Presented by Paystrubmakr.com By John Wolf and Tom Cullen CPA
Why should you prefer online pay stub over Excel sheets when it comes to managing payroll? Find out the reasons here…
Do you still waste your precious time on a spreadsheet program like Excel to manage your payroll?
James the barber and his paystub
Spreadsheets perform complex calculations and give you a familiar accounting layout, but are they really efficient for something as important as your payroll?
Using a spreadsheet means sitting in front of a PC, making sure about your formulas, that you have to build with all the rates of payroll tax.
The process of payroll involves calculation, reporting, and submission of payments for taxes and employee benefits. Using Excel or any other spreadsheet program is time-consuming and cumbersome. Besides the risk of errors in data, errors in formulas, broken links, and errors due to modification you can also lose your employee’s data stored in Excel due to technical issues or human error.
How to generate a pay stub online
An automated pay stub, that can be done using a smartphone. On the other hand, helps you save time, avoid costly errors, and get an accurate result. How?
All you need to do is enter your information into the spaces given in the template. It automatically calculates the pay stubs and net pay of your staff based on the criteria set by you.
Here are some benefits of using online Pay Stubs over spreadsheets:
- Quicker and Easier Calculations:
An online pay stub app that manages all types of payments, from basic salary and hourly wages to more complex functions like bonuses, incentives, deductions, commissions, and over time, thereby eliminating the need for manual paycheck writing is an invaluable tool.
- Enhanced Record keeping:
The IRS has made it mandatory for employers to save employment tax records for at least four years while the U.S. Department of Labor requires payroll records to be kept for a minimum of three years. This means that you have to fill out a number of paper forms that must be saved and stored. An automated pay stubs generator saves and stores the data related to employment tax and payroll for you minimizing the hassles of paperwork.
You don’t need accounting “know-how” or technical expertise to operate online pay stubs. It doesn’t require you to enter formula or programming either. All you need to do is fill in the fields given.
- Improved Transparency:
By using online pay stub software, you can allow your employees to access the information online. By viewing and reviewing their payroll, employees can make sure that they were paid correctly and understand their allowances/deductions. It leads to improved transparency in your workplace, which in turn promotes a better working atmosphere.
Now you can see that an online pay stub generator delivers many benefits that can save you time, money, and a lot of unnecessary hassles while managing the payrolls.
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Disclaimer: John Wolf and paystubmakr.com are making a total effort to offer accurate, competent, ethical HR management, employer, and workplace advice. We do not use the words of an attorney, and the content on the site is not given as legal advice. The website has readers from all US states, which all have different laws on these topics. The reader should look for legal advice before taking any action. The information presented on this website is offered as a general guide only.