Did you know that 59% of businesses that go paperless achieve a full return on investment in less than 12 months and 84% receive payback in less than 18 months, according to data reported by McKinsey? Going paperless also improves staff productivity by about 10% and eliminates printing energy use, which is 10% of IT-related energy use.
If you want to streamline your payroll processes to help benefit both your employees and the environment, check out these three reasons to go paperless:
1. Employees get paid faster
Although many American workers are passionate about their jobs, a quick payroll process makes them motivated to show up for work and complete tasks on time and with care.
With a paperless payroll system, you eliminate the friction between getting employees paid. Instead of dropping off a paper check at your employees’ desks, they’ll receive a direct deposit transfer that can be liquidated immediately. It’s a win-win situation because employees get their money quickly and businesses have few outstanding checks at the end of the month, leading to few monthly bank reconciliations.
2. Streamline tax processes
Instead of the onset of spring being a stressful time for your accounting team with overtime put in, give them a break by going paperless. While you’re streamlining your payroll, you’re also streamlining your tax processes.
Paperless systems often have features to file your local, state and federal taxes automatically so accounting teams no longer have to mail forms or facilitate exchanges between both the state and federal government, according to Business News Daily. Running payroll manually is dangerous and time-consuming, causing one-third of small business owners to get fined every year by filing and/or paying their taxes incorrectly.
3. Commit to going green
Many consumers care about the state of our environment and like to buy goods and services from companies that are committed to going green. Eliminating printing processes is a great way to help eliminate your carbon footprint and conserve natural resources.
If you feel comfortable, try sharing this new commitment to going green with your customers by including it on your website or social media channels. They’ll appreciate your efforts and so will your employees!
If you want to upgrade to the latest payroll processes and learn more about the benefits of automated payroll software, visit us at Payroll Office of America or call us at 904-596-2847. We look forward to working with you and delivering payroll excellence. In the meantime, be sure to check out our latest customer reviews.
