Whether you own a start-up business with few staff or a huge enterprise with hundreds of staff, it is always a nightmare at the end of the month when sorting out wages. The organization of payroll is key to making sure your staff are paid on time, and it is a huge amount of work for anyone to undertake if a swift, simple system isn’t in place. This is where paystubs creator comes in and makes your payroll life so much easier.

What is a PayStub?

More recently, creating PayStubs online has become more and more popular not only to save time but to help payroll departments no matter what size your business is.

Who needs a PayStub?

Employees – A business with two or more employees needs to provide all members of staff with a PayStub. This should state how much they are being paid and any deductions for tax and insurance which have been made. They also need to have a backup record of all paystubs for all staff of up to 5 years if asked for by the tax department or a specific member of staff.

Employers – All businesses, small or very large, need to keep an extensive record of all staff wages and what has been paid in deductions to the tax office and in National Insurance in the UK.

Self-Employed/Freelance – It is not only hard to prove monthly income for freelancers and those that are self-employed, but it is extremely important to have a paystub that shows what tax needs to be deducted at the end of the year.

Why is a PayStub Important?

There are many reasons why anyone in everyday life needs a paystub to prove monthly income; some are listed below for information.

A Personal Loan Application – proof of income is one of the most important things asked for by a lending company. If this can’t be provided in a timely and organized manner, it may to lead to a personal loan being declined.

Car Finance Loan – in the same way that a personal loan will work, it is important that lenders see proof of income and credit score for the person applying for the loan. A paystub easily proves this to lenders, not having proof of income can hold up the loan process. 

Company taxes – every business needs to be able to prove that they have been paying company tax and insurance throughout the financial year, and a company paystub can prove this information very easily and at a glance. Paystubs are a fantastic way of keeping this information organized and in one place if it is ever needed.

For more information and basic step-by-step instructions, visit https://www.paystubcreator.net/