Have you ever wondered if you could easily create pay stubs for your employees without paying a penny? Well, what if we tell you that your wish could be accomplished for real? A pay stub generator is a solution for those who run small businesses or are independent employers who wish to create pay stubs easily and quickly without worrying much. The pay stub which is also known as a pay slip is a crucial document that needs to be generated for the employer as well as the employees to keep records and pose as an income proof for easy application for loans and tax filing purposes. You can quickly generate a pay slip using the Shopify pay stub generator with easy steps. Let’s see how you can do that!
What Is A Pay Stub? Why Is It Required?
An employee’s pay stub is a document generated by the employer mentioning the details of the employee’s salary breakdown. The pay stub or a pay slip, contains all the information regarding how the employee’s final pay was determined, including all of the deductions. The pay stub also includes information on the duration of the salary payment period, the number of working days, and other facts like the employee’s name, ID, company name, and address. It is a crucial document that helps both the employer and the employee maintain track of salaries that are given and received.
For Employees
It is a proof of income document for an employee and also helps the employee to understand how much in hand salary are they actually taking home while how much is being deducted and for what purpose from their actual CTC. When an employee has to apply for loans, lease a new apartment or file their income tax returns, a pay stub is required as income proof.
For employers
The employer also has to keep records of how much salary was paid to employees and the proof that salaries were actually paid on a particular date. This also helps in conducting risk assessments to make relevant salary-related decisions.
For individual contractors and freelancers
This document can be very crucial for self-employed individuals and freelancers too. It helps individual contractors track incoming and outgoing payments, pay quarterly taxes precisely, and acts as a solid proof of income too! Self-employed personnel and freelancers can generate pay stubs to keep track of all the payments to vendors and from clients for each project individually.
Which Is The Best Pay Stub Generator?
Wondering why you should choose Shopify to generate pay stubs? We have the answer right here!
It is totally free!
The most important thing to think about is that it is free to use. Shopify’s pay stub generator can be accessed for zero costs and that too without any compromises on features. You can create as many pay slips as you want using Shopify without investing in paid software that will do pretty much the same but with high costs.
It is quick and easy!
Creating pay stubs with Shopify will save you a lot of time. Pay stubs can be generated within minutes by simply entering the required information and then clicking on the create pay stub option. You will get the email with the generated pay stub immediately as you finish creating it. That’s impressive, right? Now you won’t have to wait for the accountant to create salary slips taking hours because you’ll be able to do it yourself right away.
It is efficient and convenient
Apart from being quick, easy and free, it is also convenient and efficient. The pay stubs created through Shopify are automatically generated in PDF format so you will not have to convert them into PDFs manually. The pay stubs you create can look as professional as you want them to be thus making it convenient for you. That is so because you can create customised pay stubs including only the information you want to provide like company, employee, income, and deduction information.
How To Use The Pay Stub Generator By Shopify?
The process to create a pay stub on Shopify’s free online pay stub generator is quite easy. You just have to follow the below-mentioned steps and you’ll be able to generate professional pay slips within minutes.
- Visit the Shopify website, click on Free Tools and then click on the Pay Stub Generator and the page will open.
- Enter your company information under all the required fields mentioned there.
- Next, you will have to enter all the information of your employee under the section with details like employee name, address, email, employee ID/code, city and zip code.
- Now provide all the details about the employee’s income. This will include details like the paying period, the annual income, cheque number, and the basis of paying which means whether you are paying weekly, monthly, quarterly etc.
- The last thing you need to provide the information about is the deductions that are applicable to the employees. You can add one or more sections of deductions depending on the applicable ones. These deductions could be income tax, life insurance, union dues or any others and you will also be required to state the applicable amount for each deduction separately in front of each line.
- Cross-verify all the information entered and click on the create pay stub option in the below right corner. The pay stub will get created instantly and you will also receive the same in a PDF format on the registered email address.
Conclusion
Whenever payments are made or salaries are credited, it is crucial to have a proof of the same. A pay stub could be a solid proof of income for employees which can help them in applying for loans and identifying their specific income tax paying slabs. This document is equally crucial for businesses, self-employed individuals and individual contractors for the very same purposes. You can easily generate as many pay stubs as you want using an effective pay stub generator online for free. Shopfiy’s pay stub generation tool is absolutely free and is very quick and easy to use for anyone. You must give it a try especially if you are a small business owner.
For more information and updates, keep browsing CelebZero.