If you are a person who wants to earn online and manage income flexibly, online pay stubs are the right match for you. Regular paychecks are not involved if you are working as a freelancer as it is not contract based work. A clear income statement is needed if someone wants to avail of a loan or open a bank account. Even people other than self-employed, also make use of pay stubs for keeping track of the hours they worked for and how much pay is due. As a freelancer, your income is based on a 1099 paystub received for your contracted work. Paystub will change your life in terms of making it easy by making your work and payment calculation efficient, convenient, budget-friendly, time saving and secure.
Many freelancers are of the view that they do not need to create a paystub, but they are making a mistake. As the taxation laws guide that any professional work or usage of skill that generates income, is taxable.
What is a pay stub?
If you do not know about paystub, do not worry, it is a simple online tool that records your working hours and the payment corresponding to it accurately. It makes administration of the money you earn and filing a tax against the money you earned easier if you are a self-employed worker. It can also serve as proof of your employment and identification.
Benefits of Using Pay Stub as a freelancer
If you are a freelancer, paystub is the solution to your many problems. Following are a few key benefits that make paystub useful for you as a freelancer.
If you are planning to set up an account on an online stub, you will have to develop a basic form with information. Each month (or week) when you want to generate a pay stub, an already developed form will be there. It is simple, just open the form, fill it and print it. The paystub makes the whole process simple, quick and accurate.
Now you will not have to spend hours and hours of your day, calculating your working hours and considering payment. Even after hours, if any digit is wrong, you will have to repeat the whole process. By using paystub, you can calculate accurately within a couple of minutes and can save your precious time for other important tasks.
You enter the details on the form by yourself without showing it to anyone and the same information is emailed to your inbox. None of the information is saved on the online generators. Therefore, all your information is kept confidential and not shared with any third party until and unless you do not give access to anyone. Additionally, you can access and download the created paystub anytime and can correct any of the information added without paying a penny by just providing your email address. Does it sound good?
In comparison to the cost you will have to bear in the past for hiring an accountant, paystub is pocket-friendly and will not end up in you being indebted. This online generator is cheap and affordable. You can make pay stubs freely and can edit any stub anytime without any cost. Therefore, you will not end up calculating accurately but also make some savings. No matter if the savings are big or small, it excites everyone.
- Save your time
As explained before, no need to chew your hours in calculating the hours and amount earned. With just a few clicks, all your calculations are done and accurately. What else does one need?
As a freelancer or self-employed person, you are your boss. It means that in order to make your business look professional, you may need professionalism and tools that can help you. Gone are the days, when you use paper and pen, neither it is environment friendly nor professional. In this world, where everything is online, why not have the calculations online as well.
- Little to no room for error
The simple template that you have created as well as the smart paystub software, help you in eliminating the errors. In simple words, human error is removed from your calculations and calculations are made accurate.
It is also efficient if you are planning to hire employees for your work, this software is also helpful. You can keep a history of all your employees which is an important aspect when you are calculating taxes.
- Access to the previous history
Each pay stub that you will generate, will be saved on the system. It means every time you are entering new data, you can go back and access the information filled in last month.
When you have to compile your annual taxes, with just a simple click, you can get information about all the previous months. It can help you in streamlining all the tasks like your own boss.
How to choose the right pay stub format for your business?
You can make a paystub freely in two ways; basic pay stub and advanced paystub. However, as a freelancer, a basic paystub is the best option for you as compared to an advanced one. The core purpose of both pay stubs are the same but there is a minor difference in both of them. For a simple pay stub, minimum information is required. By gross entering, you can get net calculations. For advanced paystub, you need to add specific details. The second method mentioned is recommended for organizations with a large number of employees whereas the former method is best for individual freelancers.
The benefits of creating an online generator are better than creating a stub manually. As a freelancer, you can gain a lot of projects but still, you may not afford to spend money on things that can simplify your life. When you have a paystub generator available for your business, you do not have to rely on anyone in order to manage your financial matters