There are many benefits to moving to a paperless payroll system. Your company saves on the cost of paper, processes become more streamlined, and of course it helps the environment. If you’re not quite ready to go 100% paperless, there are still things you can do now, to reduce the paper produced during the payroll process. If you take it step-by-step, it’s much easier to go paperless over time!
Direct Deposit is the depositing of employee pay directly into a bank account. By now, most employers know the benefits of Direct Deposit, and most payroll management systems offer the capability of using direct deposit for their software users.
By switching from printed checks to direct deposit, you eliminate the entire process of purchasing check paper, printing the checks, putting them into envelopes, and distributing them. This is probably the easiest step toward a paperless payroll, and likely has the biggest impact on the amount of paper used. When switching to Direct Deposit, you will still hand out paper check stubs to employees, unless you decide to provide those electronically as well, which leads to the next item on the list: Electronic Pay Stubs.
Publish Pay Advices (Electronic Pay Stubs)
Electronic Pay Stubs offer employees to view their pay information online, rather than receiving a printed copy. This eliminates the paper and envelope for each employee, every pay day. Switching from paper copies of pay stubs to Electronic Pay Stubs also allows employees to view historical pay stubs any time, with login information and access to the internet.
Online Time Clock
An Online Time Clock allows employees to clock in and out using a secure internet location, either on their phone or a computer. This eliminates the need for paper time cards, and also streamlines the process of gathering the information. Some systems also allow for a manager approval process and a function for employees to request time off, which can also eliminate paper usage.
Electronic Tax Filing
Many states now require the filing of state taxes electronically, so there’s an added incentive for moving from filing tax forms on printed paper. Again, moving to Electronic Filing removes the need for the paper needed to print the forms, envelopes, and stamps. As an added benefit, it is much faster, since compiling all that information take hours of manual work.
You may not think payroll reports are paper intensive; however, they are still paper, and some payroll reports can be quite a few pages long. Sending reports to multiple people compounds it. Emailing payroll reports instead can help you be on your way to a paperless payroll.
Rather than conquering the task of going paperless all at once, you can use these steps to switch to paperless payroll one step at a time.
CenterPoint Payroll has all these features and more that can help your organization streamline payroll. Sign up for your free demonstration today!