Here’s a look at some more advantages of going paperless: Paperless payroll is good for the environment. For instance, if there were a natural disaster, your paper records would likely be damaged or destroyed, but your online records would be safe and you would be able to access them from any place at any time. There are many benefits to running a paperless payroll, including increased security and peace of mind. What are the benefits of a paperless payroll service? Keep in mind that EFT laws vary from state to state.Įmployees can opt in to direct deposit during their onboarding process to transfer wages to their bank accounts, or they can opt to receive a pay card to transfer their funds directly onto a debit-like card. Then, for each pay period, your bank account will transfer wages to the employees’ accounts. To do this, your employees will need to provide their bank account and routing numbers.

Electronic funds transfer (EFT): An electronic funds transfer allows you to transfer wages without exchanging a physical check.

It then automatically computes time and attendance data. An ESS also enables employees to clock in and out of work electronically. Employee self-service (ESS) models: ESS models allow you to share pertinent information online about your business – such as employee handbooks, benefit options and company history.The Fair Labor Standards Act (FLSA) requires businesses to keep all payroll records for at least three years, and they need to be accurate and printable. Electronic payroll records: This option helps you avoid paper clutter and stay organized.These are some standard services payroll providers offer: Next, review the different types of payroll providers and what they offer use that information to decide which provider is right for you. Consider how you use each function and decide whether it’s viable to replace it with a paperless process. When choosing a paperless payroll service, consider all the payroll functions that can go paperless, such as entering timesheets or timecards, generating electronic paychecks and stubs, and using direct deposit to transfer funds. What are the different types of paperless payroll? With a paperless payroll system, managers and employees can still easily access and view essential information, including the following:Įditor’s note: Looking for information on payroll systems? Fill in the questionnaire below, and you will be contacted by payroll providers ready to discuss your payroll needs. “There are multiple components of a paperless payroll, including recording employees’ time electronically, employees being paid via electronic payment methods (versus a negotiable paper check), delivering pay stubs to employees electronically, payroll reports being generated electronically, and delivering W-2s to employees electronically,” Wade said. However, the main components of a payroll system remain the same. There are many options for paperless payroll systems, all of which offer different features and capabilities. (Read our review of payroll provider Paychex for more information.)

“Paperless payroll is a term that describes how an entire payroll can be processed without generating any paper,” said Eric Wade, product manager and product owner for payroll system provider Paychex. They can even help you save on printing and postage costs.Īs companies increasingly embrace emerging digital trends, converting your existing payroll to a paperless system will keep your business ahead of the curve. With online payroll programs, instead of printing out payroll reports, paying employees with paper checks, and recording time and attendance on a printed timesheet, you can handle these tasks electronically – which can save you time and effort. Thanks to the availability of multiple online payroll services, your payroll processes can be paperless and (almost) painless. Payroll used to mean hours of tedious, painstaking work for your small business, while storing mountains of papers and data. This article is for business owners who want to reap the benefits of paperless payroll and start using a paperless payroll system.

You can choose from multiple services, but do your research to ensure you comply with local laws concerning how employees are paid and how payroll records are kept.Businesses save between $2.87 and $3.15 per pay run by paying employees electronically.Paperless payroll systems offer a cost-effective and environmentally friendly way to simplify your business.

Paperless employee tjx companies