If your business is sound and there is no hassles on the employees pay day, it indicates that you are using correct pay stubs template for generating pay stubs for your employee. Many of us are not aware of using the right template and problems with pay stubs arises from there. A pay slip needs to be readable and easy to understand. There are varieties of pay slips templates available. Some of them are professional yet confusing to the employees, bookkeeper and the accountant as well. Some are professional but easy to follow at the same time and so it is recommended to use a template that is self-explanatory to the employees and comprehensible for the book keeper too. Therefore, the accurate selection of a pay template is vital.
Both the employer and the employees have expectations from each other. When the employees are giving their highest output, in return they expect that their payment should be accurate made on time. All information needs to be highlighted in the pay slip which includes:
• Gross salary of the employee
• Number of days worked
• Number of hours worked
• Overtime charges
• Tax and other deductions
• Health and any other deductions
All the information must be clearly stated in the pay stub and should be readable; otherwise you will find that some your employees have failed to understand why he/she has not got the exact payment.
Most of the accounting software is connected to database or to spreadsheets programs such as Microsoft Excel. An employer needs to make sure that the fields of his selected pay template are same as those of the software. The aim is to connect the two software packages correctly for generating the pay slip that is most suitable to his business. If the template is compatible to the software, the job is done. The work pressure on the part of the accountant is reduced as well as the efficiency of the payroll process is accelerated.