Digitisation is a word that keeps cropping up in the world of business, and doesn’t seem to be disappearing any time soon. A growing number of businesses are transitioning to online payslips, so if you are still using paper payslips you may want to carry on reading this blog!
Payroll software allows you to improve the efficiency of your business processes, while keeping costs lower too. A win, win situation! Think of what else you can invest in, using the money saved from manually creating your payrolls each month.
Online payslips, commonly known as e-payslips (electronic), are just the same as paper payslips and contain all the same information, yet in an online format. One of the biggest benefits of online payslips is that there is no need to print them off & post them to employees. As well as improving sustainability and reducing postage costs, this also reduces labour expenses. A recent survey carried out concluded that 83% of businesses asked saved money by doing payslips online.
We have touched on how online payslips are more sustainable than printing out paper payslips each month, but for businesses looking to improve their green credentials, this is incredibly important. Reducing paper usage can not only have a positive effect on the environment, but also staff too. Encouraging like-minded, environmentally-conscious people to join your business.
Of course consumers take an interest in the green credentials of businesses they purchase from too. It could be the one thing that makes you stand out from the competition. Now you may be concerned that online payslips are more exposed to data breaches and hacking attacks, but actually they are more secure than paper payslips. Think about how many paper payslips you have seen lying around on desks in the office, or have fallen out of someone’s pocket without them realising.
The main advantage to employees of moving payslips online is that their details are less likely to fall into the hands of the wrong person. They are able to check their payslip at any time, from a desktop computer, or mobile phone – much more useful for those who regularly work from home. By having digital payslips, it makes it much easier for employees to go back and check any old payslips without having to rifle through lots of paper documents.
When your business is ready to move its payslips online, it really is worth looking at investing in payroll software that can help keep your records organised and compliant with Making Tax Digital. Sage 50 payroll is one of the best out there, allowing you to manage your payroll securely & accurately.
It is also worth considering whether you need to outsource your payroll, or are able to keep it in-house with the move to a digital platform. If you are happy to manage your payroll in-house, remember there are lots of things to be aware of including MTD and GDPR. Smaller businesses may be better off outsourcing their online payslips, simply due to having limited resources.
If you would like any more information on making the move to online payslips, give the team at Reality Solutions a call and we can help talk you through the best solutions that Sage provides.
*This article contains general information in order to assist all of our customers and is meant for guidance only – there are no guarantees that the information we provide will be suitable for your particular needs. If you require specific assistance, we recommend that you seek professional guidance on your individual circumstances. Reality Solutions are in no way responsible for any loss or damage arising from any information contained within our articles.