So let’s get to the 5 reasons your business should use online payslips:
1. Cost Effective.
That’s right online payslips are more cost effective than paper slips as they are available online, so there is no need for your team to print off and post slips out to staff on a weekly, bi-weekly or monthly basis. This means you’ll reduce your spend on both postage and paper, and probably save time completing this manual process that frees up your team to crack on with something else. Need more convincing? When the Chartered Institute of Payroll Professional (CIPP) compared payroll statistics between paper and electronic payslips in a survey, they reported that 83.3% of respondents had reduced costs by switching to e-payslips. Impressively, the savings they declared ranged from £1,200 to £6,000 per year.
2. Improved Communication and Delivery
No matter how great your finance team are, there is always the chance that paper slips would end up piling up in the HR office awaiting distribution. If the HR Officer or Finance team are unavailable, employee’s couldn’t collect their paper slips. With online payslips the delivery process is usually by email or app notification so it’s delivery on time and directly to the employee. Plus, did you know you can add communications to the delivery notifying staff of pay-related updates and auto-enrolment reminders.
3. Friendly For The Environment
Do we need to spell this one out? Reduced printing means reduced paper, which means reduced wastage. Removing paper slips from your process results in your business reducing its carbon footprint – perfect for businesses with a focus on sustainability. By providing payslips through a cloud portal, you can reduce the amount of waste you produce. Creating an environmentally friendly work environment also has the added benefit of appealing to employees who are eco-conscious.
4. Better Online Security
Most payroll software uses HMRC-accredited ‘https’ encryption, which means that any e-payslips are uploaded and sent using a secure hosting centre. Under such systems, employees can only access their data by using a unique ID and password to login to view their payslips. This means they have added security and extra privacy for their pay information, as their payslips are never left lying around or misplaced. Plus, you can ensure GDPR compliance! Payroll data contains sensitive personal information that must comply with all requirements set out by the GDPR, having a secure portal to access this information complies with data protection.
5. Ease Of Use
The final point to note is that using online payslips not only make life easier for the business but also for the employees. Having access to an online portal means that all staff can view historical data, this can be printed, downloaded or saved online – perfect for evidence requirements on things like mortgage applications. They can also access the information anytime, anywhere. For those staff who work remotely or are ‘on the road’, they can access their payslips from any internet enabled device. Plus, having all of your up-to-date payslips, P60s etc in one place helps with organisation and storage. No more piles of paper or home filing systems to keep their personal records updated.
So there you have it, our 5 reasons you should switch to online payslips with benefits for both your staff and your business. We support hundreds of UK businesses with their accounting software packages, from Sage 200 and Pegasus Opera 3 to Exchequer and Dynamics 365 Business Central. If you would like more information on our support and implementation services please visit one of our relevant pages below or, if you’re not sure what the right accounts package is for your business, you can request a free accounting software review here.