Paystub generation is an important aspect of maintaining meticulous financial documentation and complying with respective regulations. The good news is you can simplify the process and even automate various aspects of it.
To generate paystub documents online, you’ll first need to pick the right platform. When you do, you’ll simply have to customize the experience in order to meet your specific needs and simplify the process of entering essential information.
Finding the Right Paystub Generator
Finding the right paystub generator is all about doing some research and testing out a couple of demo versions.
Look for a product that features a good number of templates. These give you all of the important fields needed to make a paystub complete. Some of the essentials every single paystub template should feature include:
- Company name and information
- Employee name and information
- Hourly or fixed pay rate
- Hours or wage per pay period
- Deductions and taxation information
- Year-to-date earnings
- Sick leaves, vacation days, other applicable information
Also, consider getting a system that has sufficient database capabilities to help you store paystubs for all your employees for a certain period of time. You’re legally obliged to keep such documents for a certain retention period and it’s best to get a platform that can maintain a sufficiently large archive.
Finally, a good paystub generator should be user-friendly and intuitive to deal with. Whether it relies on drag and drop functioning or another paystub generation method, you should feel comfortable with and you should find the process of generating a document quick and painless.
Customize Your Experience
Now that you’ve chosen a paystub generator, the time has come to customize your experience.
Workflows and automation possibilities allow for such modifications.
Do think about integrating a paystub generator with other kinds of software that your business utilizes (time tracking, payroll, etc.). If this were a possibility, you’d automate some of the data entry. And because data entry in that instance refers to numbers, the risk of serious and costly errors is going to be minimized significantly this way.
A good online paystub generator should also give you a tax calculator that handles the percentages and the deductions in the most accurate way. This is another aspect of paystub generation that can result in mistakes if you rely on manual calculations. Do your best to have this task completed by the platform itself.
Here are a few other tips you can count on to make paystub generation easier:
- Activate one-time data population when it comes to employee and company information
- Consider template personalization due to the fact that various kinds of deductions and payments may apply to your different employees
- Make sure that the paystub generator can populate industry-specific information, depending on the field that your business operates in
- Allocate a retention period that’s required by law (after which outdated paystubs will automatically be removed from the system)
The final step would be to decide whether you’re going to print paystubs or maintain electronic copies that are sent to your employees. The decision depends on state regulations and your individual preferences. In some parts of the country, you’re required to issue printed paystubs. If that’s not the case, the decision will be left to you.