When it comes to choosing the best pay stub generator online, there are certain things you should do. Check out our guide here to learn more.
Are you thinking about changing up your payroll system? Maybe you’ve been managing your payroll manually using an Excel spreadsheet or even handwritten notes. This can be time-consuming and can lead to lots of work in the run-up to the payroll day and the annual tax deadline.
Using an automatic pay stub generator as part of a program that manages your payroll for you can be a better option.
But what is the best pay stub generator for your business? Here’s everything you need to know.
How Many People Are On Your PayRoll?
Determining what payroll is right for your business will depend on the number of people in your company. If you have a small number of staff it might be manageable to use a smaller payroll system to create pay stubs for your business.
Some firms only have two or three employees and these have different requirements than other firms that have hundreds of employees.
The more people in your company the more sophisticated your payroll and paystub editor generally needs to be.
If you have more employees then you will also have a great diversity of people on different tax brackets and with different tax setups. You might have some people on temporary contracts and others as full-time employees.
You might even have some on zero-hours contracts where you just call them up as and when you need them. You will need a program that produces paystubs that meet these requirements.
How Big is Your Company?
The size of your company will also determine the level of payroll editor you have to use.
If you have a bigger company you are more likely to come to the attention of the Inland Revenue Service and will need to ensure your tax returns and paystubs are in order.
You will want to make sure your employees are properly furnished with the correct documentation and can access their records if a dispute arises. Tax is complicated and it looks set to change in the coming year because of the cost of the Corona Virus.
Many bigger companies also use payroll giving, another complex tax arrangement that requires accurate paystubs.
There are less likely to be disputes about pay and tax in smaller companies because there are fewer employees and companies tend to be like smaller families where it’s easier to resolve smaller disputes.
Who Manages Your Pay Roll?
Another key thing you need to take into consideration when establishing your payroll protocol and paystubs is who manages your payroll. A traditional payroll recorded in Excel with individual payslips can be time-consuming to make.
As your business grows you’ll want to set up a specific department for your accounts and hire staff who work on your finances full time. You will want the process to seem professional and to maximize their time so paystub software is the best solution for them.
Free Vs Paid
Some payroll software costs money and others are free. Whether you purchase paystub software for your business or use free software available online will depend on the features you need.
Often the free paystub software is very basic. It might, for example, only allow you to print so many paystubs in a one-month period or create accounts for a limited number of employees.
Don’t Waste Your money
If you have a small business this doesn’t matter but if you have a large business then you might need to invest in paid-for software. Don’t waste your money. Be sure to investigate what features you will get for your money and if your business needs them.
One of the key features to investigate is whether the software can be linked to the main accounting program of your business. It’s better to work from one system than to have a separate program for paystubs that can be complicated.
Customer Reviews and Word of Mouth
When deciding what paystub software to purchase or whether to opt for free software be sure to read the reviews from other customers and businesses. This will help you to decide what software you should go for.
Remember not to base your opinion on a single review as these are not accurate. It’s better to look to see if multiple users had the same problem and to take the average of the reviews.
Remember that online reviews are not the only reviews you should take into account you should talk to some other businesses that you know and ask them about their paystub arrangements.
Perhaps their business is similar to yours and they have great things to say about a particular pay stub software that you might want to consider purchasing.
Choosing the Best Pay Stub Generator: It Depends on Your Business
Choosing the best pay stub generator depends on you and your business. If your business is a start-up, recently opened, then costs will no-doubt be tight. You might only have a few employees and so your payroll will not be that big.
You could perhaps choose a paystub generator that only services a few employees that are free of charge but with limited features.
If you have a bigger business then you may need to invest in paystub generator software that is more expensive. However, you can use it to manage hundreds or thousands of employees.
It’s important to have reliable software when you have a big business as you will be filing hundreds of tax returns and need to keep on top of a lot of information for the IRS. You might also receive complaints from some employees who will dispute the amount they have been paid. A paystub can help resolve this issue.
If you want to know more about choosing the best pay stub generator then be sure to check out the rest of our site.