Printable Pay Stubs – Providing Proof of Your Income
Advertisement
When you are self employed it can be very hard to provide proof of your income should you decide that you want to apply for a business loan or a mortgage to buy a house. When you were employed by another person or company they made use of printable pay stubs that recorded how much money you grossed each week and how much was left after all deductions were made. Just because you have become self employed does not meant that you should not enjoy the same privileges.
Part of the problem that most self employed people have is that their actual business income varies from week to week. Trying to show a loan officer that you do make enough money over the course of time to be able to support a loan is not easy. You could of course try to show him the deposits that are being made into your business account, however this information is not something that you necessarily want to make public.
Most loan officers do not want to have to take the time to interpret a stack of bank statements to see if you really do make enough money to cover the payments on a loan. They are interested in being able to quickly see your income and verify that you do actually have enough personal income from your business to repay the loan. When you take the time to use software that creates printable pay stubs so that you can provide them with the proof they need, your chances of being approved for a loan are much higher.
Finding the software you need to create printable pay stubs is relatively easy as there are a plethora of sites online that offer both free and pay to use templates solely for this purpose. In some cases you may even find that the accounting software you are currently using will create a paystub for you. If you have to use third party software to create paystubs there are a few things you need to be sure of with the template you choose.
Most importantly, you need to find software that will integrate seamlessly with the accounting software you are currently using. The best software allows you to export the information directly from your accounting software to that which creates your printable pay stubs with a minimum of effort and has a short learning curve.
The pay stubs will also need to show the same basic information that you would see on one if it came from another employer. This includes hours, pay rate, gross pay, deductions such as taxes and net pay. This way your loan officer will be able to quickly asses your income and decide whether or not you are going to be able to afford the loan you are seeking.