Showing proof of income isn’t necessarily straightforward if you’re a contractor or freelancer. Unlike employees that likely have a growing store of pay stubs collecting dust at home, many freelancers don’t receive convenient pay stubs for their labor. That wouldn’t be a problem except many review processes require one. If you’re looking for a loan, a new place to live or health insurance, you’ll need a pay stub to prove your income.
But for the self-employed, it’s common not to have regular pay stubs at all. You might send out invoices and get an email confirmation of payment, but what about something more official — a way that you can manage your freelancer pay stubs and show proof of income when you need it?
Here are some solutions that you may want to try.
Create a Profit and Loss Statement
Each year when you do your taxes you’ll have to determine how much you made, what you spent on your business and what your take-home profit was. But if you can organize that information in a profit and loss statement throughout the year, you’ll be able to create a freelancer pay stub or some kind of income statement whenever you need it.
Use Your Tax Return
If the income request is for an entire taxable year, you might not have to create a freelancer pay stub online at all — just use your tax return! Some banks may even require tax returns instead of a recent pay stub for approval, and there’s nothing wrong with providing your tax returns to a financial institution — just make sure it’s one that you trust.
Grab Those Invoices and Contracts
If you’ve been a freelancer for any period of time, you’ve likely got a large amount of invoices and contracts in your filing cabinet or on your computer that you can grab. It might not pass muster as a pay stub, but it’s a great way to meet the need in a pinch, and you can always try something else if the invoice doesn’t do the trick.
While it may not necessarily be the best way to share details about your income — after all, a bank statement also includes all your expenditures — a bank statement is often an acceptable method of proving income. But if you have access to online banking, you might be able to create your own filtered statement with only income, not your expenditures. A quick screenshot or export into Excel or PDF will complete the job.
How the Payroll Management Process Works
However, the easiest way to create a pay stub or manage your freelancer pay stubs is to use a pay stub generator online. With great-looking templates and other convenient features, you’ll be able to create a legitimate pay stub for any need — just paste in your information and finalize the formatting. You’re your own boss throughout the year, so why not create your own pay stubs?
If you’re looking for a place to help you manage those freelancer pay stubs, give PayStubs 365 a try. Our pay stub generator is free to try and only $8.99 per pay stub. It’s simple, fast and secure, and it doesn’t require any special software or a complicated printer to make it all work. Create custom pay stubs in just minutes, and let our software calculate all the numbers for you. Only pay when you’re ready to download and print it out, or get help from our 24/7 live chat operators if you run into any issues.