5 Ways Paperless Payroll Will Benefit Your Business
Still struggling to keep up with sensitive employee pay stub information? Jump on the modern train and learn why paperless payroll is right for your business.
Your employees are everything in your business. They’re the ones on the front lines making your company work.
When it comes to processing their paychecks, you might wonder why you have employees because it’s such a time-consuming process.
Companies are switching to paperless payroll to reduce some of the headaches that come with payroll. Would you like to know why more and more companies are going paperless?
Read on to discover the many benefits of paperless payroll.
1. Cost Savings
There are huge cost savings for businesses that use paperless payroll. Some estimates have the cost savings at about $2 per paycheck. That doesn’t seem like much, but when you do the math, it adds up quickly.
Let’s say that you have 26 pay periods each year. That’s $52 per year per employee. Plus, it costs about $8 to replace checks.
2. Less Paper Waste
Does your company value environmentally friendly products and services? There’s a way to live what your company values.
With paperless payroll, you cut down on the amount of paper and ink used to print checks.
3. Employees Save Time
You employees don’t have that much spare time. They have work and family obligations, which leaves them with little time to do simple things like grocery shopping or going to the bank.
Paperless payroll means that they can skip standing in line at the bank to deposit their check.
Even though most banks have mobile deposit, these apps can still reject the deposit or just not work.
4. Better Security
You need to keep a record of payroll, and right now, it’s on paper. The problem with that is that anyone can get into those files and get important information about your employees.
They can access things like social security numbers and they can see how much your employees are paid.
When you move to paperless payroll, you move over to a much more secure system that is protected by passwords. You give access to this data only to the people who need it.
5. No Need to Worry About Lost Paychecks
How many times have you had to cancel and replace paychecks for your employees? They’re human and they can do things like misplace paychecks or leave them in pockets on laundry day.
That means more time out of your schedule to reprint and replace those paychecks. At times, you have to cancel a check and absorb a cancellation fee.
When You Do Need Pay Stubs
There are occasions where your employees will request pay stubs from your company. They may need them if they plan to buy a home or get an auto loan. Banks will request to see the most recent pay stubs to show proof of income. In some states, you’re required to provide them by law.
You can create a pay stub from ThePayStubs at any time. This will give you the best of both worlds — the convenience of paperless payroll and the ability to create pay stubs when needed.
Ready for Paperless Payroll?
There are plenty of benefits of paperless payroll. It costs less to process payroll and it’s a huge time-saver for your employees.
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