When you think of payroll, you might not be thinking about paperless payroll. Instead you still envision paperwork and envelopes given to team members 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 everybody. Read on to learn why switching to paperless payroll could be right for you.
1. Paperless payroll empowers your team
Your team can log in to the system and access anything they need – anytime and anywhere. Payslips, hours worked, and so much more. It’s all right there, which means they don’t need to ask you for help. If they have questions about time off 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 that you would if you were processing manually. Additionally, everything is distributed online, everyone gets paid on time, everyone is happy.
You’ll reduce the chance of mistakes as well. Taking human error out of the equation means you no longer have to spend as much time correcting mistakes or investigating what went wrong.
3. It keeps everything secure
Security is built right into paperless payroll systems. Team members 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 reduced significantly.
4. It saves you money, and valuable time
There are obvious cost savings in moving away from paper, which can be significant. But you will see the biggest savings in the hours no longer needed to run your payroll manually.
With much of the process automated, it’s no longer necessary to spend time tallying up hours worked, calculating overtime and leave entitlements, and calculating the tax and superannuation. Instead, your software will take care of most of the heavy lifting for you.
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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.
Final thoughts on converting to paperless payroll
There are several benefits to adopting paperless payroll, and it’s a popular system for employers and team members alike. When considering taking your payroll paperless, ask yourself what the needs of your business and your team are. If both would enjoy the features listed above, it might be time to start thinking about making the switch.
