Exactly How Long Should You Keep Employee Paystubs as an Employer?
If you are thinking of starting a business, it is advisable to know everything you will be getting yourself into as discussed on this page, including the rules that govern record keeping. As an employer, one of your primary tasks will be maintaining various information for your employees shown on this site including paystubs and identifying documents. Some of the things you need to know about is how long and where these sensitive employee documents should be kept before taking the leap. You can read more on the answers to these questions below.
A minimum of two years if the duration you have to keep your employees’ paystub records if that was your first question; it may seem inconvenient to some people but you never when this sensitive information may come in handy. If you have done a wonderful job of keeping your employees’ paystubs for at least two years, it is always advisable to check the state laws and regulations regarding this duration which can differ from one state to another.
The next question you should find an answer to is where to keep these sensitive documents; the answer is very simple; these documents need to be kept in a safe location that is easily accessible because you never when you may have to retrieve them. Another thing you should know about where you decide to keep this sensitive information is security; in as much as the place has to be easily accessible for convenience, it should has restricted access.
This may seem a little too much to some business owners, but given your employees’ sensitive information like social security numbers and addresses are on these documents, you can see why it is important to keep them under lock and key. If you are thinking these are the only documents you are required to keep, you couldn’t be more wrong because there are some like payroll records and sales records that you are usually required to keep for longer than two years.
For convenience and easy of retrieval when the time comes, An employer should ensure they have single storage room where all the important business documents are placed under lock and key because they can be needed at any time and should not be accessed by just anyone. These are the answers to all the questions you may have regarding keeping employee paystubs and why they are important; you don’t need to throw any important documents out anymore. Now you know exactly how long you should keep employee paystubs.
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