Running your payroll like clockwork
Every change from payment to promotion, from retirement plans to maternity leave has to be processed accurately and run like clockwork. And then there are the external factors—tax changes, a company acquisition, restructure or relocation, with all the implications these may have for existing and new colleagues.
To those outside your department, this is business-as-usual stuff. Inside your department, it’s business-critical. Look at what processes you have in place to help predict these changes or, at the very least, to manage each as they occur.
If you can empower the heroes of your payroll teams with pay stub software that helps them get the basics right—accurate data, speedy automated processes, essential, timely compliance updates, easy-to-use analysis, and reporting tools—then you keep your payroll team happy and your business within the law.
Having an automated and branded software solution including areas such as self-service and online pay stubs will also help you reinforce your business culture. And a better business culture will aid recruitment and retention and even encourage colleagues to innovate.
What is a pay stub?
A pay stub is a piece of documentation a company provides to its employees outlining their current and year-to-date earnings. Also known as payslips, pay stubs show hours worked, regular wages, any bonuses or commission earned, and the amount of taxes and deductions withheld from the employee’s gross pay.
Are you required to provide pay stubs?
Under the Fair Labor Standards Act (FLSA), federal law does not require companies to provide pay stubs to their employees—they only need to keep payroll records internally. Despite federal indifference, most states have passed laws that do require organizations to provide their employees with written or electronic pay stubs.
Specific state-by-state requirements vary—you can contact your state’s labor office for more details.