Paperless deposit offers huge benefits to you and your employees, and the first among them is convenience. After all, eliminating unnecessary trips to the bank while gaining instant access to funds on payday are major pluses. But aside from convenience, there are other important benefits to direct deposit that can significantly help your business. Here are four of them.
1. Efficient Document Storage and Retention
Consider the paperwork involved when you cut paper checks, and it’s easy to see why cloud-based payroll is a win. First, you can avoid time-consuming, error-prone processes such as manual record-keeping for hours and days off. Second, digital files mean you can access employee pay records whenever you need them, including from your mobile device. Third, you’ll cut down on paper waste — and annoyances related to lost checks and tax statements.
2. Improved Employee Productivity
When you and your employees aren’t chasing, filing or reproducing payroll-related paperwork, you can all focus on your jobs. Less time spent managing mundane tasks — such as digging up copies of pay stubs or sifting through storage boxes and filing cabinets — means more time working on projects that will drive your business forward. With direct deposit, many common document requests can be managed remotely and directly by your employees.
There are other benefits too. For example, with direct deposit, you can merge important HR and operations tasks, which means you may be able to pair payroll with other must-dos such as managing paid time off, changing titles and pay rates and sending data to your financial operations system.
3. Reduced Operating Expenses
Paperless payroll means you can stop printing checks. You’ll see reduced printing costs along with less need for storage because you won’t have to store your records on hard drives or in secure storage units. Plus, if your region suffers a disaster such as a fire or flood, a cloud-based payroll system will ensure business continuity. Lastly, because you won’t have to deliver paychecks to your employees’ homes or offices, you’ll save on postage.
4. Automated Payroll Tax Compliance
As a business owner, you’re already familiar with payroll taxes. Failure to collect taxes such as Medicare, Social Security and federal income taxes and remit them in a timely fashion could subject your business to costly fines. An automated payroll service will help eliminate those problems because the funds will automatically be withdrawn and paid to the federal government.
Things to Consider When Switching to Paperless Payroll
If you spend a significant amount of time reprinting W-2 statements or pay stubs, constantly field inquiries about remaining vacation days or feel tired of making trips to the bank, it’s time to consider paperless payroll. When you’re ready to make the leap to direct deposit, BCM Payroll Services, Inc. is here to help. Put our cloud-based payroll solution to work for you and make the days leading up to payday less stressful.
For more information about paperless payroll or to learn more about the services we provide, contact us today.