Accurately paying employees, keeping track of cash flows, dealing with lost paperwork—it can cost up to $700 just to replace a document.
There are a lot of disadvantages to paper and just as many advantages to switching to an online pay stub generator. It will make your business operations easier and smoother allowing you to focus on the more important things.
Here are the top reasons how a pay stub portal can change everything for the better.
1. You Save Money (and Help the Environment)
As well as the work they do, your employees are paid for their time. And when you consider how much time they take to walk to physical filing cabinets and search for paper documents you’ll realize you’re paying for that too.
An online pay stub system saves a lot of unnecessary printing, searching, as well as the physical storage costs. This is especially true for companies who store their paper files off-site in a secure facility.
Compared to that, a simple cybersecurity system is a lot cheaper.
Even the printing of the documents themselves requires ink, printer maintenance, paper, copies, and so many more huge costs. Take it all online and you make huge savings while also making a large reduction in your environmental impact.
2. It’s Easier to Track Data
As mentioned above, it can take employees a lot of time to file through all their cabinets and find the right documents they need.
But even after that, they still need to scan the documents for the information and then handwrite it into another one. With an online system, you just type into the search bar what you need and filter through to the exact data.
Not only that, you can then make check stubs or generate new documents all from the push of a button.
3. Employees can Access Their Pay Stub Information
While many employees do tend to live for payday it doesn’t mean that their lives revolve around it.
They move apartments, get loans, or buy new cars. Whatever is going on, sometimes they need access to the information on their pay stub or send a copy to someone.
Any time a situation like this occurs, they have to waste time emailing or talking to the person who handles payroll who then needs to find it for them.
With an online pay stub generator, they can access what they need in seconds.
4. Taxes are Less of a Burden
Businesses that are prepared for bad situations tend to come out of them a lot better.
A disgruntled ex-employee could take legal action or a sudden tax audit could be performed on your business. Having everything online ensures that the information from the past is stored, recorded, and can be brought up for immediate recall.
In these situations, you can prove that there are no errors and even correct any that occur in the future.
5. You Can Monitor Your Expenses Easier
One of the biggest challenges a business owner faces is ensuring their cash flow is healthy and that they are making a stable profit.
An online pay stub generator helps you cross-reference data which makes it easier to see where money is being wasted. You can even get free pay stub templates to get started. Over time, you can streamline your business to be as cost-efficient as possible.
Make the Switch
It’s obvious that an online pay stub generator is the way to go if you want to save time and money.
They’re reliable, easy to use and make life more simple for you and your employees. For more quality advice check out our other business articles.