As a small business owner you may have noticed that one of the biggest problems you face is providing proof of income when applying for any kind of credit. As most small business tend to operate on the basis of cash it can be very hard to convince the loan officer of your income. If you were an employee with a larger company, you would have a pay stub to provide the proof of income you would need to secure the loan. Being a small business owner you can use a check stub using an easy to find template to create your own pay stubs as proof of income.
Taking Care of Business by Using a Template to Create Your Check Stub
If you, as the owner of a small business must have a way to provide proof of income, then you must also be prepared to provide each of your employees with one too. Since you have employees who earn a paycheck each week or biweekly you will need to use a template to create a check stub that will provide them with written proof of their gross pay for the pay period as required by federal law.
You are also going to find that your employees are going to want to know how much is being taken out of their pay before they get their paychecks which only show net pay. Good business sense and in most cases the law states that you need to provide all employees, both part time and full time, proof of their gross pay, any and all deductions that have been taken out and the resulting net or take home pay at the end of the period.
Creating the Perfect Pay Check Stub
While for many years check stubs were written by hand or created by an accountant, this is no longer necessary. Depending on the type of accounting software you are currently using you can find the right template to create a check stub that will work seamlessly. For example there are templates that are designed to work with Excel that can create and print a check stub for payroll or billing with a simple click of a button.
Once you click on the button the software fills in the blanks with the proper amounts including all taxes and deductions that have been taken. A net pay amount is shown at the bottom of stub for your employees or loan officer to clearly see. With a little research you will find there are several free or low cost templates available online that will do the job perfectly for you.