If you are running a business and hire some employees to help you, then doing payroll is your routine. The laws even stated that you have a minimum payroll each month. Maybe you want to consider a payroll schedule template to help you make the monthly payroll or maybe in another way, weekly or bi-weekly.
What Are The Types of Payroll Schedule Template We Have?
We have many types of payroll schedule templates that can be associated with the employee’s working schedule. The types of payrolls you can download are as follow:
- One-time payroll. This payroll is not a common one because it is issued for less than a day work or service. It is a template for the down payment that is given when the job hasn’t been executed, and the full payment is when the project has been finished.
- Semi-monthly payroll. This type of payroll is very common that employees get the monthly payment. This can be at the end of the month or the early month. It is the most preferred method because it is easier for tax deduction and reports.
- Biweekly payroll. This payroll is suitable for employees that work hourly. It is because they don’t have a consistent working schedule. Besides, many employees prefer to be paid biweekly.
- Weekly payroll. It is not a very common payment schedule because it requires a lot of cost and time for administering the payroll. However, this type of payroll suits for the employees who work with flexible time.
Why Do You Need A Payroll?
As an employer, you have to be professional which also benefits you in the long run, for example:
- Providing income details in which you will save more time without explaining to your employees about their net income.
- It serves as proof of payment to your employees. Later you use this for various purposes, especially for tax returns and other qualifications.
- You can use the payroll for tracking your finance. Maybe you want to audit your business expenses and others such as taxes, vacation pay, salary, and even overtime.
- For loan applications. If you want to apply for loans, the lenders usually require you to attach the paycheck stubs. It is proof that you can pay your expenses on time.
- You will need this for the financial aid application. If you are a parent, your payroll is needed to apply for college financial aid form. This payroll later will determine the amount of aid received.
How Do You Make A Payroll?
Creating a payroll, fortunately, is easier now because you can use our payroll schedule template. You can write down your payroll without creating it from scratch. Just input the required information and you can release the payment. Besides, this schedule template will be the best reminder for you so you can plan your expenses and do another strategic action toward your expenses. Even though you still have few employees, but issuing a payroll is a good start for a professional business.
Sample Payroll Schedule Template