In today’s digital age, there’s no need for businesses to be bogged down by outdated paper-based processes. This is especially true when it comes to payroll, where the manual distribution of payslips can be time-consuming and costly. Not to mention inconvenient for employees who are now used to having everything at their fingertips.
Switching to electronic payslips, or e-payslips, is a smart move for any business that wants to streamline its payroll operations and save money. In this article, UK payroll specialist Finesse Resources outlines how and why you should make the switch.
What is an electronic payslip?
An electronic payslip is a digital version of a traditional paper payslip. It contains all of the same information as a paper payslip, including the employee’s name, salary, deductions, and net pay. However, e-payslips are stored and delivered electronically, making them more secure, convenient, and environmentally friendly than paper payslips.
Digital payslips are usually in PDF format and can be distributed to a mobile app, email, via text SMS or a combination of all three.
Why should I use electronic payslips?
When you weigh up the pros and cons of electronic payslips, there’s no denying that every business should now be going digital when it comes to payroll. Here are a few reasons why:
- Reduced costs: E-payslips eliminate the need for paper, printing and postage, which can save businesses a significant amount of money.
- Increased efficiency: E-payslips can be delivered electronically in a matter of seconds, saving businesses time and effort.
- Improved security: E-payslips can be stored securely online, reducing the risk of loss or theft. Online portals often use passwords or fingerprint IDs to ensure maximum data security.
- Enhanced convenience: Employees can access their e-payslips anytime, anywhere, from any device.
- Reduced environmental impact: Switching to e-payslips helps businesses reduce their paper consumption and environmental footprint.
What other features do online payroll portals offer?
In addition to e-payslips, online payroll portals offer a variety of other features that can benefit businesses of all sizes. Employees can access their payroll information without taking up the time of payroll, HR or finance employees. This includes important documents such as p60s as well as historic payslips.
They handle various other payroll tasks, from updating contact information to tax calculations and managing leave requests. It’s a streamlined way to handle your payroll needs that helps employees access information on a self-serve basis.
How to switch to electronic payslips
The easy way to adopt electronic payslips is to work with a specialist payroll provider that offers digital payslips who can manage the switch on your behalf and provide helpful support and resources for you and your employees should any questions or concerns arise.
- Choose a payroll provider: Select a payroll provider that offers e-payslips and other features that meet your business needs.
- Set up your online portal: Work with your online payroll provider to set up your account and import your employee data to an online payroll portal.
- Communicate with your employees: Let your employees know that you are switching to e-payslips and provide them with instructions on how to access their new payslips online. Your payroll provider will be able to provide you with clear, easy-to-follow instruction manuals to distribute to your employees.
- Start using e-payslips: Once your employees have been notified, you can begin distributing e-payslips instead of paper payslips when you run payroll. Outsourcing to a specialist payroll provider will mean the whole process is taken care of for you.
UK business? Get in touch with Finesse Resources
Switching to electronic payslips is a smart move for any business that wants to streamline its payroll operations and save money. If you’re considering making the switch, Finesse Resources can help. We offer a comprehensive online payroll solution that includes e-payslips, as well as a variety of other features to help you manage your payroll efficiently.
Contact us today to learn more about how Finesse Resources can help you switch to electronic payslips and streamline your payroll operations.
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