For a growing number of employers, relying on the standard pay statement from your payroll provider isn’t sufficient. Experian Employer Services helps payroll teams create multiple types of pay statements, without limitations, to meet all state and company requirements.
- Customize the format of your pay statements
- Universal access to all pay statements
- Continued access for former employees
- Text and email alerts
Customize the Format of Your Pay Statements
Go beyond the standard pay statement to include any necessary information for your specific employee groups or produce statements in multiple languages.
Universal Access to All Pay Statements
Employees can quickly view current or any past pay statements from our online portal either from a computer, tablet, or mobile device.
Continued Access for Former Employees
Eliminate the need to give your former employees access to your core HR systems by providing them access to their required pay information through our online portal.
Text and Email Alerts
Employees can be notified automatically when new pay statements are available.
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Pay Statement Services FAQs
Whether you’re a small business or a large organization, finding ways to increase efficiency and compliance is essential. One area you can improve is payroll processing with a pay statement service. But what is a pay statement service? Pay statement services refer to tools or software businesses use to manage payroll processing to produce employee pay statements. By automating the pay statement process, companies can have assistance calculating taxes, benefits and deductions to ensure accuracy and compliance with labor laws.
There are several key reasons why working with a pay statement service is essential, including:
- Efficiency: Pay statement services help streamline payroll processes, which can help increase the efficiency and productivity of your HR and payroll teams.
- Compliance: Using a pay statement service can help reduce errors and mistakes humans are prone to make, which can help ensure compliance and reduce the risk of fees and penalties.
- Employee satisfaction: Another key benefit of using a pay statement service is increasing employee satisfaction, as these services make it easy for employees to access their pay statements and related information, which can also reduce the number of inquiries and questions your HR and payroll teams receive.
Working with a reputable pay statement partner can help your business in a number of ways. Some of the reasons you may want to invest in pay statement services include:
- Increase transparency: Pay statements can increase transparency by showcasing payroll calculations, allowing employees to spot mistakes and make corrections.
- Save time: Teams with existing manual processes can automate time-consuming tasks and allocate that time to other areas of the business.
- Employee self-service: Give employees the ability to access their pay information and pay statements from an intuitive self-service portal.
- Free up resources: For HR and payroll teams with manual payroll processes, you can put time back in their hands by streamlining mundane manual tasks.
At Experian Employer Services, we offer a wide range of employer services solutions that can help your organization, including pay statement services. With our pay statement services, you can easily customize the format of your pay statements to meet state and company requirements, send text and email alerts to employees regarding their pay statements, gain universal access to all pay statements and more.
Pay statement services work by automating payroll processes to improve accuracy and save time. The basic steps to using a pay statement service include:
- Sign up: Create an account and sign up for pay statement services with a provider like Experian Employer Services.
- Provide payroll data: Once signed up, input important payroll data, such as employee salaries, hours worked, overtime and additional information.
- Calculate payroll: After inputting all relevant information, your pay statement service provider will run payroll and calculate pay, including taxes, benefits and deductions.
- Produce pay statements: Once your payroll is calculated, pay statements will be generated for each employee that lists their wages, deductions, time off and other relevant information.
- Recordkeeping: Your pay statement service provider can keep records of each pay statement for compliance purposes.
Yes, pay statement services provide a safe and secure way to process payroll and issue pay statements while keeping employee and company information private. Through end-to-end encryption, you can have peace of mind knowing all confidential information stays in the right hands without any fear of data breaches.
Getting started with a pay statement service is easy. At Experian Employer Services, you can book a demonstration today to see how our workforce management services can help your organization streamline processes to create a more efficient workflow. From boosting your bottom line to increasing compliance, our pay statement services can help take your business to the next level. Contact us today to learn more about how our pay statement services can help your business.
A pay statement, also called a pay stub or paycheck, has several key purposes. To start, pay statements provide employees with a record of earnings that breaks down how much they earn each pay period, including gross pay, deductions and net pay, allowing them to understand how much is being withheld for taxes and other deductions. Additionally, pay statements serve as a form of tax documentation by outlining an employee’s earnings and tax withholdings, as well as a verification of payment that proves an employee was paid.
The information on a pay statement can vary depending on the state and company, but most include the following basic information:
- Employee information
- Employer information
- Pay period
- Earnings
- Deductions
- Net pay
- Year-to-date information