As a new business owner, there are many details above and beyond the product or service you are offering that will need your immediate attention, and perhaps the most important of these details are your financial obligations. In this brief article, we will show you how you can use sample pay stubs to verify your income, deductions, and expenditures so that you can secure credit for whatever your business venture may be and guarantee accurate employee record keeping.
Can a Sample Pay Stub Help You Secure Credit?
Most businesses just starting out will need to establish credit with a bank or other lending institution. This money can be used for things like start-up costs, new equipment or even salaries, however, in order to secure credit with a bank, you will first need to prove your business solvency by providing a sample pay stub that lists your income and deductions.
Sample pay stubs are different than a bank account statement. These stubs help show banks not only the money that is coming into your business but also the deductions for items such as income taxes, disability insurance, and workers compensation taxes. This makes it much easier for you, as the applicant, to reconcile your income and expenses with the bank using one easy-to-read format that is universally accepted, and may speed up the loan acceptance process.
The Sample Pay Stub and Your Employees
If you look online for business solution software you will undoubtedly find there is no shortage of these types of programs, but you need to look carefully to ensure the program you are planning to purchase contains sample paystubs direct. Consider this: whether you have 1 or 1000 employees, you are going to need to issue them paychecks at the conclusion of an agreed upon pay period. Moreover, these paychecks will need to contain a pay stub so that your employees can keep a record of their income and deductions. Programs which contain sample pay stubs allow you to browse through many different formats until you find the one that is perfect for your unique business reporting needs.
Browsing through sample pay stubs and choosing the one that presents the information relative to your business in clear and concise terms not only helps you as the business owner account for income and deductions but similarly helps your employees in their record keeping. Conversely, pay stubs which are difficult to read and hard understand may be confusing and will be little use to them whatsoever.
Sample Pay Stubs and Direct Deposit
These days many employees are paid via direct deposit, but that does not mean you are relinquished as the business owner of your duty to provide pay stubs. You will still need to provide employees with a written statement of their income and deductions, and sample pay stubs can help you choose the perfect type for your employees who are paid via direct deposit into their bank accounts.