How to Make Payslips for Employees: Getting It Right

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How to Make Payslips for Employees Getting It
Right
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• For employees, there is something quite
  self-satisfying about getting their hands on the
  payslip at the end of the pay cycle. They see how
  much theyve been paid, how much has been
  deposited into their superfund and they feel
  happy their hard work is paying off.

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• For an employer, Employee payslips can be an
  administrative nightmare. If youre working with
  the traditional mode of accounting, you are more
  than likely entering pay information manually,
  printing payslips out and then physically
  distributing them to employees.
• As its a legal requirement to provide employees
  with a payslip, its not something employers can
  sweep under the carpet and get to when they
  can. Or when they have to.

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• So how to make payslips for your employees and
  what can you do to streamline this part of the
  pay cycle? How can a business owner save time and
  money around a necessary administration
  procedure?
• When we work with clients on their payroll
  processing and more specifically the nitty gritty
  of employee payslips, we look at the following
  areas and see if we can improve on them.

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• Information
• Has the right information been captured? Names,
  bank account details, dates. Its important its
  correct and in one spot.
• Are employees being paid the correct rate and are
  entitlements such as parental leave, sick leave
  or overtime being included?
• Have any legal changes such as an increase in the
  minimum wage been incorporated and updated
  correctly?

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• Administration
• What is the pay cycle and how does this impact
  the workload of the payroll officer or
  bookkeeper? Is there an opportunity to reduce the
  workload by paying monthly instead of fortnightly
  or fortnightly instead of weekly?
• How automated is process? Is payroll information
  entered manually at every pay cycle or is it
  largely automated and streamlined?
• How are payslips distributed? Are they printed
  off and handed out to employees? Is there a less
  costly alternative to this? 

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• Satisfaction
• What is the error rate on employee payslips? How
  long would the person responsible for payroll
  processing spend on fielding enquiries from
  employees about possible incorrect payments?
• Do employees tend to misplace physical copies of
  payslips or do they never receive them in the
  first place?
• Does the employee payslip state all the
  information it is legally required to? 

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• As we work our way through the questions, it
  often becomes clear that the actual employee
  payslip process can be streamlined and managed a
  whole lot better through a cloud based approach.

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• Payroll processing professionals can adopt
  self-service style payroll strategies, known as
  Employee Self Service (ESS). This is where
  employees can access their personal information,
  including employee payslips, on a central portal.
  Paper is eliminated, time spent chasing lost
  payslips is completely taken away and employees
  can access their information any time of day or
  night and download what they need to. Very handy
  at tax time!

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• Cloud accounting strategies such as e-payslips
  and online payroll modules keep this cycle moving
  in the right direction. Employees get
  convenience, choice and predictability. Business
  owners get to cut costs, reduce hassle for their
  payroll team or bookkeeper and save time.
• Its a bit of a no-brainer, isnt it?

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• If youre unsure how to make payslips for
  employees, or would like to have a chat about
  outsourced payroll, we are here to help. We will
  review your current practice and provide guidance
  and advice on ways to streamline your payroll for
  a better bottom line.
• https//www.ikeep.com.au/