Saving money is always a great strategy for any business, and going with a green payroll is one way to do just that and save time, too.
Smart business owners and managers constantly look for ways to cut costs and generate savings through cost-effective procedures and tools. Processes that save time can save money, as well, and these savings go to the bottom line.
For HR professionals, going with a green payroll process can accomplish this and save their company in three different ways.
By transitioning from a paper-based payroll process model to a green, or paperless, payroll system, any business will see savings. While this can be done strictly by using in-house software solutions, another option is to simply outsource some or all of your payroll functions.
It is the latter option, outsourcing payroll, that can be especially cost-effective for many small businesses.
Three Ways to Save With a Green Payroll Process
For most owners, saving money may be the main motivator for switching to a green payroll process. However, for many managers and HR and payroll professionals, the goals might have more to do with saving time, materials, and other tangible and intangible resources.
The great thing about a well designed green, or paperless, payroll process is that it will accomplish all of this. The net result is freeing up valuable time and resources for you and your company. In one sense, the savings realized are essentially doubled - every hour not spent processing payroll is an hour that can be invested in additional productivity.
In other words, 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
In addition to the measurable time and money savings, there are also process and security advantages that come with a paperless payroll process.
For example, 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 manual paper-based payroll process, you can also provide your employees with direct 24-hour access to their own pay information.
By using direct deposit, pay cards, and online pay stubs you also eliminate trips to the bank, dropping off paychecks at job sites, and the cost of delivery of your payroll checks. In addition, more time is freed up to allow your staff to pursue other, revenue generating or supporting tasks. Because of the minimal handling of paper, 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.
The potential for errors and costly mistakes are also minimized with an automated, paperless payroll process. The less often calculations and data capture is having to occur manually, the more accurate the results and the fewer the mistakes. Security, accuracy, and timeliness are all part of the results of a green payroll system.
Discover 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 as simple as 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”, can 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.
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.