benefits-to-epayslips

Benefits to ePayslips

 10 Dec 2018

The concept of electronic payslips has become widely adopted for most businesses and the benefits are reported for both the employer and employee. However, many new or smaller businesses still opt for printed payslips following the perception that epayslips are more expensive to process, require professional support or they don’t understand the benefits. But contrary to belief, printed payslips are commonly more time-consuming to complete, incur a larger distribution cost and are not environmentally friendly.

Benefits for employers

More cost-effective - Electronic payslips prevent the need to print and distribute payslips for your employees, which will allow the company to save on paper and postage. In a previous study, 83% of respondents saved money on labour time when switching to electronic payslips. The savings reported by the respondents were between £1,200 - £6,000 per annum.

Enhanced security - Following the recent years heightened rules and regulations regarding company and employee personal data, being confident that employees pay information is securely transferred to the employee only can be a significant benefit.

Improved company carbon footprint - Reducing the companies overall carbon footprint doesn’t provide any financial benefits in return but a significant selling point to customers, employees and the businesses overall ethics. Many consumers will look to use the services of companies which show an active approach to greener processes and you’re eco-friendly employees will appreciate the effort.

Easy distribution - Dependent on the company size, distribution of paper payslips meant printing payslips in various locations or posting the payslips directly to the employee, however, epayslips provide the easy function of uploading their payslips to a secure online portal which the employee has access. This has been shown to significantly reduce labour time and associated costs.

Protection from third-party problems - The distribution of paper payslips meant involving various services and they could encounter issues which caused problems in employees receiving their payslips from severe weather to postal strikes. The introduction of electronic payslips means that processing can happen externally and be uploaded to the employees secure portal.

Benefits for the employees

24/7 access - Online epayslips allow for the company to upload the employee's payslip onto their online portal. This then allows the employees to have unlimited access to their payslips in a single and secure location.

Historical payslips - Access to an online portal means that employees have easy access to all their historical payslips to check for discrepancies or pension contributions. As an employee, this information may be valuable when personal services require proof of income such as justification for a financed purchase.

Enhanced security - Employees will appreciate the efforts that the employers are trying to implement through a secure online portal. Access to these epayslips will involve each employee having their own login details to maintain security. In addition, employees will be confident that their privacy has been managed whereby only the processing payroll company will have seen their payslips through processing and no other employee has been handling their document.

P60s available online - Automatically generated P60’s will be available through the online portal meaning that employees can easier see their annual contributions and deductions. Even if an employee has left the company then they will have access to information historical payslips and P60’s for new employers.

The transition between paper and electronic payslips can be a seamless process whereby professional payroll bureaus can manage your entire businesses payroll and provide employees with epayslips. Furthermore, the benefits extensively favour the use of epayslips rather than paper alternatives. There are various methods to have your payroll performed to suit your business and budget, so discovering how you could outsource this non-core process could save the business considerably.