by Sean Dever, CPA of EXPRESS PAYROLL
Paperless reporting is a reality. The logic for paperless reporting is overwhelming when it comes to running your small business. Company’s utilizing a paperless option for reporting save time, increase confidentiality, improve their archives, share data effortlessly, and most importantly, help the environment.
It saves time
Timesheets and payroll have gone paperless – the days of copying, printing, counting and filing employee timesheets as well as waiting for the paper payroll delivery are gone. With the latest time reporting software you can transmit your approved time sheets and within hours you can have all of your reports viewable on your computer. You can send and book your payroll in the same day. If you happen to discover an error, paperless reporting gives you the option of fixing the payroll BEFORE the end of that day. This is a huge benefit if you have a lot of employees on direct deposit.
Imagine not having to sign for your payroll package? Forget that, you would not even have to be at work to receive the payroll package. The payroll reports are sent directly to you via secure email or you can download them off of a secure website. No more paper floating around your office on payroll day. Locking your payroll reports in your drawer or a safe is eliminated. At the end of the year, you can receive all of your previous year documents (including quarterlies and W2’s) via a simple download. Lastly, do you know that the employer is personally liable if someone breaks in to an old archive box of payroll records (filled with SSN & confidential information) and decides to sell the info for identity fraud? That’s right – keep that data locked and shred it if you can. Better yet, go paperless with employee portals and never worry again about identity theft liability.
Instead of thumbing through volumes of pages, now you can search for what you need on your computer. Do you need to review hours worked for a specific employee? How about an employee’s pay from last year? Just a few clicks and you have your answer. Even if you still need to hold a piece of paper, you can print a page out and then know that you’re OK to shred that page a few minutes later. Face it, all of the time sheets and payroll reports are important, BUT only few need to be referenced on a consistent basis. Using a computer program is by far the more efficient way to maintain and retain employee time and payroll records.
Easy to share your data
Payroll data is highly sensitive, but it is common that different reports are handled by a few (or several) different people. I recall a client telling me how she spent a lot of time copying, cutting, and pasting to cover the other names on the check journal so she could give a department head data on one of their employees without showing him anything else. With paperless reporting you can just reprint an employee’s check stub. You can even email the check stub! How about accounting or financial advisors? Do they need your data? They can be given access to the reports directly or they can also get the reports they want, emailed when they need them. Nothing is less efficient than passing around a huge binder among co-workers (not to mention the potential security issue). Go paperless and streamline your office.
Green is good
Time sheets and payroll reports are viewed infrequently after the payroll has been booked, but they cannot go away. The law requires that the reports are retained for four years, but many nervous nellies out there will keep their payroll reports for 7 years or longer. Pack Rats can rest easier if they are not taking a forest down to fulfill their pet peeve. Paper is wonderful, but it is an unnecessary evil when it comes to keeping time and payroll records.
Go paperless today
There was a time when humans needed to re-copy BY HAND books in order to duplicate them. Paperless reporting is here and it is the future. Don’t be a dinosaur. Save some trees and improve your office mechanics. Improve your time recording and payroll report security while saving and sharing those more secure reports more easily. Best of all, you can save time, the most precious commodity in the workplace. The message is loud and green!
Jackrabbit’s new time clock feature is seamlessly integrated with Express Payroll.
Learn more about Express Payroll or call with questions at 877-774-3327.