Starting a new business can be equal parts exciting and stressful. There are so many things that you need to know about how business works: employee benefits, client advertising, pay stubs…
Wait a minute. What’s a pay stub?
Pay stubs are actually an interesting thing and one that could help both you and your business in the long run. It never hurts to start using a pay stub, so we’re going to tell you what you need to know in order to use them properly.
Keep reading to learn more.
So, What’s a Pay Stub?
You’ve undoubtedly seen a pay stub in your lifetime, but you may not have known what you were looking at or didn’t know it by name. No problems there; it’s really easy to grasp/
Simply put, a pay stub is a piece of paper that showcases when your employee has received payment from your company. Each time a payment is issued to your employee, they receive a pay stub in order to show their money has been issued.
Back before payments were placed directly into a bank account, workers would receive their payments through the mail. There was no need for a pay stub then because you could see what you made directly on the check that you cashed in.
Now, practically all payments are made with a direct transaction to your bank account. That allows for faster processing of funds, but since you don’t see your money come to you directly, you have no idea how much you’ve been paid or when.
With a pay stub, your employees can see the amount that was deposited into their account, as well as other important information, without having to make any bank calls for inquiries.
Pay stubs can be given to your employees directly or through the mail, so no matter which method you take you can be sure they’ll receive it.
Do I Have to Provide One?
The best way to find out if you have to provide one is to find out from your state. Each state has its own specific requirements as to whether or not you need to provide one. More often than not, many companies are not required to do so.
This is because a pay stub is not an official payment or transaction; rather, it serves as a reminder to the employee that they’ve received payment, so it’s role usually isn’t official.
Even if you don’t need it for official reasons, it still helps your employees to have a pay stub in order to stay up to date about how much they make, and in case they have to make any corrections to their payment.
Need help on getting started? Using a paystub creator is a great way to make the job easier for you, so you can get back to running your business like a boss.
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