It takes time to archive and retrieve individual time sheets and pay slips when using physical storage systems.
If your payroll system relies on hardcopies, you’ll need enough physical cabinet space to store all of these records. 2 These requirements are in addition to whatever state-level regulations might apply in your jurisdiction. The Fair Labor Standards Act mandates that companies keep payroll documentation for at least three years. Because all calculations are done using the software, the totals and deductions can be more accurate than if you have someone processing payroll by hand. This creates a more reliable way to compensate employees.Įqually important, electronic payroll services can be less prone to human error. With electronic payments, however, direct deposits arrive in the employee’s preferred payment account on the date scheduled. Paper-based checks can get lost or delayed in the mail. If your team gets paid biweekly, for example, you can set up electronic checks to go out every other Friday with the click of a button once numbers have been reviewed and approved by you or your payroll team. As such, there are direct costs in the form of wages when processing payments manually.īy contrast, paperless payroll is automated according to a schedule you determine and control in advance. Even if you assign these tasks to employees, they’re still on the clock. In addition to material expenses, physical checks carry many hidden costs in terms of time spent printing, signing, sealing, and delivering each pay slip. 1 Your business can save an additional $1.20 per employee each billing cycle if you provide pay stubs online. And, digital payroll is more sustainable than using paper checks.Īccording to one analysis, companies can save approximately $2.87 to $3.15 per run when paying employees electronically via direct deposit instead of using traditional paper checks. Using an electronic payroll system helps to eliminate these costs in much the same way that email is more cost-effective than sending physical letters. Sending and receiving paper-based checks can quickly add up when you consider all the material inputs, including paper, ink, envelopes, and stamps. How a paperless payroll system benefits employers and merchantsīelow are just some of the advantages your business can enjoy when using paperless pay for employees: 1. Keep reading to learn about some of the benefits. Although offering paperless pay for employees requires some setup, there are compelling reasons why you may want to switch your business to electronic payroll. Instead, an employee enters hours worked into an online portal paycheck stubs are sent electronically via email or saved in the employee’s profile and records are stored virtually in the cloud-based payroll software.
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