According to a recent survey, 63% of small business owners weren’t aware of how much time they spend on payroll. The average business owner spends almost five hours each week preparing and calculating the necessary taxes. That’s the time you could spend growing your business!
Unfortunately, payroll processing is a necessary task if you have employees. That doesn’t mean it has to eat all your valuable time. An online paystub generator can save you time and money, and it will help keep your employees happy.
Are you starting a new business? Read on to learn why you need a paystub generator.
What is a Paystub?
A paystub is a document that comes with an employee’s paycheck that details their pay. It itemizes the payment and deductions of the current period as well as all year-to-date tax and benefits deductions.
Though the Fair Labor Standards Act (FLSA) doesn’t require an employer to provide a paystub, it does require employer record-keeping for all employees. Issuing paystubs is a common practice to provide employees with pay transparency, and many state government laws require employers to issue them.
What Information is Needed?
If you have employees, each of their paystubs should include pertinent pay information. This information allows an employee to make sure all deductions are correct and to know how much money they’ve earned through the year.
Paystubs should include:
- Pay period and year-to-date gross earnings
- Employee tax deductions
- Employee benefit deductions
- Employer tax deductions
- Paid time off earned
- A final calculation of net wages for the pay period and year-to-date
Paystubs are a record of employee earnings, and these records help employees settle any payment disputes. They’re also vital documents for reporting earnings to credit firms and utility companies.
The Best Paystub Generator
Calculating and printing paystubs for your employees is a time drain. Though you have the option to outsource your payroll, third-party processing is a cost any fledgling small business should avoid. An online paystub creator will ease your accounting load, and they’re legal for business owners and employees.
The best online stub maker should include:
- Automatic tax deduction calculation
- Plug-and-print input
- Paperless options to reduce waste
- A template builder to tailor your company’s stubs
- Modern and professional appearance
The best online paystub generator will be easy for you and your employees. You’ll spend less time calculating, deducting, and printing. Your employees will have access to their records at any time they need them.
Online Paystub Solutions for Small Businesses
Small business owners are always on the clock, and the daily tasks for running a successful business never end. Why waste your time, up to five hours a week, calculating payroll when you don’t have to?
An online paystub generator is the perfect payroll solution for any small business owner who doesn’t have the capital to outsource but wants to save valuable time. These paystubs also keep your employees happy and informed. All you have to do is enter the numbers, and the generator does all the work!
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