Easy Steps to Going Paperless with Your Pay Stub
What exactly is paperless pay?
Businesses that use paperless pay complete all forms of payment electronically rather than on paper. Employees may easily access payment information online and get paychecks through direct deposit. Employees can get the following information through an online portal system using a computer, tablet, or mobile device:- Timesheets that are virtual
- W-2 forms are pay stubs.
- Accumulated vacation days
- Records of time off
- Deductions for benefits
Keeping track of employee time
Paperless billing allows you to do many jobs simultaneously, boosting ease for both you and your workers. Among them are the following:Completing online timesheets: A manual time clock does not need you to physically clock in and out of a shift. Employees may rapidly enter time into the system at the beginning and conclusion of their shifts, encouraging effective time management in the workplace. You are no longer required to compute hours worked, tax deductions, or net pay.Make and see shift schedules: Employees may see their forthcoming shift schedules on the internet portal from work, home, or anywhere else. It is no longer essential to print and distribute shift schedules.Viewing past shift history: Digital payment portals enable team members to identify and verify shifts they worked earlier that year for precise reference.Obtaining payroll and tax data
Your company may quickly prepare for tax filings with a paperless payroll procedure. All of your payroll information is in the system and ready for your accountant. Payroll may be processed on your timetable and using the device of your choice.A digital pay application may file your taxes and payments for you. They can be recovered if you require them. This prevents your company from losing any past payment information.Why You Should Go Paperless
Space Savings & Ease of Sorting
Keeping these documents in a filing cabinet doesn't make sense when you can store them digitally. Digitally storing paystubs allows you to sort through them directly on your computer or phone much more efficiently than navigating folders in a physical file cabinet.Security & Privacy
Storing pay stubs online provides much more security and privacy than storing them in a physical file cabinet. When your documents are stored digitally, you don't have to worry about someone accessing or stealing the information without permission. These files are password protected making them nearly impossible to access unless, as opposed to a physical filing cabinet which can easily be breached.Environmentally-Friendly
Storing paystubs digitally is much more environmentally friendly than storing physical copies. Storing your documents completely eliminates paper from the equation. As well as the costs associated with printing, and the need for a printer.Tools For Going Paperless
Google Drive
Google Drive is a great tool for storing documents online and sharing them with others. You can also share folders of documents, which is helpful if you're a team or family!Google Drive makes it easy to access your files from any computer, phone, tablet as well as on the go through Google Docs. When using this service for storing pay stubs online there's no need for printing and scanning. All digital copies are automatically stored in one place.DocuSign
DocuSign is a great tool for allowing people to digitally sign documents like pay stubs, invoices, or other financial documents. You can sign documents from your computer, tablet or phone. DocuSign is secure and will keep these files private since they are stored on the company's servers in encrypted form to protect against hacking attempts.DocuSign also allows you to send signed copies of documents securely back and forth between two people without worrying about emailing a document that could be intercepted by anyone else who gets access to it.Digital signatures are legally-binding and provide the same level of protection as a traditional paper signature.Tip: Use Google Drive for storage & DocuSign for signing legal contracts. You don't have to worry about anyone else accessing these files without your awareness.How do I begin with paperless payroll?
There are various stages to get your business set up for success. Whether you utilize your own payroll software or work with one of the available outsourced payroll providers.- Choose between payroll software and an outsourced service. With so many alternatives, you'll want to do your homework. Read about software and outsourced payroll firms in the news, get suggestions from industry groups, or ask peers about their experiences.
- Transfer your payroll data. You'll want to ensure that all of your information, including tax ID numbers, employee data, and pay history, is in the system.
- Enroll staff in the self-service portal and instruct them on how to use it. Set up an account in the system for your employees and add their personal, tax, and banking information. This information will be needed to conduct payroll. Also, show them how to use their portal and features.