The benefits of this change are many including time-saving. If your business is a little behind on typing and printing the records or filling out forms manually then it could take a lot of time whereas, by going digital, you can easily save this time. Along with this, there are several economic benefits of going paperless and as more businesses would make the transition towards digital solutions, they would be getting the benefits of cost savings while becoming cleaner and greener. Let’s have a look at the financial benefits of going paperless for your business.
Paperless Payroll carries a significant number of benefits for you and your company. Arguably the most important benefit is the financial one. Companies that go paperless save money on printing costs, check processing fees, and the staggeringly high cost of replacing lost or misplaced checks. If your employees’ money is never on a physical piece of paper, it’s hard to lose.
Paperless payroll will also save you an equally precious commodity: time. Another huge plus of using paperless payroll is that your selected service will process and retain all data involved, meaning you won’t have to spend countless hours going through heaps of employee earnings and benefits plans. Instead, your payroll service will cross-reference its collected data with existing employee records and fill in the appropriate tax forms, allowing you to review them from any location.
Finally, a paperless payroll system will cut out the middleman (e.g., transportation) in many circumstances, thereby furthering your savings. This will free up a large portion of your budget for things like better employee accommodations, which may help seal the deal with some of your more reluctant employees.
Here is a more detailed list of the financial benefits of going paperless
1. Customers Want Everything To Be Digital
Any business would want to make their customers happy and in the 21st century, you would rarely find any customer that would be interested in slow paper-based transactions. Customers find paper-based transactions to be slow, unreliable, and inconvenient in this digital age. No one wants to wait for a long time just to make transactions. Customers expect a quick and seamless experience in all aspects, whether it is interacting with your business, transactions, or any other business aspect. If you want your business to flourish, have a satisfied customer base, and more referrals from your customers then you must deliver on what your customers want and nowadays customers want everything to be digital because being able to access everything from their mobile phone or tablet or PC makes this an ideal and convenient choice. If you are not delivering on what your customers want and expect from you then you are basically putting your brand and business at risk.
2. Reduced Stationery Costs
It was a no-brainer for executives who realized that if they made this transition and went paperless then they could save a lot of money over time which would help increase their revenues. For a big business, there are a lot of expenses involved with the documents, including the cost of paper, buying a printer, cost of printer ink, and other factors, however, by going paperless, you are virtually saving all of this money. Plus, when you are going digital then you need to buy any paid tool to make changes or edit the documents as there are tons of free tools available for free in every digital document format out there. For instance, the most popular document format in the world, PDF has a lot of different tools available including PDF Editor, PDF Compressor, excel to PDF Converter, JPG to PDF Converter, Word to PDF Converter, etc. A company that has a lot of clients can save a lot of money just by making invoices.
3. Saves Time & Increases Productivity
In today’s age, time is everything and while dealing with paper documents, your employees and team members spend a lot of time printing, scanning, faxing, and posting documents. Not to mention the documents that they have to look for here and there and chasing documents that have not yet arrived in the post. All of this can lead to huge amounts of hours wasted every year because of document management. However, if you were to go paperless then all of this time would be saved as everything would be done digitally. It will allow you to save time and in this age of timelessness, time is money. Plus, it would also enable you to improve the productivity in your office because your team members would be able to focus on more meaningful tasks instead of getting involved in printing documents, scanning documents, posting documents, etc.
4. You Won’t Lose Out To Your Competitors
Since most of the companies and businesses around the world have made this transition, if you are making this change then you won’t be losing out to your competitors. Your customers would be expecting a paperless and digital approach from you, whether it is for a sales agreement, invoicing, service contract, or any other thing that the customers require. When you will be providing everything digitally to the customers then you won’t have the risk of losing your customers to your competitors since you are providing your customers with everything that they asked for.
5. Customer Data Is Safe Digitally
By going digital, you are also storing the crucial customer data digitally in the cloud that is actually safer than on a paper document. You can save the document in a safe and secure cloud database where it cannot be accessed by anyone and in this way, the all-important customer data remains secure which affirms the customers that they can count on you.
Going Paperless: The Employee Side
The employee side of the paperless argument is more singular than the employer’s in that its value lies predominately in convenience. However, many employees won’t feel like they have much incentive to choose a paperless check if their record-keeping depends on printed stubs. This is the biggest reason that employers should give their employees a paper check or stub choice when establishing a paperless payroll system.
When it comes to electronic payments, however, employees do have a lot to look forward to. Some of the biggest perks of paperless checks and paystubs include the following:
- Convenience – Your employees won’t need to pick up a physical check, take it to a bank, and deposit it.
- Decreased risk – There’s significantly less potential for lost or stolen checks if your employees’ money simply appears in their accounts on pay day.
- Online record-keeping – Rather than needing to keep their own records, employees will be able to view their payment history with a few clicks.
If you’re trying to instate a paperless policy, be sure to emphasize the above benefits of direct deposit and online pay stubs. While some of your older employees may not want to change their ways, you’ll probably pique the interest of the millennials in your workplace.
Check out the options for paperless payroll software that EBC offers here.
Having EBC HR & Payroll Solutions, Inc. on your team allows you to move forward with confidence, knowing that we’re doing right by your employees, doing right by you, and it’s all being done in accordance with all the latest rules, regulations, and laws. Our philosophy is to provide a comprehensive, wide range of services to all our clients.
For more information regarding Tax/Banking and Payroll Services provided by EBC, please reach out to Mark Terry, Business Development Consultant at 716.998.4404 or firstname.lastname@example.org and/or Charles Bagley, Sr. Human Capital Management Business Consultant at 716.574.9947 or email@example.com