The Benefits of Going Paperless and How It Can Make Processing Your Payroll Easier

By now you have probably heard a lot about going paperless. If your company has already gone paperless, then great! If not, now is the time. There are many benefits of going paperless. Not only does it saves time, money, and the environment, but it also improves security and it makes processing payroll a lot easier. Payroll and Human Resources are industries that use a lot of paper, they are also industries that need to keep their data secure at all time, which is why we at Dominion, try our best to be paperless. Here are some benefits of going paperless:

Save Money & Time

Paper, printers, ink, toner, and copiers all cost money. By getting rid of these around the office, you will save money and the office will even look more organized. Whatever you can get on paper, you can also receive electronically, which stays in a computer, tablet, or mobile device. By going paperless the company will completely eliminate the costs associated with the production of paper. No service will be needed when the printer isn’t working, or when the copier breaks down. According to absolutelypaperless.com, the cost savings alone can help finance the cost of getting employees tablets to manage their electronic documents and it can also provide revenue for other projects. There is actually a study which shows that 84% of businesses that go paperless see a return on investment in less than 18 months. According to an InformIT report, the average employee uses 10,000 sheets of paper per year, which amounts to approximately $80 per year, per employee, and that’s only the cost of paper. What about ink, printers, and copiers? Every single piece of printed paper costs businesses money, and think about it, most sheets of paper are for internal use only. Any papers your business sends to clients or prospects probably won’t even contribute positively to the bottom line. 

INC Magazine says that it costs $20 to file a document, $120 to search for a misfiled document, and if the document is not found, then it costs approximately $250 to recreate it. So, why go through all this when you can easily store all your documents electronically and find them by simply doing a keyword search? Electronic archives take seconds to search and find whatever is needed, instead of wasting time going through filing cabinets.

Dealing with paper documents in an office environment takes up a lot of time. Usually documents are stored in large filing cabinets that are not always well organized, so searching for certain documents can be a nightmare. As for saving time processing payroll, keep in mind that payroll registers, reports, pay stubs, and tax forms can all be paperless now. This makes it much more convenient not only for the person processing the payroll, but also for employees. They will be able to access their pay stubs and W-2 forms instantly, as long as they have internet connection.

Download our Simple Steps to Process a  Paperless eBook now. 

Convenience & Accessibility

Paper documents are usually stored in a filing cabinet in an office. What happens if someone needs access to that document but is out of the office, or someone else is using it? It probably means that the employee will be put on hold until they have access to the document. By having an electronic document archive, you will ensure that all employees can access any files they might need at all times as electronic files can also be shared with employees over a network or via email. Now, thanks to photo scanning apps, employees can easily backup expense reports without needing to save piles of papers and receipts to bring back to the office. 

Companies that are still using paper to track employee hours are definitely wasting a lot of time by manually importing the hours into their software. Save time by going paperless and having employees clock in and out using a timeclock, a computer, or even their mobile device. This way, employees’ hours will automatically upload to the software, saving a lot of time for managers and allowing them to focus on other important tasks. Another advantage of this is that it reduces any chance of errors. People make mistakes, and having to manually add up time cards for each employee can allow room for errors.

Going paperless will also help managers get any reports they may need, whenever and wherever they may be. If they are using a software to process payroll, they shouldn’t have to print them, but instead they should take advantage of the feature that automatically email reports to specific people in the company. Payroll managers no longer have to print off and distribute reports after each payroll, which also removes the need of having to store all the reports in filing cabinets. 

By ditching paper checks and getting all employees to use paycards or direct deposit as their form of payment, companies can get one step closer to being paperless. Paycards and direct deposit are a faster and much simpler way for companies to pay employees. Studies show that companies can reduce the time it takes to run payroll by 40%, because they don’t have to spend time printing, stuffing, organizing, and reporting lots of paper. By doing this, companies will also save on the cost included in paper, ink, and manual labor if they print checks themselves, or any extra fees their payroll provider charges for printing checks for them.

Save the Environment

One interesting fact about paper is that the paper production process is one of the most pollutant manufacturing process, as it releases more than 200 million pounds of toxin per year. The main ingredient for paper, as we all know, are trees. If the current rate of deforestation continues, Earth will not have any rainforests left within the next 100 years. A company can reduce their carbon footprint by reducing their paper usage. Not only that, but companies that make an effort to “go green” are viewed by the public as conscientious and responsible. Making the decision to go paperless will cast your business in a good light and improve your reputation. 

Check out our vlog about "The Benefits of Going Paperless" below:


 

Sources:
http://absolutelypaperless.com/11-reasons-to-go-paperless-in-your-office/
http://info.aiim.org/digital-landfill/8-things-you-need-to-know-about-going-paperless
http://www.totallypaperless.com/home/calculating-the-return-on-investment-of-going-paperless-the-roi