Employees can use their paystubs to keep track of their hours and budget for expenses. Here are the benefits employers get by using paystub software.
Are you just starting a business or perhaps you have a large company that has been in existence for several years now? Either way, payroll is probably a large part of the processes that the company has to go through each week or each month.
It can be time-consuming for your accountant or HR managers. Or perhaps it can mean taking valuable time away from other duties if the business only has a few employees.
Either way, paystub software can automate this time-consuming task and ensure your business does what businesses do best: make money.
- They Make It Easy For Employees to Manage Their Money
A sample pay stub from the past could be a valuable piece of paper. Employees would need to collect them in person and hang on to them. If they lost them it would be hard for them to get another one. They would often be typewritten or even handwritten.
Today paycheck stubs are a quick and easy way for employees to find out how much they are to receive in their pay packet each month. Crucially, paystubs today are electronic and can be accessed online.
Employees can print out what they need from a home computer and don’t have to worry about losing their paystub. This makes it easier for employees to manage their money.
It also makes the experience of getting a paycheck more private. Traditionally, paycheck stubs might be handed out in person, or worse left on a table for all employees to collect. With electronic paystubs, employees pay is down to the individual.
- Reduces Errors
Pay stubs reduce errors as accounts are not automated. Employees can be asked to swipe into each work session they do if they are on a contract or do regular shift work.
If they do the same hours each week their hours should not vary unless they work overtime. An automated and electronic paystub system can even account for the new overtime rule.
While computers do make mistakes, they make fewer errors than humans. The system can also be overridden if there is a dispute about how much money one employee is owed.
Paystub software can also be integrated with business accounting software so that as an employer you can see how an employee’s income fits into the overheads of the entire company. This is great for seeing the general trajectory of the company in terms of meeting its goals.
- Good for the Environment
Paystubs are also great for the environment. In the age of the climate emergency and the wasteful society, everyone needs to consider their environmental footprint. Big companies can make more of an impact in terms of changing the world than an individual.
If a company has 500 employees then that amounts to 500 paystubs a week, potentially even more if some need to be reprinted. Over the course of 1 month that is 2,000 paystub checks, assuming that the paystub is only 1 page long.
By creating a system that is entirely digital you leave it down to individual employees if they want to print out their own paystubs at home. Downloading paystubs is how to get a paystub in the 2020s.
- Sign of a Modern and Foward Looking Company
Giving employees access to electronic paystubs, managed online, is the sign of a modern and forward-looking company that young, tech-savvy college graduates might want to work for.
You can integrate paystub checks into a wider portal where employees can access other important information such as employee manuals and health and safety policies.
Access For All
Of course, while making it compulsory for employees to have to log on to access their pay records can be great for those who are tech-savvy it can alienate older employees. This is why future-looking companies can agree to offer training and assistance to those who find the internet difficult to use.
Another solution is to offer all employees access to in-house laptops and computers where they can access important company information including their paystubs and check their emails in their breaks and free time.
Online paystubs can also be designed to meet the requirements of the company and look professional. The company’s logo can also be displayed.
It might not be possible for paystubs that are printed to be as colorful as printing is expensive for large volume printing.
Paystub Software is the Way Foward
Paystub software is the modern way for companies to deal with their payroll. Long gone are the days where payroll had to be worked out by an accountant each month.
No longer do employees have to queue up to receive their pay packets and wait in line. Nor do they have to worry about what happens if they lose their paystub. Instead, they can print them from the comfort of their own home if they so desire.
Employees worried about the environmental impact of printing so much can choose to store their paystubs as PDFs in a folder on their computer or simply in the company’s internal systems.
An automated electronic paystub system can also help reduce errors and reduce the overwhelming feeling of complexity in the payroll system that can free up more time for accountants and HR staff to focus on other things.
Finally, an automated and professional-looking payroll system is the sign of a forward and modern looking company that is ready to embrace change and ensure that it does not get left behind.
If you are interested in reading more about paystub software or reading a paystub then be sure to check out the rest of our site.