506: The Advantages Of Paperless Payroll In Your Construction Company

This Podcast Is Episode Number 506, And It's About The Advantages Of Paperless Payroll In Your Construction Company

When you think of payroll, you might still envision paperwork and envelopes given to employees by hand. Even with direct deposit being the norm for years, there is still a significant paper component to manage.

You won't find a contractor using inefficient tools on the job site these days. The hammer or the nail gun? No question. While every contractor recognizes the flaws of using ineffective tools, they may still be losing money due to inefficient payroll tools and processes.

As with most things, payroll is going digital – for a good reason. There are many benefits to digital payroll for construction business owners and staff alike. Read on to learn why switching to paperless payroll could be right for you.

1. It empowers your construction employees

Your employees can log in to the system and access anything they need – anytime and anywhere. Pay stubs, hours worked, and so much more. It's all right there, which means they don't need to call or visit a specific department for help. If they have questions about time off or sick days, they can easily find that information.

When everyone can access what they need, it makes everything easier. It also means that whoever would traditionally have to pause what they're doing to provide information can stay on task.

2. It increases convenience and eliminates delays

When you're manually processing your payroll, delays come up that are a normal part of the contracting business. But that isn't the case when you take your payroll digital.

Because everything runs automatically, you no longer experience holdups due to holidays or slow mail. Additionally, everything is distributed instantly online, meaning everyone gets paid on time.

You'll reduce the chance of mistakes as well. Taking human error out of the equation means you no longer have to spend much time correcting mistakes or investigating what went wrong.

3. It keeps everything secure

Security is built right into paperless payroll systems. Employees have a unique username and encrypted password, which they use to access a secure online portal. Some even have two-factor verification.

All payment information is kept securely on the portal, accessible only to those with permission. With all data stored online, you reduce the risk of losing sensitive documents. You also don't have to worry about shredding confidential information. The risk of fraud is also nearly eliminated.

4. It saves you money, and valuable time

There are obvious cost savings in reducing the paper, postage, ink, and toner required to distribute paper pay stubs. Those costs are high, too. But you will see the most significant savings in the hours no longer needed to run your payroll.

With most of the process automated, it's no longer necessary to spend time tallying up hours worked, calculating overtime and sick pay, and then sorting out taxes. Instead, your software will take care of it for you.

5. It helps the environment

Finally, paperless payroll is nearly waste-free. You'll no longer produce stacks of paper, envelopes, and supporting documents, which add up in filing cabinets all over your office – which is only a pitstop before they're discarded.

Payroll Processing Not Fun? Outsource it!

• Having trouble processing payroll?
• Do employees ever turn in timecards late?
• Any difficulty keeping track of employee loans?
• Does keeping track of garnishments take lots of time?

Wouldn't it be great to get rid of payroll processing?

We understand construction companies and their payroll needs because we have owned and operated construction and service/repair plumbing companies for over 25 years, which means we know how to get payroll processed fast and quickly!

Everything runs smoothly during your regular pay schedule when timecards arrive on time. When employees do not turn in their timecards on schedule and expect you to have their checks ready, no worries, we have you covered:

• Process payroll outside your normal pay schedule - fast and easy
• Track and allocate garnishments
• Track and report on employee loans
• Track and information on employee reimbursements
• Everything for one flat fee and no long-term contract

Final thoughts

There are several benefits to adopting paperless payroll, and it's a popular system for employees and employers alike. When considering taking your payroll paperless, ask yourself what the needs of your business and your employees are. If both would enjoy the features listed above, it might be time to start thinking about making the switch.

Outsource your payroll processing to save time and money. Reach out to me at your earliest convenience.

About The Author:

Sharie DeHart, QPA, is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com