8 Reasons to Go Paperless With Your Payroll
As the world goes digital, so are businesses with their ever-advancing software solutions. Businesses need to adapt their models and systems in order to maintain their success and keep growing. One trend, among many, that we recommend your business adopt is going paperless with the best payroll software on the market.
Taking your payroll paperless can improve your business’s data organization immensely, help you boost your payroll processes and efficiency, and reduce any chances of human error to almost zero.
Here are a few reasons why you should consider taking your payroll paperless with the best payroll software:
Having digitalized documents such as pay stubs, W-2 forms, and other tax forms is way more convenient than a stack of paper that is a hassle to organize, distribute, and carry. Going paperless with payroll software will provide your business with a unified platform and secure cloud storage to access all documents from.
2. Cloud storage
Paperless payroll software is usually cloud-based, which means all your business data is securely stored on cloud storage that is highly unlikely to get lost or corrupted. You and your employees can access this cloud storage to store any documents or forms rather than have them printed and stored in a file cabinet.
3. Electronic Payments
Payroll software will allow you to pay your employees electronically rather than giving out paper checks. Going paperless with payroll software will also allow your employees to immediately access their paystubs and paycheck funds. Most payroll software offers direct deposits to employees’ bank accounts or instant pay card transfers.
Going paperless is one of the best and easiest ways to make your business become environmentally friendly. You will greatly reduce your company’s paper usage, which helps save the planet your budget and reduce your business’ carbon footprint.
Paper documents are bound to be lost or damaged and be requested to be reprinted again, which can be costly in the long run.
5. Employee Self-Service
Employee self-service is a worthy benefit of paperless payroll software. It provides your employees with a platform and an online portal to access their payroll data, paystubs, and health benefits. In some cases, payroll software offers time tracking software where your staff can request time off vacations and record their working hours with their smartphones.
6. Payroll Compliance
Maintaining state and federal regulations and compliances can be like walking on a tightrope. And violating these regulations and compliances can be quite costly for your business and result in financial hardships. Payroll software, though, will take this burden off your business’s chest and ensure total organization and compliance.
Payroll software will keep you updated on all new laws and regulations that you need to maintain. Some offer your poster kits to hang in your workspace. Some even promise to reimburse you if your business gets fined for violating any regulations while using their software.
7. Automatic Time-sheets
Are you still filling out time-sheets manually to calculate your employee’s working hours and pay rates? Well, the time has come for these manual tasks to be automated with payroll software. Payroll software will automatically calculate employees’ working hours as soon as they check-in and out and calculate their pay rates accordingly, with zero chances of any human error or compliance violation.
8. Online Benefits Open Enrollment
A business that cares about its staff and employees offers several employee benefits such as health insurance, 401 (k), savings plans, and much more. Dealing with the havoc of the paperwork and forms is perhaps the most time-consuming part of it all. With paperless payroll software, you can give your employees access to an online portal where they can preview all the available benefits plans and enroll themselves with digital forms and signatures.
These are only some of the reasons why you should take your business payroll paperless with payroll software, as payroll software can do so much more that you will wish you have made the change earlier.
Let us present you with our top three recommendations for the best payroll software on the market.
Paychex is our top recommendation for one of the best payroll software. It offers an all-inclusive feature-rich software that will simplify and automate your payroll duties and ensure your business’s compliance with constant updates on new local, state, and federal laws and regulations.
Paychex will also automate your tax filing and payments, employee deductibles, and their working hours and pay rates with its unique time tracking software, Time Flex.
Some of Paychex’s key features include:
- Employee benefits
- Time & Attendance software
- Mobile application
- Compliance poster kit
- Automated payroll runs
- Automatic tax calculation and filing
Paychex offers three subscription plans for its payroll software, two of which are quote-based, which means you will need to contact their team with information about your company, its size, and requirements to get the price that suits you best.
Paychex Flex Essentials - $39/month, + $5 per employee
Paychex Flex Select – Quote-based
Paychex Flex Pro – Quote-based
2. Intuit QuickBooks
QuickBooks is a market-leading accounting software giant that also offers its own payroll companion software, in addition to HR solutions and benefits administration. QuickBooks applications seamlessly integrate with a variety of business systems, which makes it a great option for businesses.
Some of QuickBooks payroll’s best features include:
- Mobile payroll application
- Automated payroll runs
- Automated federal and state tax filing and payment
- Time tracking software
- Project management tools
- HR solutions
- Compliancy alerts and law updates
QuickBooks offers three plans for its payroll software, which are also packed with its accounting software:
Payroll Core + QuickBooks Simple Start - $70/month + $4/month/employee
Payroll Core + QuickBooks Essentials - $95/month + $4/month/employee
Payroll Premium + QuickBooks Plus - $155/month + $8/month/employee
You can try QuickBooks payroll for 30-days for free to try out its services before committing to a paid subscription.
3. Toast Payroll
Our last payroll software-recommendation goes for Toast. Toast is a market-leading point of sale system for restaurant-type businesses. Toast’s payroll offers comprehensive features and capabilities accompanying its point of sale system.
Toast payroll can automate your payroll runs, tax filing and payments, and working hours calculations. It will ensure your business stays compliant with federal and state labor laws and regulations.
Toast payroll comes packed as extra add-ons with its point of sale system; its best plans are:
Essentials Plan - $165 per month
This plan includes:
- Cloud-based Point of Sale System
- Payment Processing
- Customer Care
- Real-time Fraud Monitoring
- Online Ordering & Delivery
- Toast Takeout App
- Restaurant Grade Hardware
- Payroll and Team Management
Custom Plan - Quote-based
The Growth Plan is more suited for restaurants looking to attract new guests and drive repeat visits. It packs all the previously mentioned features, plus:
- Gift Cards
- Loyalty Program
- Marketing Tools
New Restaurant Basics - $110 /month + $4 per employee/month
This plan is a new special offer from Toast to new restaurants, it packs the following features:
- Order & Table Management
- Reporting & Analytics
- Menu Management
- Payment Processing - flat rate with real-time fraud monitoring
- 24/7/365 Customer Care
- Installation & Network Configuration
- Automatic Software & Feature Updates
- Scheduling - LITE
- Payroll and Team Management - LITE
- Toast Paycard
- Vestwell 401k
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