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.
Let’s go over the alternatives for pay stub generation. 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. On the other hand, such software often contains simple templates that can be applied to your business with just a few changes. A few easy changes are generally all you need to get going. While the templates are free to use, the software itself can be costly, so getting a freelancer’s help is another possibility. If that doesn’t work for you, there are plenty of other alternatives.
Use an Online Pay Stub Creator
Another straightforward approach is to use a web-based service to create your pay stubs. Templates created by these sites will commonly be a little harder to customize than ones you would make on your own, so shop around until you one that fits all your requirements.
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. Whenever you download anything from a new source, make sure you scan it for viruses and other malware.
Ask Your Colleagues or Fellow Business Owners
A useful but commonly neglected approach is to ask any friends or colleagues for tips or advice on handling payroll or creating 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 some cases, this kind of interaction can be the start of a mutually beneficial friendship with another industry player.
However you decide to create your stubs, the important thing is that they contain all the relevant detail about your employees’ total pay and time worked. With that in mind, any of the above alternatives should prove useful for most business owners.