Presented by Paystrubmakr.com By John Wolf and Tom Cullen CPA
Why we need to create pay stub for our employees?
While managing day-to-day business operations, there are some situations when a pay stub can be of great use. In fact, whether you’re running a small enterprise or a big corporation, you are bound to learn about pay stubs as they help quite a bit in making payroll management run effectively. Employers across the world have implemented a more sophisticated payroll management solution for some reasons. Depending on exactly what you are aiming for with your firm, you too should consider going in for generating pay stubs online to build a hassle-free payroll system.
Here are the reasons why you should make use of pay stubs in your business:
[US] COVID-19 Sick and Family Leave You may need to have proof for your leave days
Managing your money
One of the foremost reasons to create pay stubs is to better manage your finances. Accounting systems can track the money that is entering and leaving your business well enough, but pay stubs are a secondary record that comes in handy when assessing your business success and they are even more important if you are audited.
2. Keeping track of your employees
Another reason why you should generate a pay stub is if you want to keep track of your employees. Pay stubs are the records to review when you want to learn more about employee payment history as the actual documentary evidence. You could also consider pay stubs evidence of whether your employees are happy – just look at their payslips any time and make necessary monetary adjustments and that is about the only thing you need to do to address employee satisfaction.
3. Ensuring the growth of the firm
If you’re an independent contractor or another self-employed person, you might be confused about how to monitor the progress or growth of your business, especially if you are just now starting to work with staff or subcontractors. If this is the case, you should definitely consider going in for a pay stub, and designing them online easily is a great way to get started. Creating a pay stub is a surefire and a successful way to take your business to the next level in professionalism.
4. Evidence of employment
Through pay stubs, employers can provide all the information available in their employee-related workplace records. Pay stubs are the employee’s records from each pay period and show that the employer is taking care of business in a professional and efficient manner.
5. No document storage
Paperless electronic pay stubs store all of your employee payroll data in one easy-to-access place. These documents can be retrieved online anytime and instantly made available to your employees as long as you want.
6. Easier Payroll process
The flexibility to manage the payroll process with an online pay stub system offers you the ability to process payroll in your own time, from any device, though of course make sure you pay your employees as your agreement and as per local, state, and federal regulations. If you grow your business to the point where you can delegate this task, you can be ensured that payroll will be processed on time, since it is available for processing 24/7.
7. Increased convenience
Electronic pay stubs benefit your business in plenty of ways. Not only it will save on reduced business costs, like toners, print, ink, cartridges, etc. You can also increase the usable space in your office by eliminating filing cabinets.
8. Eco-friendly solution
Generating pay stubs online isn’t only beneficial to you or your business – it’s beneficial to the environment. Cut down the paper and waste in the office and promote your business as being environment-friendly.
9. Automatic tax compliance
With pay stubs, state and federal taxes are no longer a burden, as payroll software solutions automate these tax payments so that you are always compliant.
10. Employee benefits
Your employees will enjoy easy 24/7 access to pay stubs by just logging into their account and with options like direct deposit, employees don’t have to visit payroll management to receive the check.
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