You are a small business owner and you are trying to keep up with all the little details that are important for running successful businesses. It can be daunting and overwhelming, that is for sure. To add to the stress, you have hired a few employees and now you have to make sure that you are calculating all their tax deductions correctly and documenting their hours so that you do not overpay them or get in trouble with the Internal Revenue Service. Perhaps, one of your employees is trying to purchase a new car and they are requesting paystubs from their place of employment before approving them for the purchase. Or, maybe you are applying for a loan and the bank requires your own paycheck stubs as proof of your income from your own business. Hiring a payroll company to handle these details may not be in your small business budget. However, making your own business paystubs is cost effective and quite manageable. Let’s discuss how to make your own pay stubs as a business owner.
How to Make Your Own Pay Stubs as a Business Owner
As the business owner, you have several options for how to make a pay stub. Although some states and labor unions mandate this, the federal government does not require by law that businesses provide their employees with a paycheck stub. The federal government does require that businesses must retain payroll records for 2 to 3 years. Therefore, it may beneficial and necessary to find the most efficient way to fulfill these requirements. You may be thinking, “I need to learn how to make pay stubs for my business.” Here are some ideas.
How to Make Pay Stubs for Free Online
It is very simple to learn how to make pay stubs for free online. You can make a pay stub for free by using a template that has been provided by a service online, such as PayStubly.com. Simply use the Internet search engine to find free printable pay stub templates. Once you find a template that has the necessary data fields included, it is quite simple to create your stub and print it out for your employee. Most paystubs can be printed on regular 8X11 computer paper. You can, also, save the paystubs you create for your records and future reference.
How to Make Pay Stubs on Quickbooks
If you are already using an accounting program for your business, like Quickbooks, you can keep track of your payroll and print out paystubs within the program you already have in place. Their website provides free tutorial videos and step-by-step instructions on how to make pay stubs on Quickbooks. All you need to do is navigate the payroll module in your computer application and set up each employee for their check distributions. You will need W-4’s for each employee and you will input hourly wage and deductions for each. The program, also, keeps track of when the next pay period will be and whether you are paying with a paper check or direct deposit.
How to Make Pay Stubs Using Excel
Usually those who have Microsoft Office on their business computer system will be able to access the Excel program. Here is another option for you to learn how to make your own pay stubs as a business owner. Excel offers a variety of templates for small businesses and there is one specifically for calculating payroll. Once you have entered the personnel information into the calculator, you can then track hours, record deductions, and print out paystubs already designed for you. If you want to learn how to make pay stubs on Microsoft Word, the search for templates on this application will offer the same template you find in Excel. However, you can design one in word yourself by inserting a graph and entering your own columns and formulas.
See how easy it can be to take charge in your own company? There is no need to stress or spend a lot of money to keep up with the laws or competition. Learn how to make your own pay stubs as a business owner and be a success.