URL: https://pixabay.com/illustrations/money-finance-financial-cheque-1302835/
Computers came with the promise that soon, humans will be operating in paperless offices. That doesn’t look like it is about to materialize, but as far as payroll management is concerned, we have made quite the headway. So, what are the advantages of this? How does going paperless benefit your business? Read on for five reasons to adopt a paperless payroll system.
1. It saves time
Paperless payroll saves you the hassle of sorting and issuing paperwork and makes it easy for you to respond to unique events without violating state and federal laws. Examples of such events include when you have to issue one-off incentive bonuses or assist employees during tragic events. For example, if an employee’s residence area has been affected by a hurricane or earthquake, collecting their paper check may be impossible. Paperless payroll can help you advance pay to them without inconveniencing the recipient and the business.
2. It saves money
Generating paper checks is not only time-consuming but also extremely costly in the long run. The annual operational costs of paper checks are estimated to amount to $24,000 when labor, materials, stamps, and fees are included. With the help of an online pay stub generator, you can create digital paychecks for your employees without putting money into all those other resources.
The primary objective of your company is to generate as much revenue as possible while cutting back on avoidable expenses. Going paperless with your payroll management is perfectly aligned with that.
3. It declutters your office
Paper paychecks come with the additional need to put the office to rights after the issuance of checks to employees. This process may seem simple, but it will impact the image of your office and set you back a fortune in the long run.
Switching to paperless payroll rids your office of clutter and the high traffic of employees coming to collect their paychecks.
4. Facilitates employee self-service
Electronically issued paychecks allow employees to access their pay reports online instantly. Whoever chooses to print their paystub can do it at their own cost and without involving the administrative team.
The employee portal should also let the user make detailed changes, update work information, request time off, air complaints, and share work-related suggestions without having to go through any paperwork. If possible, the payroll should be available for viewing on mobile devices.
5. It saves the environment
The paper industry is responsible for producing hundreds of millions of pounds of greenhouse gases and other toxins each year. This adds to the global crisis of environmental degradation. Worse yet, papers come from trees. Statistics show that if we continue cutting down trees, all rainforests will have been wiped out in 100 years.
Regardless of the motive, going paperless is an eco-conscious effort that any company should be proud of.
Paperless payroll is still a castle in Spain for most small businesses, but the recent emergence of online paystub generators is changing the story for many. We have provided you with reasons to ditch your analog payroll management approach for a paperless system. Now it is up to you to find a paystub generator that understands your needs and fits your budget.
