Payroll is a critical process for every accounting department. Unfortunately, it’s often time-intensive, manual, and inefficient. Your finance team has a lot on its plate, and payroll printing is more of an administrative task than one that adds value to operations. So, why not consider outsourcing these functions to professionals?
In this post, you’ll learn about the benefits of using a third-party payroll printer and why it makes good business sense.
The Benefits of Outsourcing Payroll Printing
If you’re seeking to reduce costs and streamline processes around payroll, working with a transactional print and mail company has many advantages.
Reduce Costs
Check printing and mailing require advanced processes and equipment. As a result, it includes capital and operational costs. So, yes, you need money to print money, so to speak. In digging into the costs, you’ll spend on:
- Equipment for printing that must produce secure checks
- Staff to operate the machinery and handle the manual work
- Materials for printing, such as paper and ink
- Fees associated with running the operation, including rent and energy bills
- Postage
Those costs are only rising, and even if you print less today than you did a year ago, don’t expect to see a reduction. If you choose to outsource, you’ll pay only operational costs to your vendor. Such a provider will be able to decrease your cost per check. Further, the labor involved in the current process can be redistributed to other tasks that need support.
Improve the Security of Data and the Checks
Payroll printing must be a secure process. There are several dimensions of security. First is data security regarding the information that prints on the check. This is all confidential information, so it requires specific handling.
Second, the physical security of where the printing and mailing happens is critical. Only authorized personnel should have access.
The third is the security of the check itself. Digital printing of checks includes multiple components to mitigate against forgery. Checks should include the following:
- Customizable digital void pantograph (DVP) and authentication.
- Digital verification grid (DVG), which verifies the document isn’t a copy.
- Microprint signature line (MGL) to prevent duplicates.
- HALO feature to stop counterfeiting with a decoder lens to confirm authenticity.
- Prismatic Print, which blends two or more colors in the pantograph and is nearly impossible to recreate.
All these elements will be standard if you’re working with a partner specializing in check printing. Having confidence in all three realms of security will give you peace of mind if you choose to outsource.
Decrease the Risk of Errors
What happens if the wrong check ends up in the wrong hands? Such an error could cause internal issues or could be a violation of compliance. Accuracy is paramount in payroll printing. Do you have the right technology and processes in place?
Accuracy depends upon both of these things. Standardized processes ensure that the workflow is the same every time without deviation. Technology supports this. With high-tech inserters and the use of mini-cameras and barcodes, a system is in place to validate accuracy continually. If you’re unsure about your own accuracy rates or are aware of previous mis-mailings, outsourcing decreases the risk of these errors substantially.
Track Payroll Checks
Tracking mailed payroll checks is another functionality that can help your accounting team. You may be unable to do this unless you send every check with USPS tracking, but such services will add lots of fees to your mailing budget.
Instead, a payroll printer can offer you access to a tracking system, which allows you to monitor the job from printing to mailing to delivery. You’ll know when the letter entered the mail stream as well as the delivery date and time. Such information is crucial for reconciliation and any reports of “lost” checks.
Payroll Printing Is Easy with PCI Group
PCI Group prints and mails payroll checks every day for companies big and small. With our commitment to accuracy, reliability, compliance, and consistency, you can reap all these benefits when working with us.
If you’re ready to realize these advantages, learn more about PCI and let’s talk.
