Why Does The Check Stub Generator Remain Essential Nowadays?

By on

Paystub, payslip, paycheck stub or earnings statement, whatever may be the reference, the sole purpose of this professional document is to  serve as proof of income, besides it also helps an individual keep track of salary information, taxes paid, overtime pay, and more.

In this regard, a company like ThePayStubs  remains a leading online check stub generator. With a customer base comprising more than 6 lakh beneficiaries, including employers, employees, and entrepreneurs, the company is making a world of difference.

What makes it unique is that, unlike any other online check stubs maker, ThePayStubs is quite hassle-free and takes less than two minutes to complete. Providing information such as the company name and the salary information is all it takes to use the pay stub calculator software. Through the paycheck stub calculator, an individual can efficiently keep track of their finances, secure bank loans, obtain credit cards, and use the stub as proof of income and a strong work reference.

ThePayStubs is the No.1 online check stub generator created by a professional accounting firm. The company has 6 lakh-plus satisfied customers who have benefited by using the services offered by the efficient team associated with them.

Why Does One Require Check Stub Generator?

Starting as an entrepreneur or hiring employees for the first time can prove to be a daunting task for anyone new to the field. To add to this, the hassle of working through several of the official paperwork could be an equally unnerving experience. The number of official guidelines in the form of laws and regulations associated with these documents could be a cause for concern for anyone generating them for the first time. 

Moreover, check stub documents are quite useful in certain situations. especially during tax time. Both the employer as well as employees will be required to check stub documents in the career time.

Take, for instance, when an individual applies for a loan, whether it is for a company or a personal loan to buy a house or a vehicle, the verdict will rely purely on the correct check stub information. In such cases, how much money a person has made over a period of time, and how often they get paid will play a major role in whether or not they grant you the loan requested. However, more than one-third, or 34%, of Americans found at least one error on their credit report, these were the findings of a new  Consumer Reports investigation published in June 2021. This could prove to be a worrisome factor, especially while submitting documents for securing a particular loan.

Companies looking to incorporate their business may consider the check stub generator. Since legal entities are required to follow the local and federal regulations, the Check stub generator is a great way to stay compliant. MoneyAisle is one of the great platforms to learn the federal and state requirements that a business needs to adhere to.

What information goes on a check stub?

A check stub typically includes the following information:

  • Employee information, including name, social security number, and address
  • Employer information, including name and address
  • The dates of the pay period
  • Employee pay rate;
  • Gross earnings or their earnings before taxes, employee contributions, and deductions are taken out
  • Taxes withheld, such as federal income tax, and if applicable, state or local taxes, plus the employee’s share of Federal Insurance Contributions Act (FICA) tax
  • Employee contributions, such as to retirement plans or pensions;
  • Deductions, such as for health insurance or life insurance; and
  • Net pay, which is the total amount the employee actually takes home in their paycheck after all taxes, contributions, and deductions are subtracted from gross earnings.

In the gross earnings column for hourly employees, it should list the hourly rate and hours worked.

The check stub should also indicate overtime if the employee is eligible and any overtime hours they have clocked in. If an employee was entitled to any bonuses, that would also appear under gross earnings. In addition, a few states also require additional information such as accrued sick leave to be included.

Benefits of check stubs for SMEs

Most small and medium-sized businesses spend a considerable amount of time micro-managing various tasks on a daily basis.

Scaling up business, maintaining customer loyalty, balancing between cash flow and profitability, and processing and record-keeping, to list a few are some of the tasks that require immediate attention for an SME.

The Fair Labour Standards Act states a set of guidelines for companies to document payroll, including tips on how to safely keep them. The Internal Revenue Service (IRS), however, has slightly more rigorous standards to retain the necessary information for a period of four years.

Payroll records consume a lot of time for employees. Filling in the information, printing them, and sending them out to the concerned individuals. That time could be otherwise directed towards finding new avenues to generate more revenue for the company. To add to this, a lot of the traditional record-keeping methods have become outdated and replaced by digital and more practical processes such as the check stub maker.

Many businesses are looking for ways to generate stubs reliably or pay stubs online as a way to ease the payment procedure for their employees. In this regard, thegigcity has discussed plenty of ways in which money can be transferred from one account to another reliably.

As SMEs struggle to survive and grow, the paystub generator can help by offering a paystub portal that is tailored to suit their needs. With the check stub maker, an individual can send the employees their check stubs while both keeping digital copies.  

Ending Note

Technology is all about simplifying life. Where sites like CharlieTrotters discuss how you can attain a convenient lifestyle at home, creating this ease at the workplace is equally important. Consequently, check stub generators can contribute to this!

Hence, a pay stub serves as an official record of the employee's salary. Digital technology has become ubiquitous nowadays, especially in corporate environments. Among the most significant advancements of the digital era is the digitization of paystubs. The use of online pay stubs in the workplace has seen a number of benefits, including security, increased productivity, amongst others. Maybe it is time you follow the trend, for good!

Join the Discussion