|How to Have a Paperless Payroll|
|Wednesday, 05 May 2010 00:00|
If the payroll is manual, most likely it is processed entirely by hand. Consequently, the payroll system may include a lot of paper, such as live checks, and numerous payroll reports and documents. Payroll documents are highly confidential. Only authorized individuals are privy to such information. However, a paperless payroll can reduce the chance of an unauthorized individual accessing these records. Furthermore, it simplifies payroll record-keeping, saves money spent on checks and envelopes, and eliminates the clutter that arises from a paper environment.
Payroll Software for a Paperless Payroll
Use payroll software, such as QuickBooks, Peachtree, PenSoft or Ultimate Software. Payroll software allows the user to process the entire payroll from start to finish. This includes computing wages, and statutory and voluntary deductions. The software stores employee payroll and personnel data indefinitely and is easily retrievable. Furthermore, it stores payroll reports, such as payroll registers and payroll tax reports.
QuickBooks is effective for small businesses. It includes pay check processing and direct deposit features. Peachtree is accounting software with an attached payroll feature. It is particularly useful for generating accounting and payroll tax reports. PenSoft is stand-alone payroll software, used chiefly for processing payroll and is designed for mid-sized companies. Ultimate Software, a more expensive software, includes human resources and payroll solutions. This software is recommended for large in-house payrolls.
Electronic Payment for a Paperless Payroll
Implement an electronic payment system. The employer should offer and encourage employees to sign up for direct deposit. This eliminates the need for live checks. To provide direct deposit to employees, the employer should contact his bank for its related procedures.
Use payroll cards for employees who cannot get a bank account or do not want one. Payroll cards are similar to debit cards, but do not offer the services of a regular checking account, such as statements and checks. Employees can use the payroll card to access their wages from an ATM and as a debit card when purchasing from various vendors.