Online pay stubs are becoming more and more popular because of their ease of use and convenience factor. They have benefits for both the employer and the employee. Once you try an online system, you’re sure to be hooked, and even wonder why it took you so long to convert to a paperless system, to begin with. Here are just a few of the advantages to be had from using an online system.
Convenience
An online pay stub system is highly convenient. It allows you to keep all data secure and in one place for easy access. The electronic system will let you more easily reference any particular employee’s information, or to look for information for a specific block of time. It’s a simple process to call up and display what you are looking for with just a few keystrokes. You are able to access the information at any time, without being restricted to office hours. The payroll process can even be done at any convenient time.
Another benefit of an online payroll system is that it makes tax time nearly effortless since tax payroll tax calculations are done for you instantly. Many systems even offer reports that can be pre populated for ease of filing. Since all information is saved within the server, you have a safe and secure way of storing data and reports. You can also reprint any reports as needed.
An online system will streamline your whole payroll process. One single template is used and then auto-filled for each employee. The employee’s information only needs to be entered once and will be used for each subsequent check. Updated and changes can be completed quickly and easily. You also have the security of knowing that the automatic calculations performed will reduce the likelihood of any errors.
Another advantage of online pay stubs is that there is no delay in delivering paychecks due to weather, holidays, or any unexpected events. Payroll will go out on time each payday.
Record Keeping
Having all the information in one place makes it great for record keeping. You also eliminate the need for printing and storing physical records in the office. This is a much more secure way to store data.
Environmentally Friendly
An online payroll system allows you to reduce waste and be more environmentally conscious. The need for paper is eliminated. You also don’t need to purchase ink. Also, it prevents any pollution from delivering supplies and materials to process payroll and the delivery of the checks themselves.
Cost
While there is usually an upfront cost to purchase an online payroll software, it will surely save your business money in the long run. You will save on the cost of supplies needed to print physical checks and the postage to mail them. There is also no need to hire a lot of staff to process payroll since the entire process can be overseen by just one person or a few individuals if your business is large. By eliminating the possibility of checks becoming lost or stolen, you also save money from the cost of reissuing checks.
Employee Benefits
An online payroll system also benefits the employee as well as the employer. Having checks and pay stubs available electronically lets all employees more easily access their records if they need to provide proof of employment. They can also search for a particular time period, or simply reprint any stub that they have misplaced.
It is safer when you can have your pay directly deposited instead of needing to carry a paper check with you and deposit it to a physical bank location. An online system also gives the employee immediate access to their pay without time spent waiting for a check to arrive or making time to get to the bank.
Conclusion
There are many compelling reasons for your business to choose an online payroll system. The ease of use for all involved is a major factor. The convenience and accuracy provided with an online system can save quite a few headaches. While there may be an upfront cost or yearly subscription fee to use these services, you will end up saving so much money in the long run.
With our current busy lifestyle where everyone is constantly on the go, being able to electronically manage payroll for the employer, personal financial records for the employees, will save time and make record management much easier for everyone. Consider investing in an online payroll software and you will soon see for yourself the many advantages that this service will provide for you and your business.
