The payroll process has seen many advances over the past few decades, including real-time updating of payroll and accounting management capabilities. One major step forward has been the introduction of paperless payroll.
An automated payroll system can perform many tasks without generating any paper. The proliferation of Software as a Service (SaaS) programs has made it easier to switch to an in-house platform, and you can file your payroll taxes electronically.
Benefits of a Paperless Payroll System
A paperless payroll system has many advantages, but some businesses may be unsure about whether to make the move. Here are five reasons to consider using a paperless payroll process for your company.
1. Lower Overall Costs
When businesses issue checks, they have to pay for the checks, including the print ink and paper. It can cost several dollars per check just to make payroll. You may also see decreased productivity after workers receive paychecks if they leave to cash them during work hours.
A few dollars per check does not seem like a significant amount, but it’s important to consider how many employees you have. Moving to paperless paychecks can help you save money by eliminating the need to print physical checks. Paychecks would now be deposited automatically into your workers’ bank accounts.
2. More Eco-Friendly
Corporate responsibility is becoming more and more important to today’s businesses. Decreasing the amount of paper your company uses is good for the environment and helps your business meet green initiatives.
Many employees, especially younger generations like millennials, want to work for companies that take a stance on environmental issues. Going green with paperless payroll may help improve employee morale, decrease turnover rates and attract new talent to your company.
3. Better Preparation for the Future
Eventually, everyone will adopt paperless payroll processes and systems. This is clearly where the industry is headed. We live in a digital world, and going paperless creates greater efficiency in many ways. Transitioning your company to paperless can help you prepare for the future and get ahead of the curve.
4. Reduced Storage Space Requirements
When you go paperless, you don’t need a place to store paper folders and files of payroll history. Your records will be electronic, which offers many advantages. For example, if your business suffers a fire or flood, your files will remain unharmed. If you run a virtual business with employees all over the world, there’s even more incentive to go paperless and free up storage space.
5. Greater Accuracy
Automation cuts down on human error. A person can input the wrong number or make a typo when entering an address. A paperless system can automate data entry and repeat the same payroll tasks every month to reduce the chance of error.
Are you interested in learning more about moving to a paperless payroll system? BCM Payroll Services, Inc. offers complete payroll services for businesses throughout Pennsylvania and Maryland. Contact us via our online contact form or by calling 717-264-7374 to learn more about our services.