I believe that Personal finance encompasses all the decisions a person might make when it comes to cash flow, budgeting, retirement, investments, multiple streams of income, and insurance protection. Every adult is bombarded with decisions to make when it comes to all these areas of life and I try to help with my thoughts and opinions on the various topics.
Taking a look at the top things to expect when purchasing pay stub maker software. How to get the most reliable experience for your payroll needs.
When you run your own business, there are a lot of important tasks you need to juggle. Chances are, payroll isn’t one of your favorites. In fact, a recent survey by Intuit found that most small business owners wish they could outsource it.
The good news is, you can easily handle your own pay stubs by purchasing an inexpensive pay stub maker software. This will make your life so much easier – as long as you choose the right one.
Not sure how to choose the best option for your needs? Here are a few of the most important questions to ask when buying pay stub software.
1. How Will I Receive My Pay Stubs?
In almost all cases, you’ll want a pay stub software that provides you with electronic versions of your pay stubs. Some will give you a PDF document while others will provide a link to a cloud storage website.
It’s also great if you can have the option of receiving all of your documents in a single file or separate files for each one. This way, you can keep a master document for your records and also easily distribute stubs to each of your employees. If they want a paper copy, they can always print it out and keep it for their records.
2. What’s the Average Delivery Time?
The best pay stub maker software will deliver your pay stubs instantly. You should be able to enter your information, confirm that it’s right and then download it as soon as you submit it.
3. What Costs Are Involved?
It’s important to understand up front exactly how you’ll pay for the service. Some programs have a one-time cost. Others charge monthly or annually, while still others charge per pay stub generated.
To figure out which one is best for you, consider how many pay stubs you’ll need to generate each year and compare the various options. Some software solutions also come with additional services, so make sure you’re looking at the whole package when comparing prices.
4. What Forms of Payment Can I Use?
Do you prefer to use PayPal for all your business transactions? Do you put everything on a single credit card? Or maybe you prefer to ACH from your bank account?
You’ll want to find out what form of payment the company accepts and make sure it works for your business model.
5. Can I Customize My Pay Stubs?
Different types of businesses have different needs, so you might want to confirm whether you’re able to customize your pay stubs. At a minimum, your pay stubs should include:
- The employee’s name, address, and the last four digits of their Social Security number
- The pay date and pay period
- The number of hours worked, broken down into regular, overtime, and any other categories relevant to your business model
- Gross pay
- Taxes, Social Security deductions, deductions for medical and health insurance payments
- Retirement plan deduction and match details (if applicable)
Pay stubs should also provide information for the current pay period and the year-to-date.
There’s a good chance that the default template might be just fine for you. If that’s the case, and you like everything else about the software, then a lack of customization probably isn’t a deal-breaker.
6. Can I Make Corrections to My Stubs?
Sometimes mistakes happen, so you’ll want to make sure that the company allows you to make corrections if you notice them after submitting your information. This is especially important for companies that charge per pay stub.
Most companies will allow you to easily make small corrections either by logging back into your account or by contacting them.
7. How Secure is Your Pay Stub Maker?
Since a pay stub will include important information like your staff’s name, address, social security number, and salary information, it’s important that you protect all the data you enter into the system. At a minimum, the system should use SSL technology and encryption. Bonus points if they take additional security measures.
8. What Do Other Users Have to Say?
Most software companies have a list of customer testimonials available on their websites. If they don’t this could be a possible red flag.
Even if they do, you’ll want to do some additional research. Testimonials are great, but when they’re listed on a website, you can be pretty sure that the company hand-picked their most positive reviews.
Instead of relying on this, do a simple Google search and see what other information comes up about the company. Also, check their social media sites for reviews and comments. If you see a lot of bad reviews or negative comments, you’ll want to keep looking.
9. Is My Satisfaction Guaranteed?
Last, but certainly not least, you’ll want to make sure that the company you’re considering stands behind their product. Ask whether your satisfaction is guaranteed and what the return/refund policy is.
Of course, you won’t go into the agreement expecting to be unhappy, but if you find out this information ahead of time you won’t have to deal with unpleasant surprises later. Not happy with the company’s policy? Keep shopping!
More Tech Tips to Improve Your Life
Now that you know exactly how to find a great pay stub maker software, you’re ready to take one step towards improving your life with technology. Want even more great tips? Spend some time browsing through the rest of our blog posts!