By Doing payroll manually can be time-consuming and frustrating, even if you run a small business. An analysis conducted a couple of years ago shows small business owners spend up to 5 hours every pay time. This is why opting for more efficient online payroll tools is important.
What is Paperless Pay?
Paperless pay is using an electronic payroll system to compensate your employees. It's a system that functions online and utilizes payroll software to pay employees without leaving a paper trail. You can outsource the service to a third-party payroll company
if you don't want to invest in a digital payroll tool.
Some tasks that the system performs to facilitate paperless pay services include virtually delivering W-2 forms to employees, tracking employee time, delivering pay stubs, making payments, and even generating payroll reports electronically.
This system makes it easier for you and your employees to access vital information such as vacay time, W-2 forms, benefits, pay stubs, and virtual timesheets.
What is a Paperless Pay Stub?
A paperless employee pay stub is an electronic document that contains information such as an employee’s gross salary, taxes and other deductions, and net pay. It’s a document that is sent electronically and accessible online.
It's a great solution compared to paper transactions, saving time, money, and the environment. Many businesses are already embracing this mode of handling documents.
Benefits of Paperless Online Pay Stub
Once you automate all your payroll processes that you can, your business will realize some great benefits of paperless payroll. Some of the benefits of an online paystub portal include the following:
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It’s Great for the Environment
Opting for a paperless payroll system is great for the environment as it saves trees from being cut down to make paper and other resources used in printing.
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Eliminating Work Clutter
Once you have successfully installed a paperless payroll system, it’ll help declutter your workplace.
The longer your company has been in business, the more files you will have to deal with. Going paperless will help you get rid of all file cabinets and most of the other work documents.
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Easy 24/7 Access to Payroll Information
Today, most transactions happen on mobile devices, which makes paperless payroll essential for workers. Mobile apps of online pay stub generators will give your employees access to their payroll information. This helps free HR from many questions resulting from the importance of pay stubs to the employees.
How Do I Start with Paperless Payroll?
Wondering how to get started with paperless payroll systems? We are here to guide you.
When deciding to start using a paperless payroll digital tool, you must first consider whether you want to outsource it in-house. You can take the following steps to get your business started in a paperless payroll system.
Step One: Selecting a Software
First, you need to identify the ideal software for your business. There are so many payroll software on the market. Therefore, it can be overwhelming if you don’t know where to start. You need to conduct thorough research on which software payroll company to work with. You should be able to identify the best paystub generator for your needs.
Step Two: Payroll Data Migration
Once you have your software of choice, it's time to get all your employees' data onboard. This includes information such as payment history, tax ID numbers, and W-2 forms, among many others.
Step Three: Employees' Use of Self-Service (ESS) Portal
Next, you need your employees to create accounts in your new payroll system and input their banking information, personal information, and taxes. The ESS portal provides W-2s to your employees and improves communication between you and them. It also eliminates the need for managers to keep sighing request forms as it all gets done online.
Step Four: Payment Method
Your next step is to select and implement the method you'll use to pay your employees. The main options include direct deposits, digital wallets, pay cards, and instant pay apps.
More than half of the employees in America receive their pay via direct deposits. Digital wallets like Apple Pay and Venmo are also great options for direct paycheck deposits.
Step Five: Setting Automatic Reports
You should set up an automatic email report system to ensure that all parties involved get timely reports. These reports are great for the HR department and other heads of departments. This also reduces the use of paper for reports sent after making payments.
Required Tools
There are several tools that you’ll require if you’re to implement a successful paperless HR system. The best two are DocuSign and Google Drive.
Google Drive is great for storing and sharing documents online with other people. With Google Drive, you can easily access your information on your phone, computer, and tablet devices.
On the other hand, DocuSign is used for signing digital documents such as invoices, financial documents, or pay stubs. It's secure and flexible, allowing you to work on your phone, tablet, or computer. Be careful where you impend your digital signature, as they are legally binding.
Are There Any Disadvantages of Using an Online Paystub for Your Business?
Though using online paystubs is great for business, it does come with some disadvantages that you should be aware of. Sharing your employee's sensitive information with third parties can be disastrous. If there are any compliance issues with the government, your business will be liable and not the online vendor.
Is It a Good Idea to Go Completely Paperless?
Yes. Going completely paperless is great for business. However, there are some documents that you should store in physical form. These include permits and licenses, contracts, business documents, and passwords.
FAQs
What are the functions of paperless billing?
A paperless billing system eliminates the need to use paper in billing. Paperless billing enables firms to communicate personal information directly to consumers, reducing the chances of it being lost or stolen along the route. This enhances the security of your personal information and reduces the company's carbon footprint. It also reduces the cost of operations, among many other functions.
How do I go paperless in HR?
To go paperless in HR, you need to take several steps, including reviewing existing documents and looking for the best opportunity for digitization. Since not all documents will be digitized, ensure your system can seamlessly accommodate this.
You may need to scan and upload all old documents from previous business years into your new paperless system. Then to complete the transition, ensure that you notify your clients of the shift to digital.
Is paystub a pay slip?
Yes. A pay stub is another name for a pay slip, a document you give your employees along with their paychecks. It could be virtual or physical, accompanying a paycheck or a direct deposit payment.
Create Paperless Pay Stubs with Realcheckstubs.com
Realcheckstubs.com is a great online pay stub generator that you can use to create professional virtual pay slips. It's super easy to use and can create paystubs for your employees or yourself in a few quick steps.
The first step is creating pay stubs. You just need to answer a few key questions and let the pay stub generator do its thing.
Once the system generates your paystubs, just review them and get the ones you like. You will receive them via your registered email. Don't wait; switch to paperless pay stubs with Realcheckstubs.com today and benefit from the numerous advantages of online paystub generators.
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