3 Features Your Paystub Software Should Have
One of the ways in which you can remain profitable in a competitive industry is by automating some regular processes. Among the processes you can automate include payroll, invoice generation, inventory management and others. If you are running a large operation with many employees, automating the payroll process is a must. However, even as you automate the process, you should still include accurate information in the paystubs.
The data you include in the paystub is important for various reasons, including employee rights, taxation and accountability. You should select a paystub generator that will produce all the information you would need. The paystubs can then be presented to your employees either in hard copy or digital format. Here are three important features to look for before buying a paystub generator.
Proper Tax Calculation
The ability to accurately calculate taxes is one of the important features to look for in a paystub creator. This feature is important especially if your operations span different cities, which may mean having to comply with multiple taxation rates. If you have operations in multiple countries, it’s also important for the software to be able to generate accurate tax reports.
Look for a paystub software that can be customized to automatically update calculate withholding taxes as laws change. The software should also allow your Human Resources departments to provide employees with the gross payroll amount during each pay cycle.
A software that provides accurate information will ensure your employees and business pay accurate taxes to avoid penalties from the authorities.
Proficient Handling of Taxes
Another feature to look for in a paystub software is the ability to process tax efficiently. For example, does the software allow you to file your business and employee taxes straight from its dashboard? If your employees have filled the correct forms with their information, the software should automate the filing process. An efficient tax submission pay stub software will prevent your employees from getting penalties for missed tax filing at the end of the year.
Other features you may want in a software is the ability to submit employee contributions to various funds.
Easy Access to Pay Stubs
Your employees’ pay information will usually be generated in soft copy form by the paystub creator. However, this does not mean they should not have access to the information. Sometimes, employees may need physical copies of their stubs for record keeping or other reasons. Therefore, make sure the program you choose can easily make the information accessible. Apart from this, employees should be able to access the paystubs on the internet whenever they need them.
The above are the main features to consider when looking for a paystub software.