Every employer is liable to provide a salary slip, also commonly known as payslip, to his employees. Traditionally, employers used to provide a hard copy of the salary slips to the employees while keeping the original one with themselves.
In fact, there are still many companies that follow this old and tiresome method of issuing salary slips. This process is not only time-consuming and troublesome but also makes it difficult for the employer to keep all the records safe and accessible. This is why a lot of employers have started providing online salary slips to their employees.
An online salary slip provides a host of benefits to both the parties. It not only saves time for the company’s finance department but also enables the employer to keep a direct track of his expenses as well. There are a lot of components in a salary slip which are very important for maintaining the IT (Income Tax) file of an organisation. Therefore, having online salary slips for your employees does not only help them but it is beneficial for you and your company as well.
Salary slips/Payslips also serve as a very important document in income tax planning which is why it must be kept safe and secured.
6 Benefits of Online Salary Slips
Online salary slips are also commonly referred to as “e-payslips” which serve plenty of purposes to the party that provides it as well as to the one that receives it. The 6 major benefits of it are as follows:
Cost-Effective
A printed salary slip involves printing and postage costs. Also, to keep those slips safe and secured, a company has to maintain a number of files that account for additional costs every month. An online salary slip can be easily sent through emails which helps in saving the money that would have been spent otherwise on all these unnecessary expenses. Cutting down expenses is very important for increasing profits and it does not matter how big or small these expenses are. Therefore, sending online salary slips to your employees can save you a considerable amount of money.
Time-saving
The whole task of providing physical salary slips is a very time-consuming process. First, it needs to be printed and posted to the employees. Second, the original copies have to be filed in order to keep it safe. Third, arranging all the slips in chronological order is a time-taking process.
Also, in case a salary slip of any particular employee is required to review, finding it out of so many other slips can be a tiresome task. All these problems can be resolved with the help of online salary slips. It saves time as the slips are automatically stored in your company’s email and can be easily searched for when needed.
Highly Secured
Physical salary slips are stored in files that can either get stolen or misplaced by anyone. Also, papers are perishable and storing them for a long time is not a safe task. Therefore, having an online salary slip system is highly secured as the soft copy of it not only gets saved in your smartphone/laptop once you download but is also saved in your emails, thus providing dual security.
Easily Accessible
An online salary slip can be accessed anytime and anywhere without any hassle. Since it is stored in emails, it can be easily accessed through your smartphone whenever you want. Whether you need it in a bank in order to apply for a credit card or in an income tax office for filing returns, you do not need to carry physical salary slips. You can easily access it through your email and provide it immediately.
Safe Storage Facility
Online salary slips are safe and secured as it is saved in emails. Loss of physical salary slips is a very common issue that can create a lot of chaos in the work process. An online salary slip is automatically saved in email accounts of both the sender as well as the receiver. In a case when one party loses it somehow, it can be easily retrieved from the other one.
Environment Friendly
Physical salary slips mean printed papers! It is very important for everyone to do their part in environmental conservation and saving papers is one such contribution. With the use of online salary slips, employers can save a lot of paper which goes wasted in printing slips.
How Can You Provide Online Salary Slips To Employees
If you happen to be using printed salary slips hitherto and want to switch to online salary slips then there is nothing to worry as this scaling can be done easily. At first, you need to train your finance department with some basics such as sending emails, savings documents online or on a local drive, making a copy of files, etc. There are high chances that most of your employees do not require any professional help as today’s generation is well acquainted with these technical skills.
The next you need is to install a payslip management software, which one can find easily on the internet. You should start with a basic one that requires no cost and then switch to a professional and paid payslip application. Although you can keep records of all the payslips on your company’s email account, it is important to adopt a completely digital environment as a payslip management software helps in work automation and reduces the humdrum and mundane task of the accounting department.
Moving to a digital and automated platform for generating online salary slips for employees will also give you a competitive advantage. The fact is much clearer than ever that companies who ignore the importance of adopting technology and changing with time, fall in an abyss. Hence, it is not only a matter of gaining efficiency but also to keep your workforce up-to-date with the advancement of technology so as to emerge a leader in the industry.
A salary slip is a very important document for an employer as well as for employees. However, a lot of people realize the need for a salary slip only at the time of paying taxes or when they apply for a loan or credit card. One needs to understand the importance and at the same time the benefits of having an online salary slip for employees. In addition to all these benefits, maintaining an online record of all salary slips is free of cost and does not require cumbersome book-keeping, which allows gaining an advantage by saving resources
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