The debate surrounding whether or not businesses should go paperless has been going on for quite some time. There are obvious advantages to both sides of the issue, but if you’re still printing paper checks and reports I challenge you to consider your reasons. For some industries, it simply works better, particularly if your employees have to receive paper checks. But if you’re hesitant to go paperless because you’ve always done it this way, or because you don’t want the hassle of changing your current method of processing payroll, consider the following examples of how going paperless can save you more than just time and money.
1 - Environmental Benefits
You don’t have to be a hardcore environmental activist to do your part in saving our planet. According to Waste-Free Mail, Americans use about 90 million tons of paper each year. What’s more, a significant portion of this waste comes from processing payroll, filing government forms and paying taxes. That means it falls to our leading businesses to adopt paperless strategies to cut this number as much as possible. Eventually, we as a nation will have to come to terms with these numbers and paper paychecks and reports will officially be a thing of the past. Rather than waiting until that day arrives, why not get ahead of the curve and start now?
2 - Employer Benefits
As the employer, you and your payroll administrator will have a much easier time running payroll each pay period. The process is significantly easier, and if your service is in the cloud you can do it on your own time, from anywhere, on any device. Furthermore, state and federal tax withholdings can be automated, so you will always be in compliance. Lastly, (and what I personally consider to be the biggest reason to go paperless) you can finally get rid of all those pesky filing cabinets that are taking way too much space in your office. With all your data stored online, you can pull up any reports necessary going back as far as you need to.
3 - Company Benefits
Although it will certainly make your life easier, there are also many benefits for your company as a whole. Whether you’re printing your own checks manually, or your payroll provider does it for you, the price of check stock, toners, ink cartridges, printers, etc. costs you more. Additionally, though it’s certainly not the best reason to do so, going paperless allows you to promote your business as eco-friendly. This won’t always be the case, as more and more organizations are doing this, so the sooner you hop on the bandwagon, the more you can be a frontrunner in the movement to protect the environment.
4 - Employee Benefits
Any organization is only as good as the people who run it, so keeping your employees happy is vital. Therefore you should consider the benefits of going paperless for your employees. First of all, direct deposit means no more waiting in line at the bank to deposit checks or coming in on a day off to pick it up. Instead, they will have the money in their bank accounts on payday. Checks will not get lost or stolen, and payroll mistakes are virtually eliminated. Additionally, your employees will have access to their pay stubs 24/7 through their online portal. This means less knocks on your door throughout the day and allows them to have some agency over their employment documents.
Still not convinced at how going paperless will improve your payroll process? Download our free eBook “Five Simple Steps to Process a Paperless Payroll” below.