Thanks to modern technology, a completely paperless payroll is now a possibility. Payroll software and programs allow you to report, pay employees, and check attendance without ever needing to pull out a sheet. With our excessive use of paper resulting in hundreds of acres of trees being cut down, this is one of our first steps to revitalise our planet. Business can continue as always without the need to jeopardise what little climate stability we have left. However, going paperless isn’t just about saving the Earth. It also enhances your company payroll process, making it quicker and more efficient. Below is a list of the many advantages that it offers other than helping the environment.
Save time and money
Filing the required paperwork at every single payroll costs a lot of time and money. Paper and ink may not seem to cost much but look at the bigger picture. You will need to buy enough materials for regular use in payroll (and your daily operations if your company often uses them.) Depending on how often you release pay, this is done once or twice a month to hundreds or even thousands of employees.
The traditional payroll processing method is also highly time-consuming, mainly because of the heaps of paperwork that need to be examined, signed, distributed to the right people, and stored in proper places. This can take hours to accomplish, both for the employer and the employee. On top of that, errors in this process can also result in legal trouble.
Timely payroll accounting means you can easily achieve both your company’s and the government’s deadlines. Whether it is paying your employees or filing your payroll taxes, these can be done through paperless means more easily and quickly compared to traditional accounting.You no longer have to worry about the consequences of being late, which supplements the above point of minimising time and money costs. Penalties can range from a 5% increase to tax to employees’ constant complaints, both of which affect your business negatively.
All of your data is stored and managed either in the cloud or in a local system. This allows employers and employees to gain access to data related to them anytime and anywhere, provided they have a connection to the database. This means employees don’t need to go to the physical location of the company just to get their cheques or view their payslips. Conversely, employers can send essential forms and collaborate with their accountants in the comfort of their own home.
Ease of use
Payroll programs are made to be straightforward for every user. Want to see your payslip? Click this button. Want to check an employee’s attendance? Click another. Even installation requires only a computer and an internet connection to operate - both of which can be easily found in most of today’s enterprises. This is assuming that you have the right provider to guide you through the setup and operation of their software. Afterwards, every payroll will be a walk in the park.
Do take note that in some countries, there are laws that require written reports during payrolls - making a completely paperless payroll impossible. Research your country or state laws first before making any drastic decisions.
If you want to know more about paperless payrolls or need help in setting it up in your office, D&V is here to assist you. Our knowledge and experience allow us to effectively address the needs of different businesses around the world. Save the Earth while enhancing your payroll operations here with D&V. Contact us today!