Paper checks have been in use since 1865, which makes them a rather archaic method of payment. Yes, the system is that old. It's inefficient and it doesn't make sense to use in today's world. What's more, it's expensive to issue one as well. The costs can add up in a year. This is one of the reasons why companies should now look for an alternative way to pay their employees.
What's a good substitute for this traditional form of payment, then? The answer to that is a pay stub software. It solves almost all the issues that paper checks pose, which makes it a great payroll solution. Read on to find the exact ways it can benefit your company.
1. It's Easy To Keep Track Of Records
An online payroll software keeps a record of the pay stubs you send your employees. The records are always available in the cloud, which allows for secure storage of data. The company can then access and view the previous pay stubs for any reason. A cloud-based software also keeps a record of all the details you need for payroll purposes.
You can access your company and employees' information with ease. Don't worry, these details are safe within the software with the use of advanced encryption. This also makes it easy to file taxes since all the information you'll need is only a click away.
2. Automatic Calculation Reduces Chances of Errors
A paystub software also usually has an auto calculation software. It computes the paychecks of your employees for you. It will take into account any overtime work and then deduct taxes to come up with the net pay. This reduces the chances of incurring any error while computing. As it takes human error out of the equation, you'll get more accurate computations when payday comes.
This is also pretty useful when the time comes to file your taxes. You only need to feed it the information, and it will compute how much you need to file.
3. Companies Can Enjoy Huge Savings
Payroll generators usually have a one-time fee, but it's still often cheaper than maintaining an additional staff member. You reduce the expenses you would otherwise spend on staff's time, printing papers, and more. That doesn't mean, however, that the best payroll systems all need a huge payment upfront.
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There are also free and low-cost solutions that you can try first before you deem them not enough. Affordable pay stub creators often have simple functions, such as computing how much an employee gets and delivering that pay stub through email. You'll only have to fill up the forms and it will generate a pay stub.
If you're expecting more from a software, it's best to pay. It can give you the peace of mind knowing that your information is secure.
4. It's Quick And Easy For The Company
Some types of software allow you to create an account and then establish a template. You can then use this template for all future pay stubs, saving you time and effort. Due to automatic computation, your company doesn't need to dread paydays anymore. You only have to fill the template with the relevant information and then send it to the employee.
A previously time-consuming task is now a quick and easy administrative one that you can do anytime. Furthermore, any administrative staff can generate paystubs at their convenience, as long as they have a device connected to the internet.
5. It's Convenient For The Employee
Companies can now find pay stubs convenient to make, employees can be sure to get their pay stubs on time every time. They no longer have to be delayed because of holidays or other unexpected events. Since the pay stub is electronic, employees don't have to go to the bank to deposit the check. This method is safer, the risk of losing the check before getting to the bank is now non-existent.
There's no delay in getting their pay either since online processing is faster. It doesn't comply with regular banking hours. If they have any questions, they can access their information through a portal. This further promotes trust and transparency.
6. Paperless Solution Reduces Waste
One of the most important benefits of a pay stubs software is its environmental impact. Opting for paperless transactions reduces the waste your company produces, reducing its carbon footprint. This is especially useful for dedicated green companies that want to save the environment. Did you know that paper checks add millions of tons of carbon dioxide to the atmosphere?
Your own little way of using online pay stubs instead of physical checks can lessen your company's contribution to that damage. Who knows, paper checks and pay stubs might become obsolete in the next few years thanks to pay stubs software.
7. It Looks Modern And Professional
In this era, there's almost no reason to stick to the traditional ways since e-transactions are almost always safer, faster, more secure, and more convenient when done online. This is also why people are now pushing for cashless transactions all around the world as well. Ever noticed how there are so many apps for online payment nowadays?
For this reason, it will do your company good if you get on with the times today. Online pay stubs look modern. While this is a rather trivial advantage, it does benefit your company's image. It looks professional too, as long as you get the right software to do the task. Online pay stubs often have your company name and logo among other information, adding to their professional look.
Use A Pay Stub Software Now
It's not a secret anymore that a pay stub software is better than manual payroll processes in every way, so why not start today? Transitioning to an online solution is fast and easy. Here's proof. Let's get you started on creating your pay stub today!