Also, the Fair Labor Standards Act (FLSA) requires you to keep payroll records at least three years. When a physical document with classified information goes missing, that employee risks potential identity theft and fraud. Secure: Because all payment information is stored online, it can’t be misplaced. Paperless billing is:Įasily accessible: With a username and password, employees can log into the company’s online portal and have instant access to paperless pay stubs, direct deposit information and payroll records. Using an online portal system, employees can retrieve the following information using a computer, tablet or mobile device:Ĭonsider these paperless pay benefits to help you determine if this method is right for your company. Employees can conveniently access payment-related information online and receive paychecks by direct deposit. With paperless pay, businesses complete all forms of payment online rather than on paper. In this article, we outline the benefits of paperless pay to help you determine if it’s right for your company. If paperless pay, also known as “direct deposit,” will enhance your employees’ experience, it may be an option to pursue. Click here to learn more about RFSPayments.More and more companies are choosing paperless payment processes to increase efficiency and accessibility for employees. With RFSPayment clients have access to the most efficient, accurate, and transparent payment experience possible. This increases communication and clarity throughout the accounts payables department. For example, an individual processing an invoice can be automatically notified by email once the invoice has been paid. Notifications can be set up for every step of the process. After reviewing the selection of invoices to be paid, approved individuals can approve the payment batch “electronic checks” and ACH’s can be released for payment with an electronic signature while traditional check runs can be approved printing and issuance to the authorized signer.Īnd don’t worry, RFSPayments completely integrated with RFSPayables, an electronic bill processing and approval system, allowing clients to manage their payables and payments in a completely paperless payments environment. This handy feature allows the person approving payments to quickly-but thoroughly-double-check all the details.ģ. RFSPayments has a digital invoice review, where clients have the ability to click on any of the invoices they’ve selected for payment and instantly retrieve supporting documents, including a digital copy of the actual invoice. First, a user creates a payment batch by clicking on a drop-down menu that displays all of their unpaid and approved invoices-which have been carefully indexed, coded and reviewed-and they simply choose all bills they want to pay.Ģ. All transactions can be tracked through the same system which simplifies the audit at year-end.ġ. Credit card and vendor initiated debits can be processed through RFSPayments just as easily. Vendors get their funds in two days instead of five, and the cost to the company is less than half the cost of processing a check. RFSPayments will register your vendors to receive payments via ACH. This simplifies the bank reconciliation process and leaves a transparent audit trail that’s easy for auditors to follow. Unlike other alternatives, full transaction history is maintained in your company’s accounting software. Checks to these vendors are sent from an escrow account. Funds to cover these checks are debited from your account in one transaction. Electronic checks are checks that do not require your signature. This is useful for tax payments that are not made electronically, or other payments that require physical checks.īills can be paid electronically through “Electronic Checks” or ACH’s. These companies can get the benefit of viewing all supporting documents in a customized PDF as they sign and release their checks. RFS Paperless payments gives an organization complete control over how it pays its bills:īills can be paid through a traditional check run for organizations that are not yet ready to pay all or any of their bills electronically. RFSPayments simplifies the check signing process by generating a PDF with secure links to all supporting invoice copies and documents, eliminating the need for accounting to aggregate supporting documents for review by check signers. Payment selection and approval occur online, and companies can choose whether a bill is paid with a traditional check, “electronic check”, ACH, credit card, or vendor initiated debit. Paying bills has never been as easy as it is with RFSPayments, an entirely web-based system designed by Rose Financial Services to transform an organization’s check runs into an electronic, paperless payments process.
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