Is paperless payroll right for you?
When you think of payroll, you might still envision paperwork and envelopes given to employees by hand. Even with direct deposit being the norm for years, there is still a significant paper component to manage.
As with most things, payroll is going digital – and for good reason. There are many benefits to digital payroll for employers and staff alike. Read on to learn why switching to paperless payroll could be right for you.
1. It empowers your employees
Your employees can log in to the system like MYOB
and access anything they need – anytime and anywhere. Pay stubs, hours worked, and so much more. It’s all right there, which means they don’t need to call or visit a specific department for help. If they have questions about time off or or sick days, for example, they can easily find that information on their own.
When everyone can access what they need, it makes everything easier. It also means that whoever would traditionally have to pause what they’re doing to provide information can stay on task.
2. It increases convenience and eliminates delays
When you’re manually processing your payroll, delays come up that are a normal part of business. But that isn’t the case when you take your payroll digital.
Because everything runs automatically, you no longer experience holdups due to holidays or slow mail. Additionally, everything is distributed instantly online, meaning everyone gets paid on time.
You’ll reduce the chance of mistakes as well. Taking human error out of the equation means you no longer have to spend much time correcting mistakes or investigating what went wrong.
3. It keeps everything secure
Security is built right into paperless payroll systems. Employees have a unique username and encrypted password, which they use to access a secure online portal. Some even have two-factor verification.
With all information stored online, you reduce the risk of losing sensitive documents. You also don’t have to worry about shredding confidential information. All pay information is kept securely on the portal, accessible only to those with permission. The risk of fraud is also nearly eliminated.
4. It saves you money, and valuable time
There are obvious cost savings in reducing the paper, postage, ink, and toner required to distribute paper pay stubs. Those costs are significant, too. But you will see the biggest savings in the hours no longer needed to run your payroll.
With most of the process automated, it’s no longer necessary to spend time tallying up hours worked, calculating overtime and sick pay, and then sorting out taxes. Instead, your software will take care of it for you.
5. It helps the environment
Finally, paperless payroll is nearly waste-free. You’ll no longer produce stacks of paper and envelopes and supporting documents, which add up in filing cabinets all over your office – which is only a pitstop before they’re discarded.
There are several benefits to adopting paperless payroll, and it’s a popular system for employees and employers alike. When considering taking your payroll paperless, ask yourself what the needs of your business and your employees are. If both would enjoy the features listed above, it might be time to start thinking about making the switch.