Payroll printing costs got you down?
It makes sense to explore the idea of paperless paycheck management — paying your employees without paper paychecks at all.
Think about it. If you didn’t have to print out paychecks, you could save hundreds of dollars each year — maybe even more. Not to mention the wear and tear on your printer and the frustrating paper jams.
Right now, there are two paperless paycheck management options: direct deposit and online bill pay. Both services are available through most major banks.
If your employees are used to the idea of having paycheck in hand every Friday, moving to direct deposit or online bill pay may seem like a radical concept. Before you make your move, here are some pros and cons of moving to paperless payroll:
Pros of Paperless Paycheck Management
- Saves time
- Cuts down on ink and check stock expenses
- Run payroll from anywhere (with an online payroll provider)
- Provides a secure way to pay employees without checks lost in the mail (or on your desk)
- Allows employees to designate different accounts for their paycheck deposit
- Promotes good saving habits
- Helpful for the environment
Cons of Paperless Paycheck Management
- Initial set-up can be time-consuming and involved
- Bank fees for direct deposit can be costly for employers
- Some payroll providers may also charge a fee for this service