Today, the word ‘paperless’ will be the perfect word to describe how businesses are changing. Thanks to the continual acceptance and growth of cloud-based computing, an increasing number of businesses are reducing their dependence on paper usage and instead going with the reliable, organizational benefits of cloud-based business solutions. Along with cloud-based storage resources such as Dropbox and Google Drive, payroll processing is now one of the most common business practices to go paperless and it is not hard to understand why.
Many Benefits to Receive as an Employer
As an employer, you will stand to gain benefits such as:
- There is no longer a need for bulky filing cabinets, helping you create more usable space in your office
- It will be easy to collaborate with your accountants when you need to prepare tax documentations
- No special trips are required to drop off paychecks and forms
- You can process payrolls from any device and at your own time and convenience
- There will be no need to phone, fax or print time sheets to a payroll provider
- All payroll data will be collated in a single place
Reduces a Variety of Wastage
Not only do paperless payroll options benefit the environment, employees and your business, it can reduce significant amount of paper wastage. Since 1960, paper consumption has tripled and Americans generate more than 80 million tons of paper into the waste stream. Also, the pulp and paper industry in the United States is the second largest consumer of energy. It is estimated that over 100,000,000 toner and more than 400,000,000 ink cartridges end up in landfills annually.
Many businesses in the country go through a significant amount of paper daily, and a large portion of it comes from filing government forms, paying taxes and processing payroll. Take a moment and think how much paper waste can be saved if more businesses adopt a paperless approach! And if the statistics above are not convincing enough, try reading up on the various benefits that electronic alternatives provide. Then, you will most likely agree that paperless is not only way of the future, but it should be how modern companies operate today.
Electronic Payroll Makes a Whole Lot of Sense
Yes, you may have taken the initiative to start your own business and follow your dreams, which most likely means you are extremely passionate in what you do. But, there are still a lot of aspects of running a business that might not fall under your expertise. If you allow the fact that you are lacking in certain areas to affect you, it can take away the enjoyment of business ownership.
That being said, managing payroll processes for your company can be one of the tasks you are not competent in. Whether you are a small business and you are just trying to file company taxes by yourself, or your company is large enough to accommodate an in-house accounting department, opting for a paperless payroll system offers a lot of benefits, and some of them simply bring great value for money!