People who are self employed and have a business of their own has no one to answer to but himself. There is nobody to work for but yourself and you can even dictate how much you want to work and how much salary you want to give yourself. While there is much freedom as a self employed, it also has its own drawbacks. One drawback is not being able to prove your income if you need to apply for a loan or a credit card. Instead of showing your entire bank account to prove your income, it is better to have your own pay slip instead.
If you are a regular employee of a company, you receive a payslip each time you receive your paycheck. Your employer uses a template to document how many hours you have worked, your gross salary, and how much you were paid after all your deductions were paid. If you are self employed, you are the only one who knows exactly how much you make, and this can make it difficult to prove your income when you are applying for a loan. But, if you use a template to create your own payslip complete with all of the appropriate tax deductions, you will have real proof of income. It is possible to create a pay stub similar to what employees receive which has complete company name and address on it. If you give yourself a pay slip every week, then you will have a proof of income whenever you need it. Proof of income available is important even if you don’t really write out a paycheck for yourself.
If you are looking for a pay slip template you can look for it in any local office supply store and the library. Today , most self employed people and small businesses rely on their computers to track their finances, so your should also look for a template online. An online search would reveal many different types of templates that you choose from for your needs. With the right template, you can create your own pay slip or the pay slip of your employees which includes all information pertaining to gross pay, taxes, and deductions and a net pay per week or whatever time frame you choose. This pay slip will make it much easier for you if you decide to apply for a loan and need to show proof of income.
So if you are self-employed, the drawback of not being able to prove your income is already resolved by creating your own pay slip through templates that are available online.