Paperless pay stubs have clear benefits over their traditional paper counterparts. Here are the benefits of going paperless for your company’s payroll.
Paperless pay stubs are growing in popularity. A study found that 79 percent of human resource departments found that paperless payroll and pay stub services were effective.
5 Clear Benefits of Paperless Pay Stubs for Your Business
If you’re thinking about switching to a paperless system, you should have a clear idea of what advantages they offer.
What are the Benefits of Paperless Pay Stubs?
While it’s easy to see that many businesses are switching to paperless pay stub systems, you need to know what the benefits of such a system are if you are going to switch yourself. Fortunately, you can create a pay stub yourself, even if your original one went missing, for proof of income on sites like Paystubcreator.net.
Easier Record Keeping
A huge benefit of paperless pay stub systems is that they do not need the same sort of storage space. Instead of having large amounts of paperwork and filing cabinets in your payroll office, all of your items can be stored digitally or on the cloud. This makes it easier for you to access your files from other locations and can save you tons of time searching through old records.
This is especially important for small businesses, who need all the space that they can get. Digital storage also makes sharing your files much easier. This is ideal if you contract your taxes or other record-keeping out to an accountant or third-party.
Digital payroll services also ensure that you are always compliant with state and local tax laws. Filings and payments are automated by online payroll services. This means that your finance team is no longer burdened by mundane tax work, and can focus on other more important things throughout the year.
Another huge advantage of switching to a paperless payroll or pay stub system is the environmental benefits. Since all your records will be paperless, there is little material used in the regular running of pay stubs.
This improves the “greenness” of your office and is a good way to showcase your business’ social responsibility. Advertising paperless payroll and other green initiatives are something that can be incorporated into your marketing.
The last thing to note about paperless pay stubs is that they can save your business money. Businesses, especially larger ones, can spend tons of money on ink, paper, and mail materials every two weeks. Though the exact amount you save will depend on the paperless payroll service you choose and the number of employees you have, in general, you can expect to cut administration costs with a paperless service.
Find the Best Paperless Payroll Service for You
It’s a good idea to shop around a bit to see what paperless pay stubs would cost. Providers will offer you different rates depending on your location and the size of your company. Be sure to choose the provider that gives you the best set of services, not just the lowest price.
For more information about saving money as a small business, check out the business section of our blog.