How Can I Make A Paystub? Comparing The Various Platforms
If you are wondering “how can I make a pay stub?”, there are actually a few different approaches that you may want to consider. We’ve outlined three different methods for pay stub creation.
Before you weigh your options, there are a few things you’ll want to consider that will impact your decision. Firstly, at what volume will you be creating pay stubs? For example, are you simply making stubs for yourself as a contractor or freelancer, or are you making pay stubs for multiple employees? You will also want to look at your priorities. Are you looking for an affordable option? Are you looking for a completely hands-off approach that requires no work on your end? Or, are you looking for a balance between affordability and convenience? Finally, it’s worthwhile to consider a budget and determine a ballpark of how much you’re willing to spend (both time-wise and monetarily) on pay stubs each month.
Now that you have an understanding of what your needs, goals, and priorities are, here is an overview of your options.
Manual Pay Stub Creation
Of course, you always have the option to create your pay stubs manually. This would involve physical pay stub pads, and or spreadsheets to store your data and carry out your calculations. You can also download a free pay stub template online or make a one-time purchase of a pay stub template to use for the creation of the stubs themselves. The online free CRA Payroll Deductions calculator is a great resource to use for deductions calculations if you decide to use this option.
While this option can be completely free, there are a number of drawbacks to manual pay stub creation. t is time-consuming, vulnerable to errors and sometimes requires more in-depth knowledge of taxes and deductions calculation. In addition, manual record-keeping frequently results in loss of data.
If you have a very small team and you are confident in your manual calculations, this may be a viable option for you. If you are creating multiple pay stubs each pay period, are not familiar with deductions calculations or you don’t want to risk losing your data,, you may want to consider a different approach.
If you have multiple employees and complex operations and you are looking to enhance your accounting completely, it may be worthwhile to use a full-service financial management software that can support you and automate your procedures including accounting, inventory, payroll, tax filing, invoicing, payment processing, and more.
Setting up these services and the associated processes do require some time and effort in the beginning. They can offer a streamlined and efficient process once you’ve got everything initialized.
These platforms can be quite costly and are often only worth the expense if you will be using their full suite of services. If all you are looking to do is generate pay stubs, a simple online pay stub generator might be the best option for you.
Simple Paystub Generator
Online pay stub generators like OneTwoPay support you in creating your paystubs, automatically calculating your deductions, and storing all of your employee information safely in one place. Generators like this make the whole process simple, just a few quick steps, and are an affordable alternative to a full-service accounting software. You can select a payment option that suits your needs such as an unlimited membership or pay stub packs so you can pay as you go.
If all you need is pay stub generation, platforms like OneTwoPay are the perfect solution for creating your pay stubs with accurate calculations, storing your information securely, and providing your employees with the documents you are legally required to.