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. At the end of the day, they will rely on their pay stubs to understand their compensation, so you should pay extra attention to how you create them.
In this article, we’ll consider a few different options for creating these pay stubs. We’ll focus on free alternatives such as templates and online generators, as these will cut down on your costs and save you time, regardless of how many employees you have.
Use Software You Already Have
Depending on your level of skill with publishing software, the simplest method would be to write up your pay stub template on your own. In fact, the most popular programs typically come with free templates included out of the box. It’s not hard to make changes as needed so that a given template will suit your business. If none of the templates installed on your system are adequate for your needs, you can also hire a specialist to create your stubs (or even the entire payroll system) for you. Due to its simplicity and convenience, this is one of the most common ways that small entrepeneurs handle their pay stubs.
Find a Pay Stub Generator on the Internet
If your own software isn’t up to the task and you’re not willing to purchase specialty software, you could consider using an online generator to create the stubs. As different sites can sometimes generate radically different templates, don’t be afraid to play around with more than one service until you find one that works for you.
Try a Search Engine
The third alternative is to simply use a search engine to find a pre-made template. For many purposes, these ready-to-use templates will work just fine. That said, it’s important to be cautious, since there can be security risks to downloading from unknown vendors.
Ask for Advice
A useful but commonly neglected approach is to ask any friends or colleagues for tips or advice on handling payroll or creating stubs. There’s no need to worry that the request could be taken the wrong way, especially since pay stubs are such a mild subject. Chances are, your colleague will be happy to help out. In some cases, this kind of interaction can be the start of a mutually beneficial friendship with another industry player.
Above all, ensure that the most crucial information is described clearly and completely on your workers’ pay stubs, including total hours worked and gross income. While a little attention to detail is required, it’s certainly not rocket science. The tips above should get you well on your way to an effective payroll system.