What is Paperless Payroll, and Is It Right for you?

Payroll Management

Thanks to the steady shift over to digital, we’re enjoying a nearly “paperless” workplace. All aspects of our work world have shifted over to digital, and thanks to cloud computing and web-based business solutions. More than ever, we have a chance to minimize our reliance on paper and take traditionally paper-heavy departments like accounting and paperwork-intensive tasks like running payroll and move them into the future. 

But what is a paperless payroll, and how does it work? Is it possible to keep records and file with the Canada Revenue Agency accurately when things are digital? What may have seemed like an impossible feat just a few years ago has slowly become the norm of today’s fastest and most agile companies. 

Online payroll management services can enable you to set up and implement a dependable, accurate, and reliable paperless payroll processes in little to no time. Today, we dive deep into how you can bring paperless payroll to your company in just a few steps. 

Making a move to paperless payroll

Increasing numbers of companies are opting to move over to a paperless payroll process to increase efficiency, reliability, and accessibility for employees. In essence, paperless payroll provides companies with a way to complete all forms and documentation online rather than traditional paper methods. Employees can access and receive all pay-related information digitally through a one-stop-shop online portal system. Current solutions for paperless payroll help enable employees to access the following digitally:

  • Pay stubs
  • Virtual Timesheets
  • T4s, T4as, and related tax slips
  • Records of Employment (ROEs)  

Beyond pay, providers such as Knit also give your employees access to seamless HR-related systems, giving your employees a single window-pane into their employment with your company.  

What are the benefits of paperless pay?

Beyond just being a more environmentally-friendly and cost-efficient method, paperless payroll has a myriad of benefits. Listed below are some of the finer points for you to consider. 

  • Accessibility: You and your employees can access their account and information from anywhere, at any time, reducing reliance on a single department or resource. 
  • Convenience: With an online payment process in place, your company will no longer experience delays on paper paycheques sent out in the mail due to holidays or postal delays.
  • Security: These providers are now equipped with strong security measures. With the help of a secure portal, individual username, and encrypted password, employees log in and have instant access to digital payslips and stubs, direct deposit information, and payroll records. 
  • Online Record Keeping: A bonus of paperless anything is the ability to store records, making it difficult to lose them securely. Thanks to all payment records being held online, it is hard to misplace. Online record-keeping helps reduce the risk of fraud or loss of vital information.
  • Environmentally-Friendly: Move your business forward and reduce its carbon footprint by providing your employees with a paperless and waste-free option. 
  • Cost Reduction: The digitizing of a traditionally paper-centric process will dramatically decrease printing costs (such as paper, ink, toner, etc.) as it is all on the portal. 

Expedite your processes by going paperless 

Companies can provide their employees with a seamless payroll experience by going paperless. This system allows you and your organization to quickly complete tasks that traditionally would take several back and forths or approvals, including:

Instant digital access to employee payroll and tax information

Paperless payroll processes can help your business prepare your tax filings with ease. With all of your payroll, employee, and business information in one secure place, you can be sure to avoid the risk that could come with improper CRA filing or if paper documents go missing. 

Is paperless payroll the right fit for your company?

Now that you understand what paperless payroll is, it’s time to figure out if it is right for you and your team.

Before making any moves, it’s in your best interest to consider your employees’ needs through the process. If providing a digital payment process is the most convenient solution, it could be an excellent chance to upgrade your company. 

Further, take the time to analyze the benefits it can bring to your own productivity as a leader, including increased cost reduction, efficiency, secured document storage, and less micromanaging. If these contribute to helping your specific business thrive, paperless pay could be the best choice for you.

Paperless payroll will provide a safer, securer, and more reliable option than traditional payroll services. It will offer your employees the ease and convenience of accessing their information when and how they need to. 

From a purely business perspective, this is a no-brainer for any business owner. It’s easy to implement and will help you optimize your resources and reduce costs. Going paperless, with payroll or otherwise, can help reduce your carbon footprint and help your employees. 

Knit is an all-in-one tool that will help you bring your company to a new, digital age. Contact us today to learn how you can go paperless.

Related: What is YTD Payroll?