In today’s electronic age, we’re seeing more and more functions transition over to technology, including that of business payroll. Rather than processing physical paper checks, employers have the option to pay their employees electronically via direct deposit into their bank accounts. If you’re not yet offering this option to your team, or you’re still on the fence about whether it’s worth it, here are some of the key benefits that may just help you make your decision.
Save money and time. When you eliminate (or at least reduce) your physical payroll, you instantly save on paper, ink, envelopes and postage. You also save valuable time since you won’t have to worry about stuffing envelopes; processing mail; dealing with paper jams….the list goes on and on.
Convenience and ease of use. Processing physical payroll is not only time consuming, but it typically can only be done from the office. Electronic payroll, on the other hand, can be done from anywhere. So, if you’re working from home, at the airport or already at your destination, you can still make sure your employees get paid on time.
Reminders and reports. Payroll software typically offers reminders for when processing is due, as well as other deadlines, like tax reporting. You can also run a number of reports at the click of a button in the event that you are ever audited or need to produce a record of payments.
Easier to delegate. When payroll is no longer something that is required in-house, it’s much easier to either delegate that function or outsource it completely to an external firm. This will save time, money, space and resources and make your life much easier!
Improved employee satisfaction. Direct deposit benefits more than just the business. Recipients also get many advantages from having their paychecks sent electronically, including faster access to funds, convenience and other perks that their banks may offer.
These are just a handful of the many benefits offering direct deposit can have for your business. Do you have anything to add? Please share in the comments!