How Small Businesses Should Handle Pay Stubs
One of the most crucial parts of keeping your business running smoothly is ensuring that each employee is paid accurately and on time. Your company must precisely track the amount of time worked by each worker. The last thing you want is for any disputes to arise concerning workers’ pay. 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.
There are several ways to create or obtain pay stubs, and we will consider a few of them below. 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. If you’d rather avoid doing too much work, many software packages come equipped with several fill-in-the-blank templates. It’s not hard to make changes as needed so that a given template will suit your business. 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.
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. 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.
The Easy Way: Search Engines
The third alternative is to simply use a search engine to find a pre-made template. If you’re like a lot of small business founders, the ease of this method will appeal to you. That said, it’s important to be cautious, since there can be security risks to downloading from unknown vendors.
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. A bit of common sense goes a long way, and the information above should get you started.