To access a loan or rent a property, you may need to provide proof of income. The purpose of the proof of income is to show you have a source of money to pay the rent or pay back the loan. For people who are employed, proving income is easy as you only need a letter from your employer, or you can use the pay stubs. Self-employed may, however, have a hard time showing they have a stable source of revenue. To prove that you have a source of revenue when you are self-employed, you need to search for essentials to guide you. Here are simple ideas for proving income when you are self-employed.
If you have a business, you can use the profit and loss statements as proof of income. A large number of self-employed individuals are owners of small and medium enterprises. Hence, you take part in the company’s profits to cater to your personal expenses. Hence, for entrepreneurs proving revenue is easy when you have profit and loss reports. It is wise to therefore ensure proper bookkeeping if you intend to use the profit and loss statements as proof of income when renting an apartment. The goal is to have a comprehensive statement that shows the business revenue, expenses, and what you get as profit.
You can also use bank statements as proof of income when applying for a loan or planning to rent an apartment. Maybe you do freelance work, and your clients pay you through your bank. Hence, your personal bank account has a history of your earning over a given duration. Hence, you can visit your bank and request an account statement that you will present to the property owner when signing the rental agreement.
You can also create your own pay stubs that you will use as proof of income. Maybe you are unwilling to give out your bank statements when renting an apartment. It is therefore wise you search for a simple and quick alternative for showing proof of income. It is, therefore, wise you search for an online platform you can use for generating the pay stubs. You will aim to find an easy to use tool for creating personal pay stubs. The idea is to use this online platform to input your cash income and produce the payslip. Hence, you need to learn the essentials to help you determine the top website to use for creating the personal pay stubs.
You should therefore review the above options to know the one to use to prove revenue when you are self-employed. The key thing is to select the one that is simple and appropriate for you.