Generating a Pay Stub and How it Can Help Your Employees. Throughout the years there have been many improvements in the business world. Small business owners used to write their employees paychecks directly from the company checkbook. Large companies used to set up entirely different bank accounts that were used only for payroll purposes, and this helped simplify the payroll process. These things would not work in today’s modern society because people simply need to know how much their employer is putting into their bank account each pay period. People need this proof because there have recently been a few companies who have cheated their employees. All you need is the right type of software to generate the right kind of pay stub for your employees. First, you need to ask yourself why does everyone need a pay stub? In most cases these employees want a pay stub so they can track their earnings over the course of a year or more. Although most employers are honest there are a few who will try to take advantage of employees. For employees, payroll stubs are the only way they can access their payment history to help monitor their income. On a pay stub there are a large number deductions taken out each week, and these are how we pay federal, state, local and any additional taxes. There are many additional deductions like 401k retirement funds, medical and dental insurance. Employees need to be sure that taxes are taken out in the right amount and the right deductions are made.
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You need to realize that this pay stub is important for your employees and realizing this is the first step in creating a payroll stub. The obvious next step is creating the payroll stub by using the right type of software to perform the function. It would be best to not write all your individual pay stubs by hand because it can take forever and the programs aren’t that expensive to buy or install. There are even certain banks and loan companies who don’t accept hand written pay stubs.
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There are numerous different accounting software programs that can be used to help create payroll stubs for all your employees. The vast majority of these programs can be found free online or at a cost that won’t bankrupt the company. A lot of low cost templates can be found online, and they are perfectly adequate to take care of your employee needs. The main thing you need to remember is that your template needs to work with the software you are currently using for payroll.