Employers realize dramatic cost reductions
Experts agree implementing the right electronic pay stub solution will result in substantial cost savings. Based on research by NACHA (National Automated Clearing House Association), the average cost of printing a pay stub for one employee is $1.90 per pay period plus postage and materials. This equates to approximately $60.42 per employee for 26 pay periods. Therefore, a company with 500 employees spends approximately $30,210 per year just to validate payroll pay stubs. While costs vary, this is a conservative estimate that does not include the expense of storage, replacement stubs, etc.
PaperlessStub online can reduce your cost of pay stub and W-2 administration by 70% or greater through:
- Eliminating costs associated with paper handling, storage and transportation
- Substantially reducing printing cost of pay stubs, W-2’s, forms, envelopes, etc.
- Greatly reducing courier costs for mailing payroll documents
- Lowering time and costs required to reproduce lost pay stubs and W-2’s
- Minimizing the time expended by payroll and administrative personnel to manage payroll activities
- Email notification delivered to employees
Employees gain immediate protected access to their payroll information
Paperless Pay Stubs and W-2’s online provides employees password-protected access to their current/historical pay information. This allows employees to proactively examine current pay period information, review pay history, provide information to agencies requiring employment verification and provide annual W-2 forms all from the interactive touch-screen. Providing employees access to online pay stubs and W-2’s on demand, allows all of these tasks to be accomplished directly by the employee, without the involvement of managers or payroll personnel. The result is increased privacy and decreased administrative costs.