Online payslips are a great way to be a modern employer. They also offer tangible benefits for your employees and your business. Many SMEs are adopting a modern, connected way of working because of the increased digitization of business operations, from marketing to finance, which allows them to manage their business through digital systems. Many businesses are now using online pay slips to track their employees. This process can be automated with most payroll software, which will allow you to become more efficient as well as cost-effective.
What are online payslips and how do they work?
Let’s clarify what online payslips means before we move on.
Online payslips can also be called electronic payslips, epayslips, or simply epayslips. They are an electronic version, or epayslip, of a paper payslip. The electronic version of a payslip contains all the same information that an employee would expect to find on a paper form. However, it is delivered in digital format.
Let’s now get to the five reasons why your company should use online payslips.
It is cost-effective
Online payslips are cheaper than paper slips. They are available online so your team doesn’t have to print and mail slips to employees on a weekly basis. This will reduce both paper and postage costs, as well as save you time and allow your team to do other things. You want more? The Chartered Institute of Payroll Professionals (CIPP), in a survey, found that 83.3% of respondents had reported a decrease in payroll costs after switching to epayslips. The savings that they claimed ranged from PS1,200 up to PS6,000 annually, which is quite impressive.
Improved communication and delivery
No matter how talented your finance team is, there’s always the possibility that paper slips end up piling up at the HR office waiting to be distributed. Employees can’t get their paper slips if the Finance Team or HR Officer are not available. Online payslips are delivered by email or via app notification. This ensures that the slips arrive on time and reach the employee promptly. You can also add communications to your delivery, notifying employees of any pay-related updates or reminders about auto-enrolment.
Environment Friendly
This one is complicated. Printing less paper means less wastage. Reduce your carbon footprint by removing paper slips from your business process. This is a great option for companies that are focused on sustainability. You can reduce the amount waste by providing pay slips via a cloud portal. Employees who are environmentally conscious will also appreciate a work environment that is friendly to the environment.
Better Online Security
HMRC-accredited https encryption is used in most payroll software. This means that any epayslips are uploaded to and sent via a secure hosting center. Employees can access their data only by using an ID and password to log in to view their payslips under such systems. They have extra security and privacy as their pay information is not left behind or lost. Plus, you can ensure GDPR compliance! You can also ensure compliance with the GDPR by having access to payroll data via a secure portal. Payroll data is sensitive personal information.
Easy To Use
Last but not least, online payslips make it easier for both the business and the employees. All staff have access to the online portal. This allows them to view past data and can download, print, or save it online. This is great for supporting evidence requirements such as mortgage applications. The information can be accessed from any device, anytime. Staff who work remotely, or on the move, can access their payslips via any internet-enabled device. Having all your current payslips, P60s, and other information in one place makes it easier to organize and store. There are no more paper piles or home filing systems for keeping personal records current.