One of the major hurdles that startups face is how to effectively manage time. Large, medium, but mostly small businesses are in a constant dilemma of how to accomplish this without having to spend an exorbitant amount of money. Large companies may have the luxury of implementing actions in “trial and error” mode, but for small companies or start-ups, a misdirected investment can mean bankruptcy.
One of the most time-consuming and important issues are the pay stub and the way in which they can be generated without errors and quickly, without wasting valuable time. Look no further, here are 5 benefits of a pay stub maker online.
This type of digital tools has proven to be one of the 5 must-haves for any company or any employer who wants to streamline their processes in the area of human resources. But let’s start with the basics for any business, employer, or employee.
What is a pay stub?
It´s a check stub or payment document that an employer gives to its employees as proof of the payment made for their services. In other words, it´s proof of the employee’s income. In addition, this document is extremely complete since it contains details of the employee such as address, social security number, salary for a period or for an action performed, deductions and compensations. In short, it´s the official proof of how much a person earns in a period and the taxes he/she must pay.
What is a pay stub generator?
It is a digital platform that generates the pay stubs that a company would normally do through a department specialized in it, but this time they are generated electronically by technological means that guide the user step by step, to generate one or several pay stubs almost instantaneously.
The creation, by means of paystub makers, of these important documents is an increasingly common practice among companies, entrepreneurs, employers, and personnel related to human resources, administration, and accounting. In addition, this type of tool is becoming more and more popular, since everything that used to be on paper is becoming obsolete and is migrating to electronic issues, for convenience, speed, and accuracy in the results.
However, it’s important to mention that the use of a paystub maker does not exempt companies from complying with federal, state, and legal regulations, obligations and requirements. Like any digital tool, it´s an aid to the job, but you can’t just leave everything to the technology.
1. The most obvious and immediate benefit is the time savings
And since time is money, then using a paystub maker also saves money. But how? The simple fact of instantly generating an official document, which before would take hours, and this in turn multiplied by the number of employees of the company, becomes an exponential benefit. No more unnecessary paperwork, no more handwritten scheduling that often-made accountants dizzy. With an online paystub generator, the receipts are programmed and can be repeated automatically, no matter if you have many or few employees, if the floors between them vary a lot or if the payment dates are different for each one of them.
2. It will facilitate the organization of the company’s payment information
Nowadays, having the most important documents for a company on paper, filed in folders and grouped in endless shelves, is totally obsolete. And it’s because with a paystub maker you can have that organization digitally, without taking up unnecessary physical space and easy to consult just by searching year, month, employee’s last name or any other keyword.
To pretend that in this era of modernity, employers still must personally write each and every paystub is totally outdated. Plus, imagine the physical space that can be saved by using only electronic media that is stored in the cloud.
3. The perfect tax time helper
Every year when it’s time to prepare your tax return you have one of two options. If you use a traditional method of filing your paystubs, it will most likely take you longer to fill out all the forms, plus you may make mistakes as you have the responsibility of going through piles of paperwork.
The other option is that by using a pay stub maker, the information on business profits, partial taxes, deductions per employee, are easily comparable. This means that monthly ratios can be easily and quickly compared. In addition, in case of an audit, you will have no problem having everything organized and at hand, properly calculated and with no margin of error. Forget the worry of losing a pay stub, as it used to happen before, a paystub generator doesn’t lose anything.
4. It’s so simple that it can be done by self-directed learning
No need for tutorials, courses, training, outsourced external agents or extraordinary software expenses. You just enter the paystub generator through the web page, enter the data requested step by step and that’s it! By doing so, the person also learns and understands that a paystub is not only a proof of payment, but also provides valuable information for the employer and employee.
Employers and employees, by familiarizing themselves with this type of platform, learn about taxes, deductions, updates in the law and other topics that would not have happened if it weren’t for self-directed learning.
5. The experience for each company can be as customizable as you want
You can add company colors to the pay stub, the logo, etc. That is to say, there are an infinite number of templates that adapt to each type of business, relating its image to the line of business, product or service. You can choose which data you want to show in the pay stub and which to reserve for confidentiality. All this from an easy, friendly, and configurable platform, at the forefront of tax regulations and increasing elements that give your pay stub, elegance, and professionalism.
