One of the most important parts of running a business, and unfortunately also one of the most time-consuming and frustrating parts, is payroll management. A larger company will usually partner with a dedicated payroll processing company for this. Still, such partnerships can be costly, and that can be too much of a stretch if you’re not making profits yet.
Your alternative is to handle your payslips yourself, which can be complex and time-consuming. The best way to ease the burden as much as possible is to use paystub generation software to do most of the work for you. Below, we’ll talk you through all the basics you’ll need to make useful, effective payslips as quickly and easily as possible, freeing up your time for the more interesting parts of business management.
What is a Paystub?
Whether your company is successfully making profits or struggling along in the financial weeds, paying your employees is vital. Without them, you haven’t got a company at all. A paystub (otherwise known as a check stub, a paycheck stub, or a pay slip) is a core part of that; this is the document you give your employees along with their pay, clearly breaking down all the numbers involved and explaining where each one comes from.
There are many different styles of payslips between different industries, but every single company needs to provide pay stubs to all employees. If you’re not doing this properly and on time, then you’re failing at your job. Fortunately, a paystub generator can help you to manage your paystubs much more easily.
What is a Paystub Generator?
There are many different paystub generator brands out there, such as ThePayStubs. All of these offer similar services, however: they automate as much of the payroll processing admin as possible, freeing up your time and energy. It takes a little while to get a paystub generator set up because you will have to populate it with a large amount of information, but once it’s up and running, you’ll be able to generate pay slips for every new pay period in a fraction of the time it would take to do the same thing manually.
What Info Goes on a Pay Slip?
There are several different pieces of the vital info that need to be included on every pay slip, regardless of where your company is based and what industry you are working in.
Firstly, you’ll need all the general information which you should have gathered before your employee started working for you. That means names, addresses, and social security or other identification numbers for both employer and employee.
You’ll also need to include all of the pay numbers for the period: gross wages, deductions (including taxes and benefits, which are your responsibility as an employer), employer contributions such as pensions and insurance, and finally the net pay, which is the most important number on the entire slip.
Payslips may not look very interesting, but they are vital to the safe operation of a business and a society. You can’t afford to manage your payslips in a slapdash manner; far better to pay for some good payroll management software instead, even if it looks like a big upfront expense!