Irrespective of the number of employees working in an organization, payroll demands time. It is a crucial aspect of business and requires absolute attention to detail. It invariably demands paying and keeping track of salaries paid, remunerations, taxes, government regulation charges (state, central and local), and more. The workload can be very exhausting. Therefore, it is only advantageous for your business that you outsource your payroll.
Outsourcing Your Payroll and Going Paperless!
The advantages of outsourcing payroll are doubled when opting for paperless payroll. Easy access to advanced technologies helps is helping businesses to scale efficiently. Paperless payroll allows any business service to be self-managed without any hassles. The power of cloud computing lets businesses manage payroll-related tasks by tapping into web-based solutions to access tools, data, and resources.
Choosing payroll services has a substantial impact in curtailing the number of resources applied in the everyday operations of any business. Cloud-based computing has allowed businesses to lower their dependence on paper and instead look up to the organizational assistance of web-based solutions for business.
What is Paperless Payroll?
Paperless payroll processing is gaining immense acceptance as one of the most pivotal business practices for several benefits that it has to offer. From the employees being able to view their salary slips online to the HR being able to access the employee records in just a few clicks and from digital approvals to online submission of taxes to the government authorities. Outsourcing paperless payroll processing allows the companies to leverage the benefit of comprehensive, single, and flexible offering at captivating value services imparted by providers. Here are some interesting benefits of paperless payroll.
How Paperless Payroll is Beneficial to Employers?
1. Employee Data in Single Place
Going paperless gives employers the benefit of being able to access all their employee’s data in a single place. Technology also gives us the advantage to be able to access data even on a smartphone. From the information of the personal details to the number of leaves taken and from their salaries paid to their remunerations, everything can be accessed conveniently.
2.Timesheets No More a Hassle
Managing and sharing physical timesheets with your payroll provider is a mindless task that is easily done digitally. Timesheets can be digitally generated and shared with your provider in a matter of seconds.
Businesses usually oversee the cost of processing payroll. Small expenses such as the cost of paper, cheques, envelopes, printing, and cartridge, etc., pile up to build a huge bill. Paperless payroll eliminates all these costs incurred and gives the business a chance to save and redirect this amount in someplace useful.
Managing overflowing heaps of payroll files and documents and places for storage is always a messy task. You need someone to take care of all this. Opting for paperless payroll can ease out this problem. With no cabinets to build and files to store, you will have a clean office. The employee payroll and other relevant information related to it will be accessible in a single program. Employers will be able to access and save the documents as long as they require keeping them or as they want.
Paperless payroll also ensures that you are able to furnish all the necessary documents to your accountant on time. The reports can be easily produced in different formats as required.
5. Security of Data and Information
Sudden accidents or incidents, theft, and natural calamities such as floods or fire will destroy your documents even if you keep them in an organized way. The reports and files that you painstakingly arranged and stored will be gone in no time. It is not easy to replicate lost information. However, when you outsource your payroll and go paperless, you will no longer have to think about data loss. All third-party providers work with powerful servers and keep multiple data backups. You will have digital copies of all your payroll information stored carefully, even if something gets deleted unknowingly or accidentally. Cloud storage offers features like encryption security, strong password, and frequent backups that ensure your data is safe.
A paper-free office also means that employers have the power to authorize the access to employees the specific access that is required/necessary by them or their department. For instance, a regular office employee can be given access only to their attendance sheet and salary slip, but an HR person can be given access to personal information and other relevant details of the employees working in the office.
Cloud-based technology provides backup in an emergency as well. If your office or workplace is subject to a natural disaster, for example, a fire or flood, you will not lose any vital information.
6. Go Green
An average office worker used at least 10,000 sheets of paper each year. As humans, we have a responsibility towards the environment that we live and thrive. We must make rational use of natural resources and promote sustainability. Paperless payroll can help in saving paper in the long run and thus save thousands of trees. Printer and cartridges are also harmful to the environment. They contain potentially harmful chemicals that contribute to ecological damage when not disposed of properly. Limiting their usage by going paperless brands you as a responsible business.
Even customers and clients like to associate with or buy from businesses that think for the environment. About 70% of American and Canadian consumers believe that a business should be eco-friendly or sustainable. Paperless payroll doesn’t just save you printing and paper supplies but also attracts potential customers and clients.
7. Stress-free Taxes and Compliance
When you outsource your payroll and go paperless, paying taxes becomes easy. When you outsource your payroll and go paperless, the software automatically calculates wages and deductions. It also enables online payroll tax reporting. The results are increased speed, accurate reporting, and reduced risk of non-compliance.
It helps to keep the payroll records organized and enables the business to adhere to federal and state standards in terms of taxes and payroll compliance. Since everything is online, it is easier to meet payroll deadlines. Unexpected events such as bad climatic conditions (heavy rains, snowfall, etc.) don’t come in the way of meeting your compliance before the deadline.
8. Increased Efficiency
A successful business is recognized by the efficiency it displays. Completing paperwork, filing, organizing, storing, and tracking paperwork strains the business’s time. This time can be repurposed by your team to focus on other tasks that add value to the business. Outsource your payroll and going paperless is all about saving valuable time spent on clerical work and directing that precious time in performing central jobs for the business.
Digitally captured data enables businesses to automatically fill information, validate algorithms, ensures complete data, and reduces errors. It also means the salaries dispersed to your employees are accurate and error-free.
9. Clean Working Environment and Satisfied Employees
The appearance of an office speaks a lot about the way the business operates. An untidy workspace stacked with files and papers leaves a poor impression on your customers and clients. A clutter-free, clean office gives a modern and professional look. A clean office is also pleasing to work in.
Paperless offices always give the impression of being streamlined and contemporary. Customers, clients, and employees are aware of digitization, and they appreciate working with businesses that are updated with these modern amenities.
How Paperless Payroll is Beneficial to Employees?
1. Employee Self-Service
Outsourcing your payroll and going paperless gives your employees the freedom to check their information online. They can view their attendance, check their leave balance, apply for leaves, view their salary slips, track their work-time schedule, update their personal information and perform other personal payroll-related jobs that is accessible to them. Managers, on the other hand, can approve the leave requests, schedule the work-time and work-offs for their employees, and access payroll information. The information is available round-the-clock that can be accessed by their respective passwords. There are many businesses that now provide an app to their employees to perform these jobs. This gives the employees the freedom to check their work-related information and perform certain tasks with ease.
2. No More Worrying About Lost/Stolen Pay Checks/Cash
Paperless payroll eliminates the tension of losing one’s paycheck or cash when they get paid. Bank transfers make it easy for the employees to receive their salary that they can withdraw safely whenever they want or simply use it digitally. They also don’t have to wait in bank queues to deposit their paycheck or withdraw their salary.
Whom to Outsource Payroll?
Paysquare takes away the stress of managing your payroll. With our advanced software and modern technologies, your business can now be paperless. Let us take care of your business’s payroll while you enthusiastically pursue your business goals and fulfill your dream of establishing it as a famous and recognized brand in the industry.