For many years, there was only one real way to issue a pay slip – print it off and hand or mail it to your employees. However, times have changed and as many aspects of payroll have gone digital, so too have the payslip. So, are you still using paper format? And is it time to consider a change?
Electronic payslip basics
Electronic payslips are a simple, electronic version. They can be accessed whenever the employee needs them on any desktop or mobile device. When you use a payroll service such as Trace Payroll, we automatically offer the option of ePayslips for your staff to help streamline your business while ensuring you comply with regulations in the area.
Employers often worry that electronic slips aren’t legal. According to HMRC, electronic payslips are valid. The only stipulation is that the employee must be able to access the internet in order to see the payslip. If for some reason the employee cannot, then the employer should print it for them. The annual P60 slip still needs to be printed as normal.
Benefits to ePayslips
One of the big advantages for the business is that you can build up a rolling 12-month record of payslips without the need to physically keep these records. This means staff have the option to access them whenever they want, and employers save on the space of physically storing records. It is also easier if staff need a copy of their payslip, for a mortgage application for example, as there’s no need to reprint and they can access the information via the portal.
Security of information is a big worry for all businesses and staff data is as sensitive as customer data. With e-Payslips it is easier to set up a securely dedicated hosting centre that means all information is transferred using sites with top SSL certificates (designated by https at the start of the website rather than http). This helps protect staff information by encrypting all the data.
Little ways to help
Every document printed costs money and even if you have a small workforce, e-Payslips save in terms of stationery, printing and other costs. While these might be small individually, they can add up over the course of a year. This means the business can make a small saving on the cost of physically producing payslips.
The electronic payslip system is also an environmentally friendly option for the same reasons that it can help make a small cost saving to the business. You use fewer resources and power because you aren’t printing the documents, and this helps towards reducing the company’s carbon footprint.
Starting with ePayslips
Part of our service at Trace Payroll is to offer electronic payslips for your staff. We can help you easily transition to this system and ensure that all staff can easily access their information as required. It also helps towards a general paper-free business system that can save you time and money while ensuring all requirements are met.