Today’s payrolls are outsourced and paperless.
Canadian employees can now receive their pay stubs via email. NEBS Payroll Service Limited announced the addition of a new feature to their online payroll service, PAYweb: email pay stubs. Nebs Payroll Service Limited is the first Canadian payroll service company to have this capability.
“This is a landmark feature for our clients -- using email pay stubs will allow for totally paperless payrolls,” remarks Ralph Lynn, NEBS Business Products.
Email pay stubs, referred too as e-stubs, are a great convenience to employees in the foodservice and hospitality industry. Employees don’t need to come into work to pick up their pay cheques. Instead, employees are paid by direct deposit (electronically into their bank accounts) and pay stubs are delivered to their email addresses. This feature streamlines the payroll process, and offers a convenience to employees not offered by your competitors. Retaining good employees is important in today’s competitive landscape. That is why e-stubs are such a positive step forward in employee convenience.
E-stubs are delivered encrypted, which means that an employee password is required to view the pay stub. Secure pay stubs are key to providing confidential information electronically.
PAYweb is the first internet payroll service developed by Canadians for the Canadian market. A demo of PAYweb is available to view at www.PAYweb.ca. “Our study of the Canadian small business market shows that they demand simple, easy-to-use, convenient and economical products. That’s why we developed PAYweb,” notes Lynn.
One other key benefit of a paperless payroll is the elimination of couriers. Typically, pay cheques and paper reports need to be couriered. Since reports can be viewed and stored at your desktop and payments are made by direct deposit, the need for a courier is eliminated. This translates to a significant savings in cost. As well as a reduction in risk associated with a third party (courier companies delivering to wrong address, or losing package) handling confidential information.
HRSD (Human Resources Skill Development) is the last outstanding issue to make a payroll truly paperless. Technology has allowed this final issue, to go paperless as well. Typically Records of Employment (ROE’s) need to be painstakingly completed on three part forms. This requirement may be cumbersome to some employers. With PAYweb ROE’s are completed by the software, on bar-coded forms that can be printed, or emailed. This means that PAYweb automatically sends the ROE to the government, where it is stored on a database. When a past employee applies for employment insurance, he/she simply needs to bring two pieces of identification and the HRSD office will have the ROE on file.
Today’s complicated requirements for payroll compliance can be overwhelming. The majority of Canadian employers outsource their payroll. By outsourcing the payroll function, businesses count on the expertise of a payroll provider to ensure compliance. Compliance, accurate calculations and timely tax remittances are all key issues that avoid CRA (Canada Revenue Agency) audits. If found to be deficient in any tax audit, employers can be levied with a penalty of as high as 10% of the outstanding tax. When most businesses have tax remittances in the annual amount of tens of thousands of dollars, you can see that the penalty amount can be substantial. For this reason, most employers count on the services of a payroll outsourcer. Outsourcing creates piece of mind to employers and allow them to focus on core competencies, instead of being burdened payroll compliance issues.
Have you ever considered the exposure you have from sensitive employee payroll information being stored on a computer in your office? What if the computer goes down, due to a hardware malfunction? Or even more critical, what if someone steals the computer, or files from that computer. It’s a sad “sign of the times”, but identity theft is a serious and growing concern. How secure is your employee’s information from theft, or accidental leaks? Companies that outsource can rest assured that confidential information is protected and stored in secure hardware and systems architecture. If you are familiar with the IT industry, you will recognize the term Disaster Recovery. That term refers to the security and plans in place to protect and provide service in the event of different scaled disasters. Everything from system access malfunctions to complete electrical blackouts are designed into effective Disaster Recovery Plans.
When outsourcing your payroll be sure to understand and assess the readiness of your payroll provider for a disaster – however big or small. Also, be sure to inquire on the level of the security that the provider has engaged. In all cases, the payroll provider has the means to provide more robust and secure data centres then your company is able to achieve.
Today’s payrolls can indeed be paperless. This is a dramatic technological advancement. These advancements can provide many efficiencies and cost savings to your business.