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HomeMobile MoneyWhy Are Companies Moving to Paperless Payroll and Why Should You?

Why Are Companies Moving to Paperless Payroll and Why Should You?

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Companies Moving to Paperless Payroll

Ever wondered why most companies, whether big or small, are eliminating the distribution and use of paper checks and pay stubs? Well, there are lots of tangible reasons for this move. Paperless payrolls have proven to be much more efficient with the current digital world- thanks to the advanced technological revolution. Since the current business environment requires companies to be more efficient, secure and eco-friendly, shifting from paper-based payroll to a paperless payroll process is a dream for most companies. In order for you to join the transition, here are top convincing reasons why paperless payroll service is the way to go.

Time Saving

The traditional paper-based payrolls require time to prepare, especially if done manually. However, paperless payrolls are prepared using a digital system that facilitates faster calculations and preparations. Also, instead of tracking the payroll yourself and all of its minute changes for your tax records, payroll services track and update this information for you automatically. This frees up company time and resources by automating employee tax management, paystubs, and more.

Easy Access

A paperless payroll service enables employees to have access to their pay information at all times. Since the payroll systems are cloud-based, employees can always access their pay information at their convenient time. At the same time, employers can effortlessly deposit money into their employees’ accounts. Last but not least, through its digital record keeping, you can always access past transaction histories without much hassle. Instead of having to file and save copies of paychecks for taxes and to provide paystubs for employment verification for your employees, you can have it accessible to them online through a personal portal. If they have a question about their payroll, they are now better equipped to answer it themselves on their own time.

Data Security

Every company wants to keep its data secure from unwanted access such as cyber and identity thefts. Fortunately, paperless payrolls come with full encryption and password, which significantly reduce these cases from happening. This, therefore, helps protect your company’s sensitive information. Paper payroll is considered highly secure as well, though it often has to pass through many hands to get to the right person and can even get lost along the way. Paperless, however, typically means money goes directly to the employee’s bank and it is easy to set up so that only the necessary people have access to see or change the paychecks.

Ecofriendly and Economical

Paperless payrolls are not only good for your company but for the environment as a whole. Compared to traditional paper payrolls, paperless payrolls produce little pollution to the environment, whereas paper paychecks and physical copies of all relevant information results in a lot of wasted timber and pollution from the lumber process. All of that paper and ink also costs your company money, money that is wasted on something that has to be securely stored, tracked, and shredded later. Going paperless makes all of that paper and ink disappear, leaving money in your company budget for other things.

If you are thinking of migrating to a paperless payroll system, you should act in haste to start enjoying the benefits mentioned above. However, before you adopt the plan, it’s advisable that you engage the employees to make them prepared. Nevertheless, they will be the biggest beneficiaries of the paperless system.

Author Bio:

Meghan Belnap / Blogger, Researcher and Freelance Writer

Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.

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