How Small Businesses Should Handle Pay Stubs
As an entrepreneur or small business owner, it’s important that you handle your payroll operations effectively. Your company must precisely track the amount of time worked by each worker. That way, there won’t be any questions regarding their compensation come payday. An important part of this process is to use high-quality pay stubs that are easy to understand and informative.
There are several ways to create or obtain pay stubs, and we will consider a few of them below. 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.
Do it Yourself
If you are comfortable working with word processors, you could consider making your pay stubs from scratch. On the other hand, such software often contains simple templates that can be applied to your business with just a few changes. Depending on the program, they will usually be easy to edit as you like. 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. Alternatively, take advantage of one of the other options below.
Try an Online Pay Stub Generator
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.
Try a Search Engine
Of course, search engines are another way to find a pay stub template. Unlike the previous options, these are likely to be much less customizable. For many purposes, these ready-to-use templates will work just fine. On the other hand, make sure you do your due diligence before downloading anything from the web.
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. 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.
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. With that in mind, any of the above alternatives should prove useful for most business owners.