How Small Businesses Should Handle Pay Stubs
Payroll is an integral part of any organization’s operations, yet it can be surprisingly hard to get right. Your company must precisely track the amount of time worked by each worker. The hope is that you’ll know exactly how much to pay without any concerns about inaccuracy. An important part of this process is to use high-quality pay stubs that are easy to understand and informative.
In this article, we’ll consider a few different options for creating these pay stubs. In order to make things easier, the emphasis will be on free, easy-to-use options like online pay stub generators and widely accessible templates.
Use Software You Already Have
One of the least technical options is to create your stubs by yourself using your knowledge of whatever word processing software is installed on your computer. In fact, the most popular programs typically come with free templates included out of the box. A few easy changes are generally all you need to get going. In case you do not have such a program installed, you can consider purchasing one or hiring a contractor to create the template. If that doesn’t work for you, there are plenty of other alternatives.
Try an Online Pay Stub Generator
Another straightforward approach is to use a web-based service to create your pay stubs. Try a few different sites to get a feeling for the variety of templates that are available, keeping in mind your company’s specific needs.
Don’t Forget About Search Engines
The third alternative is to simply use a search engine to find a pre-made template. Most smaller entrepreneurs or business owners will find that they don’t need to customize their pay stubs all that much, making pre-made templates particularly appropriate. That said, it’s important to be cautious, since there can be security risks to downloading from unknown vendors.
Since payroll can be complicated, it might be a good idea to ask administrators of similar businesses how they create their pay stubs. It can be intimidating to reach out to potential competitors like that, but payroll is such a non-threatening subject that it is very unlikely to be taken the wrong way. In fact, don’t be surprised if it leads to further conversations down the line, and perhaps even a new business relationship.
At the end of the day, there are only a few things that need to be done right. The most important by far is accurate reporting of gross pay and working hours for each employee, printed in a reader-friendly format. A bit of common sense goes a long way, and the information above should get you started.
Paystubs Tips for The Average Joe