Pay Statements: Pay Stub Compliance Services
Create custom pay statements for complex and compliance-driven scenarios
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
The Champion’s Guide to Overcoming the Madness of Workforce Compliance
Each year, employers must weave past a number of obstacles trying to prevent them from scoring on their HR objectives of maintaining compliance throughout their organizations. It takes a complete lineup of having the right technology, workflows and people to succeed. And the game doesn’t get easier as rules change, new players are continually joining your team and the game keeps getting faster.
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.
Some of the reasons to consider pay statement services from Experian Employer Services:
- Customizable formats: In the globalized world we live in today, many employees aren’t required to head to the office. With a remote workforce comes the need for different pay statement formats to comply with local jurisdictions and ensure accessibility for all employees. With our pay statement services, you can customize your pay statements to include the relevant information for each of your employee groups and offer pay statements in multiple languages to cater to your diverse workforce.
- Accessibility: Gone are the days of sending pay statements through the mail. With our pay statement services, employees can easily access their pay information from our online portal on their phone, desktop or tablet, allowing them to view details on their wages, deductions and other line items on the go. Not only is accessibility improved for current employees, but you can pay statement access to former employees without providing them access to your core HR systems to mitigate security risks.
- Alerts: Boost employee satisfaction by using a pay statement service provider that keeps them updated on the latest changes to their pay information. Through our services, employees can allow for text and email alerts that notify them immediately once new pay statements are available.
From accuracy and compliance to data security, accessibility and expert support, there are many reasons to turn to Experian for your pay statement services. Book a demo today to learn more.
Payroll Tax Compliance Services
Along with pay statement compliance, employers need to ensure payroll tax compliance, too. Our payroll tax compliance services provide employers with experts who offer strategic tax consulting to navigate Merger & Acquisition, lookback, and more.
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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
Changes to 2023 Form W-2
Form W-2 is a document employers use to report the annual wages and the amount of taxes withheld from each employee for a tax year. Employers are required to provide employees with their W-2 forms to prepare their federal and state income tax returns. The IRS regularly updates this form to improve it. In this guide, we explore components of Form W-2, recent changes in 2023, the due date for 2023 and more.
Form 945 - Annual Return of Withheld Federal Income Tax
IRS Form 945 is a federal tax form used to report non-payroll withheld taxes, such as gambling winnings, annuities, pensions, IRAs, and more. Employers who withheld nonpayroll taxes on pay statements must file Form 945 each year. In this guide, we explain who must file Form 945, recent updates, tips for addressing errors and more to ensure you properly file this form.
Electronic Filing Threshold Reduction and Valuation of Digital Assets: Updates from the SSA/IRS Reporter
In this blog, we break down two recent updates to the tax landscape: e-filing and valuating digital assets. Electronically filing, or e-filing, makes it easy for businesses to take information from online wage statements and file their taxes, reducing paperwork and saving time and money. Effective in 2024, the IRS lowered the e-filing threshold from 250 to 10 returns. Regarding valuating digital assets like cryptocurrency, the IRS released a notice that provides guidance on valuating digital assets to ensure compliance with tax regulations. Learn more about these new updates here.
Preventing Payroll Tax Penalties
Collecting, reporting and remitting payroll taxes is a key requirement of businesses of any size. Failing to comply with payroll tax regulations can result in various penalties. In this blog, we explain your payroll tax obligations and provide an overview of common payroll tax penalties that can result from inaccuracies on payroll statements and how to prevent them from ensuring compliance.
2023 Check-In: Legislative and Regulatory Trends Affecting Employer Compliance
Each year, new laws that impact compliance are put in place. In this review, we review some of the top compliance trends employers should be aware of to ensure they abide by the latest rules and regulations. Key takeaways include tips for managing unemployment costs with the modifications to tax rates, understanding the latest state revisions regarding remote work employer laws, tax consultancy updates and what employers can expect from the 2023-2024 Congress.
What is Form 941-X?
Employers must use IRS Form 941 to report income taxes, Social Security taxes and Medicare taxes they withheld from their employee’s paychecks, as employers are required to pay a portion of these taxes. However, if you’re an employer and noticed an error on a 941 Form you have submitted, you can use IRS Form 941-X to correct the mistake. Learn more about Form 941-X and how it can be used to correct issues found on previously filed forms.