Post on 05-Aug-2015
5 Time and Money Savings Tips for Distributing W2s, 1099s and Paystubs
Michael Johnson – VP ePayments RelycoKevin Smith - Sales Director Digital Designs, Inc.
March 7, 2013
The “Paper” Problem
Need Evidence?
The Federal Government is phasing out paper checks for all benefit programs - 73 million payments a month
More than 76% of individual tax refunds were delivered via direct deposit in 2011
More than 68% of Corporation are writing less checks
UK Phasing out checks – US Next?
Consumer moving rapidly to paperless payments and statements – Where is your checkbook?
We live in a self-service world
Paper is inefficient, costs time and money
Do you know what the average cost per document is to produce and distribute pay checks or direct deposit advices?
$1.90(Source: NACHA – The Electronic Payments Association)
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Do you know the average number of times a paper check or stub is touched before reaching the employee?
(Source: NACHA – The Electronic Payments Association)
$10-25
Do You Know the average cost to reprint a lost tax document?
(Source: NACHA – The Electronic Payments Association)
7.5%
Do you know the average amount of documents lost or misplaced in an organization?
(Source: PriceWaterhouseCoopers)
Benefits for Employees
Opt-In for Paperless W2s & Paystubs
Self-Service
View – Print – Email
Secure Password Protected
Employees: 32,000Locations: 439Documents: >600,000 pay stubs, 70,000 W-2s per year
The Solution
DocAgent Pay Stubs and W-2s Online•FrequencyWeekly/Semi-Monthly/Monthly Payrolls + Annual W-2s
•The Benefits•Competitive Win-Back from ADP - $4,500 / Month Savings! •Self-Service – 100% Turnover•Bi-Lingual Support (Spanish)•Infinium Integration
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Recommend Direct Deposit & Online W-2s to Employees
Eliminate Print Production and Distribution Costs
Allow Secure Web / Workstation Access
Conform Easily to IRS W-2 Regulations
Host Documents in a Secure Cloud Environment
Best Practices = REACHThe 5 Steps