Considering that more than 50 percent of American workers have experienced an error on their pay stub, being easily able to check records of pay stubs becomes extremely important. Digital pay stubs are the way of the future, allowing you to communicate important financial information to your employees and check past records at a glance.
In fact, digital pay stubs carry a number of benefits when compared to traditional paper pay stubs. Knowing some of the largest benefits of choosing to generate a pay stub online makes it easier for you to figure out if your business should switch to digital payroll services.
Keep reading to learn more.
1. Check Your State Laws First
The first thing that you need to know is that not every state can issue digital pay stubs. Some require a paper version, others allow employees to opt-in to either digital or paper stubs, and still, others have no laws on the subject at all. You can use a pay stub creator to effortlessly create a professional pay stub for yourself or your employees if your state lets you do so.
2. Generate a Pay Stub Online and Save Time and Money
One of the primary reasons to choose a digital pay stub over a paper one is that it saves time. You can easily edit the information on the pay stub, and the software will take care of the formatting and math for you. This lets you plow through your payroll in a shorter period.
This saves you money on labor costs since your finance department won’t be knee-deep in physical paper. In addition, this saves you money on supplies as well, as you won’t have to pay to print paper pay stubs.
3. Fewer Errors
Beyond getting the job done quicker, the fact that online pay stub generators will do the calculations and deductions for you reduce the risk of errors. This helps prevent dissatisfied employees who get less than they’ve earned (and prevents costly mistakes on your end). Fewer errors also make it much easier to deal with payroll taxes and help avoid unintended penalties if you don’t deduct the proper amount.
4. Better Record-Keeping
Another often overlooked benefit of choosing to generate your pay stubs online is that they create a digital record of all of your payroll finances. This lets you easily and quickly check your records in the event of an error, and also means that your records are much less likely to be damaged.
Since digital files can be saved as PDFs and stored in the cloud or on a shared drive, there’s no issue of paper developing mold or disintegrating.
5. No More Storage
In a related vein to the above point, beyond creating a more reliable record-keeping system, generating your pay stubs online can save you a ton of space in your office. You’ll no longer have to keep envelopes, printing supplies, and duplicate copies stored away. This can help expand your workspace, or at the very least keep it from becoming cluttered and difficult to work in.
Online Pay Stub Generation is Good for Business
With the list above, it’s clear to see why so many businesses have decided to generate pay stubs online. Saving yourself time, money, space, and making potential errors is a hard thing to pass up on!
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