Do you need automated employee payslips? No matter how one approaches it, payroll is complicated. However, there are tools that can simplify this complex and oftentimes overwhelming process. Automating your payroll process will provide you with more accuracy, save you money, and increase productivity.
In this article, we will discuss how automated employee payslips can simplify your payroll process by defining what the payroll process is as well as what a payslip is, as well as discuss how payslips can be automatically generated and accessed by employees.
What is Payroll?
Payroll is the weekly, bi-weekly, or monthly task of calculating each employee’s earnings and deductions and paying them what they are owed. Deductions can consist of taxes, medical aid, pension funds, and more, depending on the agreement made between the employer and employee. Payroll is a process that a business cannot do without; however, it is time-consuming and requires an extreme amount of accuracy. This is why payroll automation is rising in popularity. Not only does automation speed the process up but it also reduces the number of human errors, ensuring that employees are paid fairly.
What Is a Payslip?
A payslip is a document that states what an employee’s salary is before all deductions, lists the deductions, and the final amount payable to the employee. A payslip must be sent to or be accessible to an employee at all times. Payslips are proof of employment and income (often used when taking out a loan). Payslips are however not required for contractors and freelancers as they essentially run their own business.
Opt for an Automated Employee Payslips
There is payroll software that can generate your payslips automatically for you, ensuring that nothing is missed in the calculations. This will also prevent employees from being over-or underpaid which will save the company money in the long run. Money can also be saved by this type of automation due to the fact that fewer employees are needed to perform the same amount of work.
How Do You Send Payslips to Employees?
There are a few options when considering how to present your employees with their payslips. Previously, payslips were physically handed to employees on a piece of paper; however, since electronic payslips have become more acceptable, payslips are often emailed to employees or are accessible online.
Emailing Payslips to Employees
One can have a system where a payslip is automatically generated and then emailed either manually or automatically to the employee in question.
Employee Self Service
If one makes use of an online payroll service such as PaySpace, it is possible for employees to access their payslips and other information through a self-service portal on a variety of devices. Further simplifying the payslip process for those performing payroll.
Contact our team at PaySpace to find out more about how our online payroll solution can provide your company with simplicity and accuracy.