How ThePayStubs Can Help Your Business Avoid IRS Payroll Penalties

Payroll management is a crucial element for any business. It plays a principal role in maintaining your brand and improving employee morale. While effective payroll management can propel a business to success, poor handling can land the company in dire straits with monetary fines from the IRS.

ThePayStubs is arguably the most versatile tool for the creation of online paystubs. Still, unbeknownst to many is that ThePayStubs can also be an essential instrument for payroll management. Since payroll is a complex process subject to numerous regulations, it's crucial for business owners to grant it the attention it deserves. The slightest mistakes when managing payroll could put your company in jeopardy. Almost a third of all employers make payroll errors every year, which costs them millions of dollars in penalties. Fortunately, using ThePayStubs, you can avoid these costly faults and improve your salary administration. To help shed light on just how beneficial ThePayStubs can be, here are some of the ways the platform can help you sidestep payroll errors and avert IRS penalties.

Mitigating Human Discrepancies

Perhaps the most significant advantage of using ThePayStubs is that it helps in eliminating human errors. Since people are generally not perfect, many of the discrepancies made in payroll are a result of human action. ThePayStubs uses an automated system to create check stubs, which reduces the chances of making a mistake. Moreover, computers are more efficient and quicker than people, meaning you can expect accurate results at a fraction of the time. Not only does this help you avoid ending up on the wrong side of the law, but it also helps optimize your payroll process. For this reason, you can count on ThePaystubs to help you avoid the wrath of the IRS.

It's A One-Stop-Shop

Another detrimental mistake in payroll administration is failing to send W-2 forms to employees for their tax returns. A W-2 documents an employee's annual wages and summarizes all the taxes that an employer withheld from their paycheck throughout the year. The IRS penalizes business owners 50 dollars for every W-2 form they failed to provide. Although this may not seem like much, it can be incredibly detrimental for a firm with a considerable workforce. Even so, employers can avoid this error with the help of ThePayStubs. The platform also allows clients to create W-2 forms for their employees in a few simple steps. For this reason, using The Paystubs to create both paycheck stubs and W-2 prevents you from failing to send either document.

Record Keeping

There's no denying that regulatory bodies like the IRS are big on record keeping. Therefore, employers must ensure they keep all vital financial documents safe for whenever they may be required. ThePayStubs provides a great way to keep track of your payroll records since you can easily download them to a local computer. Doing this prevents employers from losing or failing to file crucial documents that may be useful in the future.

About ThePaySubs

ThePayStubs provide a contemporary alternative to traditional check stub creation. Being the product of a professional accounting firm, clients can expect exemplary services, high accuracy, and expert insight. Top industry professionals take care of all calculations and ensure clients get error-free results. What's more, the platform is easy to navigate and hassle-free, allowing clients to receive their check stubs in no time. Through ThePayStubs, companies can effectively secure loans, manage finances, and do much more. All this, coupled with around-the-clock customer support, results in an excellent check stub maker that is second to none.