While running a business with both salaried employees and non-employees (independent contractors), it is necessary to keep accurate payroll records. You can’t expect to run a successful business and witness growth in it if you don’t know how much you’ve earned for the year and how much of it is spent on the company’s expenditures.
Going back to the old days, the payroll process was entirely done on pen and paper which took a tremendous amount of time and human effort. Also, those manual payrolls were prone to human errors which were almost unavoidable.
However, in today’s digital age, there’s a simple and effective solution that allows business owners to track and manage the company’s payroll records easily.
Benefits of using an online pay stub generator
A pay stub generator is used by businesses to simplify their payroll process and create accurate pay stubs. While businesses use pay stubs to streamline their financial records and calculate applicable taxes, employees can use them as proof of income while availing of a home or car loan.
Using an online pay stub generator can simplify the payroll process as they are an easy and affordable way to manage your employees’ pay details.
If these aren’t good enough reasons to convince you to start using a pay stub generator, then here are six reasons why your business certainly needs it!
Accurate Tax Calculations
While creating pay stubs, it is a must for business owners to be aware of the laws regarding issuing pay stubs to their employees and 1099 contractors. Some states require employers to issue pay stubs to their employees based on their pay period, while other states do not. This generally depends on where the business operates.
Related: How to create pay stubs like a pro.
Using an advanced stub generator software makes sure the federal, state, and local taxes applicable to employees are calculated based on the current payroll tax laws and requirements, thereby leaving room for no errors.
It also ensures that the business follows the federal requirements without the risk of including the wrong information on the employees’ pay stubs.
Streamlines the Payroll Process
Running a business means budgeting your time, effort, and money into the tasks that matter. While these are important, it’s also necessary to have accurate payroll records to keep track of the expenses and payments made by the company.
Managing payroll for a business is both a challenging and time-consuming process. But as tedious as it is, the payroll process is necessary for running a business and it has to be done correctly!
Using an online paystub generator can help you simplify and streamline the payroll process. It also avoids costly mistakes, such as paying your employees incorrectly.
As a business owner, all you have to do is provide the correct information about your employees, and the stub generator will take care of all the math and calculations to accurately generate your employees’ pay stubs.
Keeping Accurate Records of Payroll History
If you’re a small business owner, you must be aware that record-keeping is an essential part of business productivity.
With manually created pay stubs, it’s difficult to keep track of the payroll records, and you have to dig through piles of documents to find that one pay stub you’re looking for! Also, storing all the stacks of physical documents takes up physical space in your office.
Furthermore, the Fair Labor Standards Act (FLSA) mandates that every employer maintain a record of employee payments for at least 3 years.
Using an online paystub generator will help businesses improve their record-keeping as all the information necessary for the record is included in the digital pay stubs.
In addition to accurate record-keeping, pay stubs created through an online stub generator would be of great help during the tax filing period.
Therefore, properly organized digital pay stubs will help you reduce the amount of time you have to spend on mundane work like doing the payroll. This way, you can spend less on record keeping and focus more on your business growth.
Eliminates Human Errors
Creating manual or handwritten entries of employees’ pay stubs is subject to human errors. A simple misspelled word or a wrong tax calculation can get your business in trouble, especially during tax filing.
Also, manually typing out employees’ pay stubs is a time-consuming process. Even if you hire someone else to do it on your behalf, they could make mistakes that end up costing you money or missing out on crucial details.
Online paystub generator eliminate these factors while generating pay stubs and avoid errors that could have been made when using manual calculations.
All you gotta do is provide the correct data, and the stub generator will automatically accurately generate your employees’ pay stubs with all the key information, such as employee net earnings, pay period, applicable federal, state, and local taxes, taking deductions and additional earnings into account.
It’s an absolute time-saver!
Whether you own a big corporation or a small business, there are going to be quite a few employees, and creating pay stubs for every one of them will take forever. You must also understand that the demands of your time and resources are spread very thin.
Creating manual pay stubs will make the payroll process slow and time-consuming which will affect other aspects of your business. You can use that precious time to focus on and improve other areas of your business.
By using an online stub generator, you can quickly generate your pay stubs for employees and contractors and save tons of time!
All you have to do is provide the information required to create a pay stub such as the employee’s information, company information, pay period, and the pay stub generator will accurately generate pay stubs with accurate tax values.
Also, employees don’t have to worry about waiting to receive their pay stubs as many stub generators provide options to send out copies of pay stubs to their employees by email.
Professional and Customizable
As a business owner, it is important to showcase professionalism in every aspect of your business. This even applies while creating pay stubs for your employees and contractors. Having professional stubs of your employees communicates the competence and seriousness of your business.
The best approach to creating pay stubs with a professional look is to use an online stub generator. By using it, you get to decide which items to include on the pay stubs, aside from the required basic information.
Customizability provides you the freedom to design and layout your check stubs based on your business preference. You can add your business logo, choose a template color that goes well with your business, and easily make all the customizations.
In the end, you’ll be relieved knowing that everything in the pay stub appears just how you want it to be!
Create Pay Stubs in 3 Simple Steps with SecurePayStubs
Generating pay stubs using outdated systems will not make sense anymore in today’s fast-changing business world.
If you intend to run a successful business, you must make sure that your business has a smooth payroll system that helps you pay both your salaried employees and 1099 contractors on time!
Employing an online paystub generator like SecurePayStubs helps to streamline your payroll process. SecurePayStubs allows you to generate employee pay stubs with accurate tax calculations for both federal and states eliminating human errors, easily keep records of your digital paystubs, and create professional stub templates that best fit your business!
Whether you run a company or are self-employed, our online pay stub generator is perfect for you to accurately create pay stubs in 3 simple steps.
- Provide the information required to create a pay stub such as company, employee, and salary information for accurate tax calculations.
- Preview the pay stub and easily make the customizations you need.
- Download or email the pay stubs to your employees and contractors.
Visit SecurePayStubs and find out for yourself how we made the process of creating professional pay stubs as smooth and accurate as possible!