Take Your Business to the Next Level With Paperless Pay Stubs

Would you agree that paperless documents are the new norm? The use of a paperless pay stub, digitally signed contracts, and electronically issued invoices has become more prevalent among businesses at present.

As a result, the term ‘paperless’ is now frequently associated with efficiency and user convenience, particularly when used in B2B (business-to-business) and B2C (business-to-customer) transactions.

If you are skeptical about shifting to electronic pay stubs, this article will help enlighten you on why going paperless is both a flexible and advantageous choice if you want long-term sustainability for your business.

Key Takeaways

• Paperless pay stubs are electronically generated paychecks that employers can send to employees’ emails or deposit directly into their bank accounts.
• There are several other HR forms that can be created digitally, such as 1099-MISC, Form W-2, employee timesheets, and leave request forms.
• Compared to paper-based paychecks, paperless pay stubs underscore ease of access, security, practicality, time efficiency, and eco-friendliness.
• It is best to use electronic pay stubs in conjunction with Cloud storage, a document signing software like DocuSign, and an online pay stub generator.

What is a Paperless Pay?

Paperless paystubs are digital versions of pay stubs that are generated and sent by employers to their employees online. Directly deposited paychecks are a concrete example of a paperless business-to-customer transaction.

Going paperless in this regard entails the use of an online portal framework that enables employees to view and access digital copies of their regular paychecks.

A company that has a solid and integrated HR portal will find that generating digital employee documents is not limited to creating pay stubs. They can also produce electronic copies of the following essential forms:

• 1099-MISC
• Form W-2
• Leave request forms
• Invoices
• Employee timesheets
• Employee performance evaluation
• Employment contracts

Why are Paperless Pay Stubs Important?

Paperless payroll shows that the very structure influencing how companies and workers fulfill their daily undertakings is continuously being modified. It shifts the focus on the drastic rise in more convenient and practical substitutes to traditionally print-based employee files and business documents.

Sending pay stubs to employees for each payday takes a few minutes, compared to when they are manually printed and distributed one by one to all the staff. Consequently, when employees require a copy of their most recent pay stub, they can check any piece of information by accessing their email or the company’s HR portal.

Moreover, team managers and supervisors find it practical to update and correct errors in digital timesheet databases. Losing or tampering with employee documents is also less likely to take place if the files are stored in a secure online storage.

Benefits of Paperless Pay Stubs

There are several other benefits to going paperless with your pay stubs, such as:

#1. Ease of Access

Both employers and employees can access digitally stored pay stubs. Employees can also check if their pay stubs for a completed pay period have already been created anytime and anywhere. All they need to do is ensure they have a secure internet connection and a trustworthy computer, laptop, or mobile device.

In turn, employers maximize the choice of sending paychecks via each of their employees’ email addresses or implementing an employee portal where all of the essential records of their tenure are saved.

Another benefit is that it is also possible to limit who can access the paychecks by making the file exclusive to each employee.

#2. Secure Storage

Electronic pay stubs support the practice of saving copies of paychecks and business forms in cloud storage.

Paper pay stubs are highly prone to tampering and damages. For instance, if the business’s location is hit with a natural disaster, the chances are the documents could get soaked, burned, or misplaced altogether. When this happens, it is impossible to restore any information lost along with the damaged documents.

#3. Saves Time and Money

Paperless paychecks go hand in hand with the use of direct deposit pay stubs. Employers can electronically send paychecks straight to their staff’s bank accounts.

Creating multiple pay stubs is possible with the availability of online paystub generators. Payroll officers will then reduce the time it takes for them to prepare all employee paychecks while ensuring they never miss deadlines in releasing pay stubs.

Startups with limited workforce get to maximize their resources since they can create copies of pay stub templates for future use and reduce the need to purchase more ink and paper to print salary stubs.

#4. Protects Environment

Electronic pay stubs mean a significant decrease in paper waste. In the long run, old employee records will be discarded altogether, and it will only contribute to the bulk of trash that is already polluting various bodies of water.

Taking the paperless route also paves the way for lesser energy consumption since printers and fax machines are not used as frequently.

Tips for Paperless Pay Stubs and Other Important Forms

Here are three simple tips for incorporating paperless pay stubs in your payroll:

#1. Store Your Documents on Cloud

Cloud file storage is an online storage space where various types of files and data are stored, organized, and preserved. It enhances security for your important files and speeds up the rate at which payroll processing is carried out.

Using Cloud storage is an excellent choice for maximizing storage space and improving how you share important files with your employees. The best part is you can see who has implemented changes in the pay stubs thanks to the document history feature.

However, since Cloud is accessible to multiple individuals in a company, it is crucial to ensure that only authorized staff get to edit key employee documents.

#2. Use DocuSign for Digital Signatures

DocuSign is a document signing software that enables a seamless way to sign contracts and agreements. It is secure and effectively saves time completing essential HR forms, including pay stubs.

All you have to do is upload the document or pay stub on DocuSign and tap the fields where the e-signatures are required.

#3. Make Pay Stubs With an Online Generator

Do you have limited resources or workforce to prepare paychecks? Using an online pay stub generator is another low-cost and advantageous solution worth exploring.

It’s easy to use, and it typically comes with a built-in calculator and different templates to choose from. You can create multiple pay stubs in no time and save copies securely or email them directly to your employees.

How to Make Professional Pay Stubs With an Online Generator

Paystub’s online generator suits self-employed individuals, startups, and midsize enterprises perfectly! Whether you have a limited staff assigned to fulfill payroll duties or not, a pay stub generator doubles the efficiency of your operations.

In fact, it takes three easy steps to use our online generator:

1. Open the paystub generator.
2. Provide all essential information, including your company and employee info, your employee’s earnings statement, tax withholdings, and deductions applied to their salary.
3. Preview the pay stub you’ve created and generate it once you’re satisfied with it.
4. Download the pay stubs in a PDF or Word document format.

Final Thoughts

Going paperless is a practice that more and more businesses are beginning to incorporate into their day-to-day operations. It is also a clear indication of how we are currently living in a new era filled with expedient and time-saving solutions.

The shift towards generating paperless pay stubs is an excellent choice, especially if you want to prioritize employee security, confidentiality, and accessibility in producing paychecks and other work-related forms.