Having errors in your employee’s pay stubs can mean legal problems for your company. Fortunately, you can avoid unwanted legal expenses by simply following proper pay stub procedures.
This is important regardless of how long you’ve been paying employees.
This is why using a generator for employment pay stubs can be an asset. Check out these 5 ways your business can benefit by using a check stubs maker.
1. Eliminate Human Error
In the days of handwritten paychecks, your business was vulnerable to all kinds of human error. Unfortunately, some errors, if serious enough, could land your company in trouble come tax time.
Unsigned checks, improper amounts, you name it, all of these time-wasting issues are eliminated when you use a pay stub generator instead.
With an online system for creating your own, or your employee’s pay stubs, you can set up a pay stub template once. Simply make sure it’s correct, then easily print paychecks each pay period with the same formatting.
2. Better Record Keeping
Whether you are self-employed or own a large business, pay stub generators are an excellent way to keep accurate payment records.
Throw away those old carbon copy receipts for paychecks and make space in your home or office by clearing out now unneeded filing cabinets. With an online tool for creating pay stubs, all your records and company finances can be managed digitally.
Come the ever-dreaded tax season, having all your pay stubs in one online location online makes paying taxes each year far easier as well.
3. It’s Fast and Simple
If you’re self-employed, it can save you hours of useless time calculating your charges by hand if you simply use an online pay generator.
Even large companies benefit from more efficient use of time by having an existing online pay stub template to simply update with the pertinent information each pay period.
“Time is money,” after all, so why not use yours or your employees on more important tasks than signing checks?
4. Company Customized Format
Depending on what you or your business want to include (aside from the legally required bits), you can choose exactly what information to include on pay stubs with an automatic generator.
Yearly salary, hourly rate, hours of PTO used that pay-period, you choose what your pay stub lists. If employees or clients (for those self-employed pay stub generators) have questions about payments, it’s helpful to have these details listed.
Clarity of payment information is increased with a pay stub generator as the risk of error or confusion decreases.
5. Simple to Adjust
If you have an employee suddenly decide to take a sick day, if you forgot there’s a paid holiday this pay period, whatever the adjustment needed, it’s easily done with pay stub generators.
Using an online pay stub generator makes making corrections, additions, or adjustments to paychecks much easier.
Simply log in to your program and using the already existing template, tweak what you need to in a few clicks.
Employment Pay Stubs, Just the Beginning
Having your own employment pay stubs or your employee’s handled professionally is essential to managing an effective company.
Still, pay stubs are just the beginning. Do you have a handle on your company’s intellectual property? What about building a foundation of various useful business contacts?
For help with these tasks and others, review these 5 ways to protect the future of your business.