Although the total elimination of paper may not be feasible for every business, even a small reduction may yield cost savings and increased efficiency. It doesn't matter if your company is in the startup phase or has developed well-established policies and procedures, there are always advantages to reducing paper usage. Here are some of the benefits of making the switch to paperless pay an HR.
Benefits of Paperless Payroll and HR
Many companies are already making the switch to paperless processes. While it may seem like a daunting task, the benefits yielded are well worth it.
Making the change is hard, many companies are afraid to do it. If you are ready to get started:
- Here is how you can get started with a paperless payroll system
- Here is how you can make the change to paperless HR
For those businesses who still aren't sure that paperless processes are the right move for them, here are seven reasons why going paperless with EBC HCM may be beneficial for your business.
Increased Data security
Many of today's cloud-based accounting systems offer bank-level data security to protect financial and customer information, which is more than most small companies with limited technology staff can afford to build in-house.
Better Financial Benefits
The shift toward a paperless environment increases each year as new technology becomes available to improve data storage and electronic communication.
Companies that switch to paperless payroll save money on printing costs, check processing fees, and the staggeringly high cost of replacing lost or misplaced checks. If your employees’ money is never on a physical piece of paper, it’s hard to lose.
Paperless is Environmentally Friendly
According to the Environmental Paper Network's most recent State of the Paper Industry report, paper usage in North America is decreasing while the amount of paper recovered for recycling is increasing.
Companies are striving to recycle, yet office copy paper alone still accounts for over 20 percent of the total paper usage in the United States. But being green is more than just reducing paper production.
A paperless environment may also mean less energy consumption. Businesses use less energy when printers, faxes, and copiers are inactive.
Access Anywhere, Anytime
With the advent of photo-scanning apps, business travelers can easily back up expense reports without needing to save a pile of papers to bring back to the office. Electronic files can also be shared with coworkers over a network or via email.
Shifting to paperless documentation also makes the transportation of data more efficient, without the need for cumbersome fax machines or document couriers.
Automatic Backups
When you accidentally throw out an important paper, it's usually gone forever. However, maintaining electronic files allows for multiple backup points. Data can be saved on flash drives, in the cloud, or to an external hard drive.
For vitally important financial data, cloud-based accounting systems provide automatic backups on a pre-scheduled basis, which eliminates the need for small business owners to set aside time for manual backups.
Document Organization
The ability to quickly locate and disseminate information may enhance your company's efficiency and professional image.
Spending time hunting through reports and check stubs slows down response time in an age when most answers are only a few keystrokes away. By scanning electronic copies of receipts and invoices, documents can be sorted, filed, and organized for quick retrieval when it matters most.
Fast and Affordable Communications
With the advanced technology of smart devices, most people have immediate access to emails.
While it increases efficiency, electronic communication also decreases storage costs as the number of paper copies littering your office will begin to dwindle.
More Tools and Resources
It's no secret that moving to paperless payroll and HR comes with more tools, resources, and solutions that you can leverage for success.
Nowadays, there are even things such as online HR resource portals that take things like paperless HR to the next level with paperless training, such as New York sexual harassment laws.
HR professionals can find even more tools such as benefits administration software. The advantages of benefits administration software include gaining the ability to administer benefits offerings and eliminate manual enrollment from one centralized location.
Get Started with Paperless Pay and HR
Convinced? If you are ready to get started, here is what you need to know:
- Here is how you can make the change to paperless pay
- Here is how you can make the change to paperless HR
However, to learn more about how EBC HCM is already helping countless businesses make the switch to paperless payroll and HR, contact us today.
