Selling to new customers. Marketing your business. Running operations.
Paying your employees.
When you’re running a business, it can often seem as there is a never-ending list of a hundred and one different tasks that you need to do in order to ensure that your organization survives. These admin tasks can consume a lot of time, especially if you don’t have prior experience in those specific fields.
Take payroll, for instance. Creating a pay stub can seem daunting if you’ve never done it before.
Well, we’re here to help. Today, we’ll answer, “can I make my own pay stub”?
Hint: the answer is a resounding YES!
Can I Make My Own Pay Stub?
The simple answer to this question is yes. However, it’s important to realize that the last thing that you want to do as a business owner is attempt to make your own pay stubs in any kind of manual process.
Pay stubs are complex things that are subject to legal requirements. Especially if you don’t have a background in accounting, you should definitely lean on existing software to help you with this process.
The good news is that there are many different check stub generator tools on the market today. Simply take your pick and make sure it includes the below elements on the pay stubs it issues.
What Should Go On My Pay Stub?
There are a few things that need to go on a pay stub. When researching “how can I make my own pay stubs”, remember these elements.
Firstly, gross pay will need to go on there. This includes base salary or hourly remuneration, as well as the total amount of any extra bonuses, commissions, or anything else that is considered income.
Second, you’ll need to include all of the withholdings and deductions. This includes tax withholdings as defined by the W4 documentation your employees submit, as well as any deductions for any benefits that they have elected to include in their compensation plan.
Finally, you’ll need to show the net amount. This is a simple calculation of gross pay minus the withholdings and deductions that are calculated in the previous step.
Don’t Forget a Payroll Processor
Once you have your pay stubs generated, make sure that you’re using a payroll processor to handle the actual payment to your employees on your behalf. The right payroll processor will plug right into your employees’ bank accounts with direct deposit so that your employees don’t have to wait around to cash a check that comes in the mail.
Manage Your Business More Efficiently
There you have it. Armed with this answer to “can I make my own pay stub” and this guide to using a check stub generator and payroll processor correctly, you should now be far better equipped to make administering operations in your business much more efficient.
If you’re looking for more business advice, then you’re in the right place! Be sure to check out the rest of the articles available on the website before you go.