There are over 30 million small businesses in the United States today. Surprisingly, about 20 million of those businesses consist of just 20 employees or less.
When you’re operating a truly small business with just a handful of employees, it can be hard to stay on top of all the HR-related tasks. Instead of focusing on your business growth, you have to focus on the simple logistics of running your business. Payroll is one of those necessary tasks that seem simple but can take up valuable time away from your business.
Keep reading to learn how to make pay stubs online with just a few simple steps.
Gather Your Company and Employee Info
Before you begin to make pay stubs, there is some essential information you first need to gather.
First, you’ll need your company name, address, and contact information such as an email or phone number. These items should appear on every paystub you create.
You’ll also need general information for each employee. This includes their name, address, social security number, and rate of pay. You may also need their banking information if you pay your employees through direct deposit.
Since this general information isn’t likely to change between pay periods, keep it all in a safe spot. That way, you have easy access to it each time you sit down to do payroll.
Figure Out Income Specifics
Once you have all the basic info covered, you’ll start to calculate the income specifics for the pay period.
First, start by defining the pay period. Then, add up the number of hours the employee worked during this pay period. Then, multiple the rate of pay by the hours worked.
This will give you the gross pay stub amount.
From there, you’ll need to calculate for any taxes or deductions to determine the net pay amount.
Enter Everything into a Pay Stub Creator
The next step to make your own pay stubs is to find a pay stub creator. There are many different online websites that provide this service for free or for a small charge.
All you do is take all the information you’ve gathered and calculated above and enter it into the website. The website will then create a professional pay stub based on the specifics you entered. Keep one copy for your records and provide the other copy to your employee.
Wondering how to make a pay stub for self-employed situations? Even if you don’t have any employees and want to create a proof of your own income, these pay stub creators work the same exact way.
Try this stub creator now to see how simple it is to enter the information and end up with a complete and professional pay stub.
Now You Know How to Make Pay Stubs Online
After reading this article, you now know how to make pay stubs online with minimal time and effort.
Start by gathering the essential company and employee information you’ll need for each paystub. Then, look at each employee’s income specifics on an individual basis. Finally, once you’ve gathered all the information, simply enter it into an online pay stub creator and the paperwork is complete.
All that’s left to do is ensure that the money actually makes it into the hands of your employees!
Looking for more ways to maximize your time when it comes to your small business? Be sure to bookmark the Business section of this site for all the best advice.