You Can Do Your Business A Favor By Using Paperless Time And Attendance TechnologyThe cost of paper for a business may be higher than you think. Buying one stack of paper for your printers may not be that much, but how about your total annual cost of paper? One study found that businesses could spend about $80 per year for one employee. Turn that into 100 employees and that’s $8,000, and that doesn’t even account for other administrative paperwork costs. But with more green technology and paperless ways to save information available, there’s no reason not to use them. Using a paperless time and attendance system, for example could save your business money in more ways than one.
Making Record Keeping Easier
Rather than having to look up financial reports or time and attendance information in your department archives, keep it paperless on either physical drives or in the cloud. Green technology is about keeping records filed electronically where they’re less likely to get lost or misplaced. Lost or misplaced paperwork in and of itself is a high cost, and that along with environmental waste can be easily avoided. Plus not only are payroll and accounting records stored where they’re easy to lookup when you go paperless, but they’re also protected from disasters. Going green and paperless is one way to ensure important records are always available.
Preventing Multiple Types Of Theft
Using green technology for time and attendance, accounts receivable, inventory, and other accounting purposes can prevent theft in more ways than one. If paper that’s thrown out misses the shredder and ends up in the dumpster, any personal information on it could be picked up by an identity thief. But internal theft from stolen paperwork is also a risk. With employee time sheets, there’s always a risk of time theft from an employee recording hours that they didn’t work or manipulating the time clock. By using a paperless system for your business’s accounting and payroll, the risk of theft is greatly reduced by keeping records and employee time logs where only authorized personnel can access them.
Taking Advantage Of Tax Breaks
In an effort to encourage businesses to to go green and show more environmental responsibility, federal and state governments have implemented incentives. If you can prove that you’ve reduced paper consumption and are now using paperless systems, you could be eligible for both federal and local tax credits. One area you can start doing this with is your time and attendance and payroll system since going paperless here is less expensive than you might think. But by automating and going digital with your processing systems, you potentially get double savings.
If you’re ready to make your business socially responsible and save money through a green time and attendance system, then you should consider signing up for MinuteHound’s time and attendance software. Using this system is very easy both in terms of setting it up and logging in employees. MinuteHound uses a biometric system to prevent time theft, and accurately record punching in and out of shifts. Check out the MinuteHound free trial page to find out more.
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