Empowering employees with e-paystubs
Employees have a tough time keeping track of all the paperwork that comes with a corporate job. There are W2s, paystubs, 401k’s and so much more. But all of these are extremely important and can come in handy someday.
Paystubs are the first line of defense and must be recorded carefully. While companies do their best to ensure calculations are error-free, it is important to double-check entries to know issues aren’t compounding.
What’s in a paystub?
A paystub is a document sent to employees as a notice regarding their salary credit (direct deposit or paycheck). Paystubs include benefits, deductions, taxes and income. Essentially, it summarises all entries that converge to a paycheck.
Paystubs also include important information about the employee from designation to Social Security Number. Since they contain so much personal information they need to be kept safe, and also need to be double checked as you wouldn’t want your taxes and deductions to benefit a stranger.
This document is also especially handy when you need to quickly check how much you made in your last payment cycle. When you take time off and receive a paycheck two weeks later, you may be blindsided at having made so little. Paystubs, are therefore a great tool to track the money you’re making.
Why do I need to save my paystub?
Paystubs are more than just documentation to save. For example, when you apply for a mortgage, your bank will expect you to submit paystubs as proof of employment, even though you have direct deposit salary credit set up. In another example, if case of a motor accident, you need to submit your paystubs along with your insurance claim application. Having them on hand reduces chances of delays in reimbursement.
Where can I get my paystub?
While some organizations still send paystubs along with a paycheck, most have moved to digital paystubs in a bid to remain environmentally conscious. Payroll processing and paystubs are the prime pillars of an effective HR department. Be sure to check your paystub in your next payment cycle and save a copy for your records.
The final word
While HR departments do their utmost to ensure everything is in order, managing benefits, taxes and payroll processing on different platforms and systems can be cumbersome. This is when payroll outsourcing can be a boon.
Payroll outsourcing services can include core HR, strategic HR or integrated HR solutions. With an integrated solution platform, everything from onboarding to separation, and everything in between such as time and attendance, payroll management and benefits management is incorporated. Comprehensive solutions also offer employee self service portals and manager dashboards for quick access to paystubs.