What is the Paperless Payroll Process?
Without using paper, transferring payrolls online directly to employees’ accounts is a Paperless Payroll process.
There is payroll software that businesses use for the paperless process. These systems should have the following features:
- Employee time tracking
- Secure, cloud-based storage of employees’ personal information
- Electronic payment options
- Employee access to online pay records and W-2s
Before online payments, HR and finance departments spent hours on the manual distribution of payrolls using paper and spreadsheets.
Even today, HR departments use this outdated method, which is more prone to errors, time-consuming. Manual error correction takes time and upsets the employees, and leaves the employer in a vulnerable situation.
With payroll technology, businesses can automate these burdensome practices and give attention to more calculated tasks.
The Benefits of Switching to Paperless Payroll
Paperless Payroll Saves time.
Utilizing paperless payroll technology allows you to keep all the employees’ details saved in one single program. And when it is pay time, with one click, you can send all the information to your accountant. Depositing paychecks directly into employees’ bank accounts also means they always are paid on time.
Saves your time from gathering and organizing documents.
24/7 Employee/Employer Access
Digital banking gives 24/7 access, which means your employees can reach their payment information using a self-service app. Also, you can run paperless payroll easily with your smartphones or laptop from anywhere.
It is highly expected that by 2022 88% of consumer-bank transactions will happen through smartphones.
Paperless Payroll Saves Money
Paperless Payroll helps businesses to get rid of time-consuming and costly methods of cutting paper checks.
Paperless is profitable since you save yourself and your business from unnecessary expenses spent on tasks like:
- Assembling timesheets
- Writing and signing paychecks
- Printing and distributing paychecks
- Processing W-2s and 1099s
Paperless Payrolls Streamline Payroll Taxes
While paperless payroll keeps your workspace well-organized and declutters unnecessary documents, it also simplifies payroll taxes for you. Submitting your payroll taxes becomes a less hectic task when all the data is safe, secure, and well-kept. Also, it safeguards your business from paying potential fines for incorrect payroll tax filings.
Paperless Payroll is Future
In today’s tech-driven business milieu, manual payroll process usage is showing incompetency. Switching to paperless payroll is helpful for HR managers, employees, and company decision-makers alike. Furthermore, it protects your organization from potential errors and risks.
We are available to help you to go paperless smoothly. Contact us if you have any questions about switching to paperless payrolls.
Thousands of contractors throughout the country rely on Certified Payroll Reporting to simplify their prevailing wage reporting, join them today by clicking here to contact us .
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