Online record-keeping – Rather than needing to keep their own records, employees will be able to view their payment history with a few clicks.Decreased risk – There’s significantly less potential for lost or stolen checks if your employees’ money simply appears in their accounts on pay day. Convenience – Your employees won’t need to pick up a physical check, take it to a bank, and deposit it.Some of the biggest perks of paperless checks and paystubs include the following: When it comes to electronic payments, however, employees do have a lot to look forward to. This is the biggest reason that employers should give their employees a paper check or stub choice when establishing a paperless payroll system. However, many employees won’t feel like they have much incentive to choose a paperless check if their record-keeping depends on printed stubs. The employee side of the paperless argument is more singular than the employer’s in that its value lies predominately in convenience. This will free up a large portion of your budget for things like better employee accommodations, which may help seal the deal with some of your more reluctant employees. Instead, your payroll service will cross-reference its collected data with existing employee records and fill in the appropriate tax forms, allowing you to review them from any location.įinally, a paperless payroll system will cut out the middleman (e.g., transportation) in many circumstances, thereby furthering your savings. Another huge plus of using paperless payroll is that your selected service will process and retain all data involved, meaning you won’t have to spend countless hours going through heaps of employee earnings and benefits plans. Paperless payroll will also save you an equally precious commodity: time. If your employees’ money is never on a physical piece of paper, it’s hard to lose. Companies that go paperless save money on printing costs, check processing fees, and the staggeringly high cost of replacing lost or misplaced checks. Arguably the most important benefit is the financial one. Paperless payroll carries a significant number of benefits for you and your company. This is something you’ll need to check on before proceeding. It’s prudent to note that your state’s legislature may prevent you from requiring your employees to accept a paperless solution, in which case you would need to provide paper forms to anyone requesting them as a matter of law rather than policy. This will save you loads of time and the accompanying headache come tax season while ensuring your employees can receive their money and view their stubs all without having to leave their homes if they choose. The easiest way to make sure you meet everyone’s individual needs is to retain the option for paper checks while switching over to an all-online tax filing system. Similarly, you’ll have to pitch a total system makeover to both the company’s owner and the employees themselves, meaning you’ll have some compromising to do. While both these aspects will make your and your employees’ lives easier in the long run, you’re more likely to benefit from the payroll processing side of things while your employees enjoy the perks of direct deposit.Įven though it sounds like an easy pitch, implementing a paperless payroll policy can be tricky, especially if your employee base contains a majority of older workers-if this is the case, your employees likely won’t care to risk breaking tradition in favor of convenience (indeed, “convenience” and “tradition” may be synonymous to them). Paperless payroll entails two main aspects: direct deposit and tax filing. If you’re on the fence about implementing a paperless payroll system in your business, consider these benefits of ditching your paper checks and W-2s in favor of online ones. Naturally, it can be difficult to phase out a system that works well for you in favor of an unfamiliar one. In an age where nearly everything has an online alternative, paper paychecks are still a common aspect of most workplaces.
0 Comments
Leave a Reply. |