Here’s Why Your Employees Need Pay Stubs & How To Make ThemAdministration Canadian Contractor canada contractor onetwopay pay stubs
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If you are a business owner or accounting professional, you have many responsibilities for your company and many of those are of high importance. Among those responsibilities is providing your team with pay stubs. Employees expect to get pay stubs and contractors sometimes expect them as well. Whether you are paying an employee or contractor, there should always be some sort of record that provides the details of the compensation that you have paid and they have received.
While not everyone will request a pay stub and they may not seem imperative in many cases, they are actually important for a number of reasons.
3 Reasons Why Your Employees Need Pay Stubs
First and foremost, you are legally obligated to provide your employees with pay stubs in Canada. Employees have the right to request pay stubs at any time, even if they are from payments in the past. Pay stubs are legal proof of an employee’s earnings as well as proof of their employment.
Second, it is only fair to make sure that your employees know everything that you know about their payment. They have the right to a full understanding of what they are being paid, what the deductions are, and the various types of income they are making.
And finally, pay stubs can be important for an employee who is applying for something like a loan, mortgage, credit card, car, or anything that might require them to prove their income and employment status. These types of applications and purchases are important in someone’s life and pay stubs are critical to the process.
How To Make a Pay Stub
When seeking to make a pay stub you have two options: to make it manually on your own or to use an online pay stub generator.
Regardless of what option you choose, you will need basic information about both the employee and the employer, income information for the payment period as well as year-to-date income and deductions. You will also need to calculate your deductions and your year-to-date amounts if you decide to do your pay stubs manually.
Online pay stub generators like OneTwoPay can save a great deal of time, stress, and error potential. They usually take only a few simple steps and you can create your pay stubs with accurate deductions in a matter of minutes; and if you pick the right one, it won’t cost a fortune.
Check out OneTwoPay’s online pay stub generator today and get your pay stubs in just a few simple steps!