Paperless – it’s the way everything’s going. However, when it comes to payroll, too many businesses are clinging on to those little blue slips that inevitably end up taking up much-needed cupboard space at home.
With the power of the ever-evolving world of technology, companies can now electronically manage their payroll system hassle-free in a much more effective way than ever before. Sound payroll software can cut down on hundreds of hours of admin time, leaving staff able to concentrate on the more interesting – and profitable – stuff. Good times!
Here are just a few of the advantages going paperless will have for your business:
It saves money
Going paperless with your payroll will save you money – it’s as simple as that. The ostensible savings are on the cost of the paper, the toner, the envelope and the postage. These may sound like small outgoings, but multiply it by your tens, hundreds, thousands of staff and you’ve got a pretty big bill on your hands.
It saves time
As we know, time equals money and, with effective payroll software, all the time spent calculating tax and national insurance, manually entering data, printing reams of payslips and P60s, enclosing them in envelopes and even just sending out the slips is eradicated. This allows staff to use their time more productively on jobs that will bring in revenue – perfect.
The obvious benefit of going paperless is the reduced need for paper and ink – a major step in the environmentally friendly direction. There’s also no postage – the more businesses go paperless, the fewer vehicles there are on the roads causing pollution.
The beauty of software is that it’s not physical, so there’s no more hunting around for payroll information in the aforementioned cupboard. Employees can forward their payslips to their personal email addresses so they can access them easily and quickly at home or on the go. They’ll also be searchable and in time order.
It’s more secure
Security is a serious concern for businesses. The reality is that the risk of theft of sensitive and confidential data is everywhere, and the consequences it poses are dangerous. A paperless payroll system complete with encryption and password access relieves this burden.