If you are running a business, chances are payroll processing is a huge part of your company’s everyday life. These days, Time and Labor Management technology has made significant advances in what used to be a tedious task of manual time cards, strict payroll compliance, and mountains upon mountains of a paper trail. But, is everyone really jumping on the paperless payroll bandwagon? Here’s why we think you should too:
Payroll has a direct impact on the morale of employees within a company. Not only is it important to make sure your workforce is paid, but it also has to be on an accurate and timely basis. The latest in payroll software technology has automated these processes to maintain immutable and transparent records of data across all employees and clients. Simultaneously, last-minute changes can also be done in data entry and processing.
Yes, to err is human, but having a reliable and automated payroll process allows your company to be more efficient and focused on the right tasks.
Work smarter, not harder
Imagine yourself spending the day collecting time cards, manually calculating entry and exit time, managing benefits, and compliance. Before you know it, 5:00 passes but that’s not the end of your day. Now imagine doing this process on a daily, weekly, monthly basis. There’s no need to panic because that’s the beauty of technological advances. With one click of a button, all this can be done for you accurately.
With the right technology, you no longer have to manually calculate complex salaries and taxes because the automated software does it all for your company. Having a cost-efficient process that saves you time to focus on other pending tasks is paramount in building efficient employees and a successful business.
We can talk all day about the benefits of a paperless payroll for reliability and accuracy, but at the end of the day it can be as simple as saving the trees. Mother Nature and all the eco-friendly gods are smiling upon us. According to an APA survey, over 40% of employed Americans still receive a paper pay stub. In addition, 74% of employees still receive paper copies of their annual W-2 forms. That’s a lot of paper trail that accumulates every pay period. Adopting a paperless payroll solution allows a significant reduction in paper use and waste accumulation for your company.
Data anytime, anywhere
Back when physical time cards were the only way to keep track of payroll (some companies still rely on these today), it was always a manager’s nightmare to wake up and be told that the very “secure” storage space the time cards and paperwork were kept in has been damaged by either water or fire. Multiple years of important payroll and compliance data that the IRS intends every staffing agency to keep are now unretrievable. Now thankfully to technology, this nightmare is a thing of the past.
Technology has allowed real-time access to all Time and Labor Management [links out to TLM module] data. Payroll managers, clients, and most especially employees can generate any required entry and exit data, leave accounts, and benefits on the go using their personal devices. In addition, securing data further with the blockchain technology enables your company to allow individual accessibility towards immutable data. With this, you can keep all information in a single platform, exert control on accessibility and maintain privacy and secrecy of all organizational information.
For any company, the payroll process is the hardest to change. It is an ongoing process that cannot afford to be delayed with constant changes. However, the benefits of a paperless payroll such as those noted above cannot be denied. Technology is needed to better an organization not only with its process but also for the benefit of its people.