Managing payroll for a growing business is the challenge of many business owners. The goal is to limit mistakes, get everything running as smooth as possible, and keep your employees happy. Since most businesses have switched over to direct deposit for payments, getting your employees a pay stub promptly on payday is an important job.
There are many benefits of using electronic pay stubs and the goal of this quick article is to help you understand how PayStubs 365 can make your life a lot easier.
5 Benefits of Using Electronic Pay Stubs
Let’s take a look at five of the main benefits small business owners experience when switching to electronic pay stubs online.
1. Limits Errors
There are few things worse than having to manually go through a spreadsheet and input all the numbers. This is especially true when you’re dealing with employee payroll because one small error can make a huge difference. This error will take a long time to fix if you push it through and it can even impact how much the employee gets paid.
Limiting mistakes on pay stubs is the number one reason why people switch to electronic pay stubs. Using an electronic pay stub generator limits the amount of manual work you need to do and you get to simply input what information you have and the generator does the rest for you.
2. Create Pay Stubs Faster
Your job is to ensure that your employees have their pay stubs in a timely manner. If they’re waiting until days after payday to receive a pay stub it may become a problem for their money management and they might be unhappy with you for making them wait so long.
Using a paperless employee pay stub that you generate online will help get them their pay stubs as soon as they’re complete via email and this will help limit bottlenecks and any other problems caused by a slow process.
3. Saves You Money
If you have a few employees, you might have someone who handles payroll and bookkeeping for you. What if you could free that person up for other tasks instead of having them manually inputting numbers into a spreadsheet all day? This would allocate resources for something that actually generates revenue for your company. This could make it far more worth it to pay for a pay stub generator because of the money you’ll be saving on the accounting personnel.
4. Makes Employees Happier
When employees aren’t waiting around for their pay stubs, they feel better about their job, right? Employees like to have security in knowing that the business they work for runs like a well oiled machine. This will increase their job happiness and they’ll be more willing to give you all they’ve got if they see that you’re doing your best to pay them on time and get them their stubs on time.
5. Limits Legal Issues
It’s not only illegal not to pay your employees on time but it’s also illegal to withhold proper documentation of payment. These employees need to see what taxes are being withheld from their paychecks, how much they’ve been paid, and how many hours you’ve documented. This is the only way they can ensure they’re being paid correctly and withholding this information can result in legal trouble.
If you’re a small business owner, contractor, or freelancer and you’re still using manually generated pay stubs, it’s time to make a change. As your business grows, you must grow as well. Click here to check out the Paystub Generator from PayStubs 365!