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Digitisation continues to shape the modern business world, and one area that’s under transformation is payroll.
Nowadays, many companies across the globe have gone digital with their payroll processes, which means sending out online payslips instead of traditional paper versions.
Making the switch to electronic payslips, also referred to epayslips and online payslips, comes with a suite of benefits for businesses of all sizes - from saving time and money to improving data security.
If you’re yet to adopt online payslips, or you aren’t convinced by them just yet, let’s check out some of the key perks they can bring to your business.
By now, every company should be acutely aware of the importance of data protection, which extends to keeping your employees’ personal data safe and secure.
This can be more difficult with printed payslips. Whether posted or physically handed out in the workplace, printed paper payslips pose a number of potential data security vulnerabilities, which can lead to sensitive personal information being breached.
However, with the right payroll software - requiring unique, personal verification to access epayslips - going online can eradicate many of these issues. As a result, your employee data is better protected.
Like many digitised finance processes, going online with your payslips can save your company valuable time on repetitive manual tasks.
Ultimately, this will boost productivity - particularly for companies who operate a weekly or bi-monthly payroll.
By introducing digital payroll, many of the manual-labour-intensive tasks like data inputting can be automated, while payslip printing and distribution are no longer needed. Instead, employees can log in to gain access to their payslips online when and where they choose.
Cost savings are among the primary benefits of online payslips.
With the rising costs of printing and postage, plus the increased manpower required, paper payslips can create a significant financial drain on a company.
With this in mind, transitioning to digital payroll and reducing the number of paper payslips can have a positive impact on your company’s bottom line.
The shift to remote working over the past few years has served as a catalyst for online payslip adoption, along with advances in software functionality, security and accessibility.
As a result, payroll employees now have the capability to do their work remotely through secure online portals. This ensures employees receive their payslips on time with no risk of their data being compromised.
Just like online banking, electronic payslips afford employees more flexibility when it comes to accessing their personal information anytime and anywhere.
This all goes towards an improved employee experience as employees won’t have to wait until they’re in the office or at home to receive their payslip. They can simply log in from their phone or any other device of their choosing at their own convenience.
Digital payroll also stores other important payroll documents, including time sheets, P60s, P45s and P11s - giving employees quick and easy access to the various information and documentation they need.
Payroll is just one of the many financial operations that can be transformed through embracing digitisation. To learn more about digital financial services from the experts at Harlands, get in touch with our team today.