If you’re finding yourself halfway through 2015 and still wrestling with paper timesheets, paychecks, paystubs, etc. don’t despair. It’s not too late to transition to a truly paperless payroll system for your company.
Why Paperless Payroll is the Way to Go
The advent of the cloud and remote storage has brought about a massive shift in the way business is done across the spectrum. This is true with HR processes, as well, especially for payroll management.
Having secure access to employee data, along with unlimited storage solutions remotely and at any time allows for many functions to be paperless. The benefits of having a green payroll are numerous. Aside from the visible decrease in clutter and the reduction of labor, a paperless payroll process will 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.
Accuracy and Security with Paperless Payroll
Using direct deposit for employee payroll, or reloadable pay cards, is safer, more secure and less costly than paying by paper checks. With a green payroll system there are no lost and stolen checks. Providing employee’s pay through a secure and reliable system gives your employees immediate and easy access, as well.
6 Reasons Why Paperless Is Better:
- Employees have instant access to their wages on payday from anywhere
- Paystubs are available 24/7
- Employees do not have to stand in line to receive or cash their paychecks
- No more lost or stolen checks and costly check replacement
- Accurate and streamlined payroll process
- Data storage is offsite and secure
Optimizing your pay cycle
Another consideration when going paperless is the frequency of your company’s pay cycle. Within the bounds of state regulations, you could choose to pay weekly, biweekly or monthly. Each pay cycle has its own benefits and considerations as illustrated by this chart:
(Chart courtesy of newsroom.inifinisource.com)
Making the Decision to go Paperless
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. And, as a bonus, some online payroll providers offer a green payroll solution.
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 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.
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 offer a good alternative. But if you really want to take full advantage of the benefits available to you, outsourcing to a provider like Accuchex can still be the best decision.
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.
