If you run a small business or frequently work with contractors, you need a way to create paystubs. In fact, it’s the law in some states, and it’s also a nice way to provide your employees and contractors the documentation that they may need to qualify for a loan or to line up that next apartment.
For the self-employed, a paystub can help you prove your income and grant you access to certain financial products that you may not be able to obtain otherwise, and it makes for a much better deliverable than screenshots of your banking software or random rows in an Excel spreadsheet. And while paycheck stubs may not be federally mandated, try telling that to those that think everyone has easy access to a current paystub.
But before you run off and sign up for the first paystub generator you find, here are some things to keep in mind.
Proofread and Look Over Your Paystub
The most important piece of any paystub is that the information is accurate. It doesn’t matter if you’re using the best paystub generator in the world if the data on the resulting paystub is incorrect, so take some time after you’ve generated your paystub to give it a once-over. Make sure the names, addresses and amounts match, and that there are no other issues with the data on the paystub. If the paystub creator did any calculations for you, double check to ensure that there’s nothing wrong with the math and that everything adds up properly.
Don't Forget the Important Information
When you’re filling out a paystub, it’s easy to include the wrong figures if you’re not paying attention. Instead of listing an hourly rate or yearly salary, it’s important to include a rate that matches the time period, even for those that you might payout at the end of each night. In addition to any deductions, you’ll also want to include gross pay since a paystub is more about earning potential than actual take-home pay. That means an employee that makes $60,000 a year should show $5,000 on a monthly paycheck stub, though the right paystub generator can also help you with those calculations.
Don't Round off or Go for Good Enough
A paystub is a legal financial document, and it’s often used to grant or deny loan and rental applications, among other things. Shortcuts like estimates and numbers that are rounded up or down won’t do anyone any favors when it comes to actually using the document. Anyone that scrutinizes numbers for a living also won’t like the nice round numbers if it doesn’t fit the purpose, and that can mean losing out just because someone didn’t take the time to use a paystub generator properly.
Beware of Free Paystub Generators
Like the old saying goes, you get what you pay for. If you’re not paying anything for those important paystubs, especially if you’re using a paystub creator of some sort, you might want to rethink your approach. You’re inputting private and secure information such as someone’s name, address and income into that paystub generator, and if you’re not paying for such a service, you’re not the real customer. Unscrupulous paystub generators could turn around and sell that information on the black market, thereby revealing their true intent.
If you value your business and the work you do, it’s beneficial to pay for such a service. But the good news is that you don’t have to pay an arm and a leg for a simple paystub generator. In fact, here at Paystubs 365, you can create paystubs for just $8.99. Give it a shot and let us know what you think.