Although it simply isn’t possible for many businesses to completely eliminate the use of paper, even a small reduction can yield enormous overhead savings, enhanced data security, and increased efficiency overall.
No matter if the business in question is a small start-up organization or a large corporation, there are numerous advantages to reducing paper and going digital.
As time goes on, it’s becoming more commonplace for businesses to rely on digital documents instead of paper ones, and payroll management is certainly no exception.
With cloud payroll solutions becoming more affordable and readily available, the move to a digital workspace offers a clear path to reducing your payroll costs and increasing your efficiency.
As per Deloitte Global Payroll Benchmarking Survey 2020, 74% of respondents are already using or are implementing a cloud-based technology and 10% have planned to implement it in next 3 years. This accounts for 84% out of the total 750 respondents.
Depending on the pay schedule, these can be issued monthly, bi-weekly, or even weekly. Pay stubs can be issued in paper form, or a soft copy may be issued instead.
Soft copies are usually sent through email, or viewable via an online portal. While soft copies don’t cost anything to create and distribute, the cost of printing, organizing, and distributing hard copies can quickly add up!
Businesses with a limited amount of resources often process their payrolls manually.
Unfortunately, this often results in a maze of spreadsheets, hard documents, various online tools, and more every pay period.
This ends up costing them more money in the long run because these inefficient processes take longer to finish, resulting in more payable hours owed to the department in charge of payroll.
Integrated and comprehensive payroll software offers a much better solution for these small businesses, allowing them to grow freely without being held back by an abundance of paperwork.
Using cloud payroll services, the time required to issue paychecks and pay stubs (even with the addition of new employees) is negligible.
Are Paper Pay Stubs Holding You Back?
If your organization is still providing your employees with paper pay stubs then you’re missing out on all the benefits of paperless payroll software.
Paper pay stubs need to be printed out at the end of every pay period and then manually distributed (or mailed) to employees!
Recommended reading: Ascertain The Right Payroll Period For Your Employees
Not only does this time-consuming process waste precious man-hours, but it also has additional costs as well. When you factor in the costs of paper, ink, envelopes, and stamps, it’s clear that expenses add up over the year.
Managing paper pay stubs also presents an obstacle for the payroll team. In order to keep the payroll information organized, the team must keep stacks of organized folders containing pay statements and tax forms.
Keeping all of the employee information arranged in chronological order places a massive burden on the payroll department, and takes up precious time that could be allocated better elsewhere.
Paper pay stubs also present a security risk.
Hard copies of documents can be easily lost. Paystubs contain sensitive personal information about employees, so the last thing you want is for this paperwork to get into the wrong hand.
If information is stolen, your company may be found liable and you could be open to legal complications.
Fortunately, you can easily protect yourself against these privacy and security concerns by using payroll software instead of paper pay stubs.
As the decision-maker for your organization, it’s up to you to manage your company’s payroll in the most efficient manner possible.
An online payroll system like UZIO allows you to pay your employees, issue pay stubs, and keep inflow/outflow records on a single platform, instead of wasting time manually printing and distributing documents.
Choosing to utilize an online payroll system is a great first step on the way to a completely paperless payroll system!
The Advantages of Online Paystub for Your Business
Your employees will definitely appreciate the switch to a comprehensive cloud payroll service.
Online pay stub services allow them to view their pay information at their leisure, so they won’t have to wait on paperwork from the payroll office. They will be able to view their earnings and deductions online, and (since they won’t have a paper copy to lose) their information will be safe in the cloud.
As the employer, you will also benefit from managing your payroll online. Online payroll solutions such as UZIO allow you to track business costs, resources, expenses, loans, and more using a single platform.
UZIO can even assist you with your taxes! Many tasks previously delegated to the payroll department can be easily handled by the cloud software. By automating the payroll process, you can ensure that your employees will always be paid on time, regardless of holidays, complications, or unexpected events.
Even if you’re not ready to switch to an entirely paper-free setup, it’s hard to deny that cloud-based payroll setups offer many advantages over their paper-based counterparts.
From improving security to increasing efficiency, nearly every business can benefit from cloud-based payroll services!
Don’t be left in the paper-filled past; lead your company into a paperless future!