5 Ways SMEs Can Benefit From Green Payroll System
Processing payrolls and complying with statutory and tax regulations through on-time filing and payments is crucial for every company. It is a task that requires a lot of time, professional knowledge of payroll procedure and attention to detail.
For businesses which are small or medium in size, adopting an environmentally friendly and “green” payroll system can not only lead to the minimisation of wastage of space, paperwork and resources; but also in saving both time and money. It may seem to be a hassle for small businesses to introduce a paperless system; however, by outsourcing payroll services to a third party, they can attain a more cost-effective and easy alternative.
‘Green or paperless payroll describes a system of processing payroll without generating any paper’. Opting an e-payroll process provides more accuracy. It ensures timely payment to employees through a cloud computing system, with all the data readily and easily accessible for HR managers and employees.
Here are some of the points listed to convince you of the benefits of going green with a paperless payroll system:
Statutory and tax filings and payments can be a tedious job which requires professional expertise. Punctuality and accuracy are essential to avoid any fines or penalties. Through an online payroll system, these payments and filings are automated and are submitted on time which ensures your company is always in compliance.
Data Storage and Accessibility
Going green not just reduces all the paperwork, but it also makes it convenient to access the documents anytime and from anywhere. An online payroll system allows retaining the information and data for as long as it is required, without having to worry about finding space in the office to keep all the files.
A paperless system also gives employees access to their payroll data such as pay-stubs or other personal information, online or through mobile applications.
Efficient and Time-Saving
Through an online payroll process, much valuable time is saved through automation and online filing system. HR Managers need not spend their time going through all the files to find any records; they can easily search for it in the online database.
As stated earlier, introducing e-payroll system assures more efficiency and timely payment to all the employees, even in case of holidays or any unexpected events.
Keeping physical copies of essential payroll documents can be unsafe and is challenging to protect from unauthorised access. However, an online system is always password protected and allows the company to control access to payroll information. Online storage of data is also secure in case of contingencies like fire, floods or theft.
Having a paperless system is far more cost-effective than having a manual payroll system. It offers the flexibility of working from anywhere and can be outsourced to a service provider, if needed, thus reducing dependence on just one person.
Opting a green payroll system is cheap, minimise chances of any errors and saves the company from fines and penalties. It cuts down on additional costs which usually incur in a manual system, for example on paperwork, stationery and printing of documents.
For most of the businesses, outsourcing payroll process to a service provider offers a more significant advantage over in-house manual processing. For a small or medium-sized business, it is a more convenient, cost-effective and simplified option. It saves resources of the company, valuable time of HR Managers and the environment by cutting down on wastage and reducing the company’s carbon footprint.
To know more about green payroll system and our services contact us here. Go green!