8 Benefits of Paperless Payroll

8 Benefits of Paperless Payroll

May 31 2016

If you're like many business owners, you're always looking for ways to save time, minimize costs, or keep your staff happy. Going with an online payroll provider can help you accomplish all these -- and more. Here are just a handful of the benefits of taking your payroll paperless.

 

1. It's Green

 

Did you know that paper checks use more than 674 gallons of fuel a year? If you'd like to reduce your company's carbon footprint, going paperless is one small step to accomplish that.

 

2. It saves money

 

Less paper = bigger cost savings. The Electronic Payment Association has a handy calculator on their website so you can estimate how much you'll save per check, but they estimate most businesses save between $2.87 and $3.15 per paycheck when they make the move to paperless. By paying your employees electronically, you no longer need to worry about lost checks which cost 

 

3. It make your employees happy

 

And really, who doesn't love happy employees? No more taking time to go the bank to deposit their paycheck. They no longer have to come in on their day off to get their check. They can check their paystubs at any time. 

 

4. It's more reliable

 

Companies who use online payroll providers make fewer errors in their payrolls. Also, there's no worry of forgetting tax payments because with the right provider, you can automate your state and federal payments. In addition, because you're able to access the payroll from anywhere (see #5), your team knows they'll be paid on time, no matter if there's a holiday or something unexpected, like an illness or a natural disaster. 

 

5. It's accessible 

 

If your employees have a question regarding their paychecks, they can access the information from the comfort of their own home. No more waiting for you or your HR associate. For employers, you can now run payroll at any time from anywhere, even if you're on vacation. 

 

6. It's easier to onboard new employees

 

You know those countless forms you and your new hires need to fill out on their first day? Say goodbye to them because new employees can fill out those forms online and sign them electronically. Depending on your payroll provider, you'll no longer need to report new hires to the government yourself because your provider will do it automatically.

 

7. No more time sheets

 

If yours is a business that requires their employees to track time, some payroll providers integrate with online time tracking systems. Employees will be able to access it from anywhere, there's no more risk of lost time cards, and some will notify you when an employee is nearing overtime, saving you even more money. In addition, although we hope you'll never need it, using online time tracking reduces your risk of labor disputes and payroll discrepancies because there's an audit trail.

 

8. It saves time

 

Most business owners who run their own payroll dread the process -- collecting time sheets, running payroll reports, and writing and/or signing those checks. It can eat away hours of day, hours that could be spent doing something else. And it's not only the process that takes time. Think about all the time you spend answering questions from your employees about their vacation and sick time and adjusting their withholdings. At the end of the year, you also spend hours running W2s and 1099s. A paperless payroll process eliminates all of that, freeing up countless hours for you to do what you do best -- grow your business.

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