If you’re a small business owner with employees, a payroll template might come in handy. It’s a simple way to avoid miscalculations, keep track of timesheets and maintain control of your payroll budget. Plus a template can save your business a great deal of time and hassle. In an effort to make your payroll processing a bit easier, we’ve created several free payroll templates below.
Weekly Payroll Template
While weekly payroll may be more costly and time-consuming than other pay schedules, it’s sure to please your employees. Since it provides them with greater cash flow, they’ll find it easier to budget and cover their expenses. Also, if you have overtime workers, you’ll find that weekly payroll simplifies your calculations.
Featured Partners
1
OnPay
Yes
Yes
$40 per month + $6 per user
2
SurePayroll
Yes
Yes
$29.99/mo plus $5 per employee
3
Gusto
Yes
Yes
$40 per month plus $6 per user
4
Rippling
Yes
Yes
$35 per month + $8 per user
You can edit and customize this free weekly payroll template to meet your unique payroll system and needs. It’s a great resource if you’d like to track your employees’ work hours, calculate deductions and ensure your payments are accurate.
Biweekly Payroll Template
Biweekly payroll is the most popular. Not only does it satisfy most workers, it’s also manageable from an administrative and financial standpoint. Most employees are used to receiving their paychecks every two weeks so this option might make sense if you want to stick to the norm and make transitions easier.
To make the most of this free biweekly payroll template, you’ll need to enter the unique information of each employee and edit it as needed. You can use it to monitor work hours and calculate deductions.
Monthly Payroll Template
Even though monthly payroll is the easiest option as you only have to process paychecks 12 times per year, mistakes are still possible. That’s why a free monthly payroll template is worth exploring. It can simplify how you calculate your employees’ payments on a monthly basis.
With our monthly payroll template, you’ll be able to track your employees’ work hours and convert them into payroll with ease. Just fill it in with all of the required employee information and applicable deductions.
Download Monthly Payroll Template PDF
Featured Partners
1
OnPay
Yes
Yes
$40 per month + $6 per user
2
SurePayroll
Yes
Yes
$29.99/mo plus $5 per employee
3
Gusto
Yes
Yes
$40 per month plus $6 per user
4
Rippling
Yes
Yes
$35 per month + $8 per user
How To Choose the Right Free Payroll Template
Not all free payroll templates are created equal. In fact, some are better than others. To select the ideal one for your particular business, consider the following:
- Payroll Schedule: Of course, the template you choose should adhere to the payroll schedule you’ve implemented. This may be weekly, biweekly, bimonthly or monthly.
- Type of Workers: If you have hourly employees, the template should cater to them. On the flip side, if your workers are salaried, it needs to accommodate their salaries.
- Format: Payroll templates come in a variety of formats, such as Microsoft Excel and Word, Google Sheets and PDF. Opt for the format that you and your team are most comfortable with.
- Ease of Use: The goal of a payroll template is to make it easier to process payment. That’s why you want to avoid overly complicated templates that can be difficult to understand and use.
Bottom Line
Free payroll templates are particularly useful if you’re doing payroll yourself. Most of them are customizable and tailored to a variety of employee and payroll scenarios. As you grow and your payroll needs become more complex, however, you may want to consider using a payroll software in addition to these templates. It can streamline and speed up your payroll process. Learn more about how to pay employees. Alternatively, if you’re interested in outsourcing payroll to the pros, check out the best payroll services for small businesses.
Frequently Asked Questions (FAQs)
How do payroll templates work?
Since payroll templates are preformatted, all you have to do is fill them out with your information. In most cases, they function as a calculator and contain formulas that calculate a number of important figures, such as gross pay and net pay.
What are some tips for using payroll templates?
To make the most out of payroll templates, make sure all of the information you input is accurate or the outputs you receive will be meaningless. Also, don’t be afraid to modify them to meet your unique business needs. For more information, check out our guide on the payroll compliance best practices.
What is the best format for a payroll template?
The ideal format for a payroll template depends on your particular situation. If you’re comfortable with Excel and use it often, for example, an Excel spreadsheet is your best format. But if you don’t have Microsoft Office, you may have to choose an alternative option such as Google Sheets.
