Why Switch to Paperless Payroll?

Making your business more environmentally friendly obviously helps reduce your carbon footprint, and saving the environment makes a positive impact.  Just think about the amount of paper your business uses on a daily basis; much of it coming from processing payroll, filing taxes, and filling out government forms. Now imagine how much paper could be saved by running a paperless payroll system.

By saving paper, you also save time.  Whether you run a small business and tackle payroll yourself, or a large corporation with an accounting department, managing payroll and all the paperwork that comes with it is a tedious, time-consuming task that takes away from the enjoyment of business ownership. Running your payroll manually is also a complicated, error-prone process.  One third of small businesses get fined each year as a result of incorrect filing/paying of taxes.

If that’s not a good enough of a reason to make the switch, then take a look at the following benefits to both your business and your employees.  I think you’ll agree that replacing your printed cheques with direct deposits to pay your employees is the best way for your business to operate. A paperless payroll system is more than just environmentally friendly; it is a more secure, reliable, convenient, and affordable way to pay your employees.

 Benefits to Employers:

• Save Time: No need to spend time managing a paper-based payroll system, including collecting time sheets, running reports, and writing cheques.
• Convenience: All your payroll data is accessibly stored in one place.
• Flexibility: Conveniently process your payroll at any time, from any device.  So you don’t have to run back to the office on a beautiful Sunday afternoon to get payroll done for Monday…simply login from your computer or smartphone.
• Compliance: Local, state, and federal taxes are filed automatically so you are always in compliance. Plus, at year’s end there is easy collaboration with accountants for tax preparation.
• Environmentally friendly: Cuts down paper usage, thereby saving trees. An employee receiving two pay stubs a month would save 1.8 pounds of paper annually by switching to electronic ones.
• Save Money: Reduce the use and costs associated with paper, printers, ink, toners, stamps, etc.
• Save Space: Increase usable office space by reducing the need to store files for up to 7 years.
• Security:  All your payroll data is securely backed up in the cloud. 

Benefits to Employees:

• Funds are available immediately on pay day.
• No more worries about lost/stolen cheques.
• Less payroll mistakes.
• No need to waste time going to the bank to deposit your pay cheque.
• No waiting for pay cheques or coming in to work on your day off.
• Pay stubs and payroll information are available anytime, online.
• Reduced risk of identity theft.

Before you switch to paperless payroll, make sure you find a provider that will make the transition an easy one. Be wary of providers that only offer Paperless Payroll services, as they can be extremely costly. Opt instead for a company that specializes in EFT/ACH processing to ensure you get the best rates possible.

Start moving your business towards becoming paperless by choosing The Processing Group to process your employees’ wages. All you need is your employees’ direct deposit information (bank account and routing numbers).  We will help you do the rest.

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