Businesses need to find and use an effective payroll solution as it can save them money and time, boost employee morale, and streamline their efficiency. Paperless payroll offers many advantages over old-fashioned manual processes. In this article, we detail those benefits so you can know why the switch to paperless payroll can be good for your company.
Simplified Tax Filing
As the saying goes death and taxes are inevitable. Taxes mean you need to fork a good amount of money for the government and also handle the difficult task of understanding and complying with both state and federal regulations. Paperless payroll software can make this task simpler for you by offering automatic tax compliance. This can eliminate stress for you during filing time and give you peace of mind that your business has met all mandated tax laws.
Paper files mean you need big file cabinets to store documents which can take up a lot of space in the office. Complete payroll solutions are the answer as they can store all your payroll data in one secure and convenient platform. This makes it easier for you to retrieve information quickly when needed. By eliminating paper records, you can declutter office space. Plus, you can store payroll documents for the required amount of time.
The software can also enable you to have productive discussions with your accounting team as you can share payroll information with them easily with a button click.
Assured Data Security
Paper files can be lost to unforeseen disasters like a flood or fire in your company office. It can take you a lot of time to replicate this lost data. Paperless payroll offers better security by giving you digital files and data. Cloud systems offer encryption and password security, and regular backups so you can retrieve your payroll data effortlessly anytime.
Paperless payroll allows you to access your data from anywhere. You need not even be in the office to process payroll but can do it in a park or coffee shop if you wish to. All you need is an internet-enabled device. This flexibility can eliminate your worries about prioritizing payroll and meeting deadlines.
It’s a nightmare to track the timesheets of each employee as the work is tedious and time-consuming. The difficulty becomes greater if you outsource some work or hire freelancers. Paperless payroll makes things much simpler by giving you digital editions of timesheets that you can easily share with your clients, full-time staff, and freelancers. You can spend the saved time on important tasks.
An average U.S. citizen utilizes more than 700 pounds of paper per year. Even small businesses consume and waste a considerable volume of paper each day. Your company can do its bit for sustainability and a green environment by going paperless. This can also create a positive impression on your customers and clients. Plus, you can save a lot of resources and money by eliminating printing supplies and paper.
A lot of employees are unhappy at their workplace for reasons such as work pressure, negative environment, etc. This makes them hop jobs which can be time-consuming, frustrating, and expensive for employers.
Paperless payroll is the answer as it can assist to boost office morale and staff loyalty. Workers don’t have to travel to their bank to deposit their paycheck and wait for its clearance. They can automatically get their salary in their bank account on payday. This eliminates worries about losing paychecks or needing to go to the office on a holiday to get it. Another benefit is employees can access their tax information and pay stubs online. Thus, timely and accurate salary deposits can make your workforce happier.
Summary of Benefits
We hope this post has made you aware of the many reasons why most businesses are opting for paperless payroll. A good payroll system can help your company go green, make your staff more satisfied, and save you serious money and time.
Most payroll solutions are typically easy to use and offer you setup, training, and support, tax filing assistance, direct deposits or cheque printing as needed, and other useful services. They also provide a staff self-service portal to enable your team and employees to track their salaries and finances easily.
Check out the free trials of a few good payroll systems and pick the one that best suits your needs.