for your ePayroll process is a great option. However, 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.