Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Do All Companies Provide Paystubs?
June 27, 2023
Image: Freepik, rawpixel.com
Running a business can be a stressful task as there is so much that needs to be done. Being a team leader or business owner also means that you’re surrounded by paperwork and important documents, which can get in the way of the main tasks of the day.
Not all of these documents need to be handled by the team leader or even need to be in circulation at all. However, one document should never be misplaced, provided late, or inaccurate, no matter what kind of business you run – paystubs.
What Are Paystubs?
A paystub is a document that is given to employees at the end of every pay period. Most companies operate with monthly salaries, which means paystubs will be provided at the end of every month to all workers.
Also referred to as pay cheques, cheque stubs, or payslips, this document showcases how much an employee has earned during this pay period, as well as important details regarding their tax and insurance deductions.
Due to the information provided by a paystub, employees require them along with every wage they receive from a company, so they know what they have earned and how much they will be taking home following deductions. Similarly, all companies need to have a record of employee paystubs to show outgoings as well as relevant tax information for staff.
Should I Provide Paystubs?
All companies should provide some form of paystub to their employees along with their salary payments.
A paystub is a record of earnings and is expected to be provided on a regular basis, along with ongoing payments for work.
Every employee working for your company will require their own paystub, as each has unique information relating to the specific person. Likewise, your company will also need to keep a record of all paystubs and payments.
No matter the size of the company or how many people you employ, some form of payslip should be provided.
This is a task that many companies leave to HR, but if you have a smaller team, then it may also fall into the responsibility of the manager. Paystubs should be created every month and be provided at the same time or on the same day as salary payments are made.
How To Make Paystubs
If you do not have a dedicated HR team that can work on payroll processing, then you may struggle to get paystubs done on time.
Many companies that do have a dedicated human resources department still struggle to manage payroll because of everything else they have to do.
With this in mind, there is a smarter solution to payroll processing, and that is using online software. A paystub generator can handle all the processing tasks for you; all you have to do is enter company information.
See: Seven Incredibly Useful SaaS Tips for Small Businesses
Paystubs can be generated instantly, ensuring your employees get their documents as expected without causing issues elsewhere in the company.
This process can be automated for easier processing in the future.
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