by Clare Louise | July 2, 2018 12:28 pm
Today, any business can automate many payroll processes, thanks to the availability of electronic pay stub and other payroll systems. Given the higher efficiency and accuracy associated with these systems, many employers often overlook the possibility that a system can malfunction, and thus, they often overlook accuracy of the information included on their employees’ pay stubs. Business data including the details of your employees’ paychecks is vital from many perspectives such as tax reasons, accountability purposes, and other factors related to employee rights.
If you intend to implement an electronic payroll system, it’s advisable to choose the most reliable and highly efficient check stub maker. Your preferred pay stub system can make the entire payroll process easier and more efficient. Here is what to look for in an electronic check stub system.
A reliable electronic check stub system must have the ability to calculate different payroll items accurately. This is crucial given the differences in taxation rates between cities, local jurisdictions, and states.
Besides, the system should generate a correct paycheck in accordance with the legal requirements set by your state. To achieve this, the pay stub system should have an up-to-date tax withholding calculation abilities that can be automatically updated depending on how laws change. It should also allow the users to give their employees the gross payroll amount at the end of each payroll cycle using the TD1 forms for people living in Canada and W-4 payroll data for employees living in the United States.
Accuracy should be a standard feature in any pay stub system. Otherwise, wrong calculations mean that you and your employees will be paying inaccurate taxes, an act that is against the law.
A good pay stub system should improve with which all your business payroll-related tasks are performed. That includes the tax calculations, payment, and the depiction of that information to all workers during each payroll cycle.
Assuming that your employees have completed the right forms accurately, one of the essential features of a robust pay stub system is to get that data and automate the entire tax payment process. That ensures all your employees pay the right tax amount by the end of the year. The system further should streamline your payroll operations to allow you contribute to social security and other employment benefits programs seamlessly.
With the automation of your business payroll system, your employees will not get a paper copy of their pay stubs. However, that doesn’t mean that they shouldn’t access the information included in their paychecks. Therefore, you, the employer, should focus on choosing a pay stub system that can easily avail the right paycheck information to the employees and their supervisors.
Note that each of your employees should access their paycheck information and properly print it when necessary. A good system will allow your employees to access their pay stubs online whenever they need such information perhaps when applying for credit or for employment verification.
Source URL: https://betacash.org/qualities-of-a-good-electronic-pay-stub-system/
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