Pay Stubs could be considered as payslips that contain a detailed breakdown of the amount an employee receives when he/she gets paid. It can be called a report of their salary incurred during a stipulated period. The details entailed within a pay stub vary from one employer to another. But a typical pay stub would include details such as information about the employer’s business like its phone number and address.
Pay stubs ideally have the noted period for which the individual is being paid and the rate at which he is supposed to be paid. It enlists the CTC for the individual along with what he receives in hand after the taxes have been eliminated. It also provides a breakdown of the different taxes and lists them serially like local tax, FICA tax, state tax, and others. Along with this, pay stubs are also known to provide details about insurances that the company covers for the individual like health insurance. Pay Stubs mainly contain employee details such as the name of the concerned person, his/her social security number, phone number, address, and other information unique to the individual.
All of these details are listed in the pay stub before they are deducted from the main salary and handed over to the employee.
How to find the best pay stub generator?
Most of the payslip processing companies come with their pay stub production system. So if a certain business is handling the employee salaries in-house, the primary requirement for a pay stub generator would be to record accurate financial details for the employee so that he can keep track of his finances. Small businesses could hire pay stub generators on a fee per individual employee basis whereas large businesses could avail of the bulk generator to avoid unnecessary charges. Determining which pay stub generator is the best by a singular universal standard would be an incorrect measure of the qualities of different pay stub generators.
A pay stub generator must be selected according to the needs of a specific business. A few businesses could require to pay stub generators that generate payslips on a contractual basis i.e, for B2B businesses. Otherwise, some businesses could require special customizations for their pay stubs such as including their fields of data or something as simple as getting the company’s watermark printed with every payslip.
How to know the pay stub generator is ‘right’ for you?
If a pay stub is to be broken down into its constituent elements, it would include calculation of total employee hours, figuring the unique employee id, learning about tax laws, and handling salary deductions. This is why it becomes so important to find a system that manufactures and prints pay stubs out regularly.
Running a business involves taking up a lot of important decisions and administrative tasks and generating pay stubs manually and individually for every employee should be of least priority. So, for example, if a person runs a small business of about thirty employees, he/she should rely on a system that provides them instant payslips on feeding required data. The different kinds of pay stub generators online available have been discussed further:
There are mainly two kinds of generators business owners rely upon- they are paid generators and free generators and the free ones require one to do their calculations and feed in the data into a prepared template. The calculations need to be performed keeping tax regulations and state deductions in mind. The pay stub generators free online are not as up to date as the paid ones but they still provide a cost-effective way of generating pay stubs for small businesses. A few free pay stub generators available online are:
- The Shopify Generator: this generator works irrespective of whether the user owns a Shopify account. The business owner just needs to punch in the employee details and Shopify creates a pay stub.
- Pay Stub Online: one of the better free generators available online, this generator allows the user to shift between various modes of pay slip generation. The calculations could be made on an hourly basis or a monthly basis, as per the user’s request.
Paid generators on the other hand provide a few more edges when compared to the free ones. While free ones work just fine, with paid generators one can just sit back and relax. However, it must be remembered that if a person is already signed up for a payroll service, pay stubs should come as a part of it and he/she should not have to pay extra for a pay stub generator.
A few great paid generators would be:
- Paystub direct: Generates pay stubs at seven dollars each. The users also have the option of availing themselves of unlimited access for a standard price of just thirty dollars.
- Check stub maker: This generates pay stubs at nine dollars each. The pay stubs come with the addition of the company logo.
- Pay Stub Creator: This creates pay stubs for about eight dollars each and formulates a pay stub in four user-friendly steps.
Another option could be creating one’s template using google sheets or excel sheets. The owner may simply feed the information into certain data fields and use it as a template of their own.
Pay stubs are very important as they help keep track of not only the employee’s financial records but also that of the employer. Self-employed people should have their own generated pay stubs because they help keep tax records and provide proof of employment. At many places, these slips also help apply for loans and other insurance plans. Paystub generators are the most effective way through which business owners can create payslips and maintain payrolls in a hassle-free manner.