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What is a Payroll Slip?
A payroll slip provides the necessary financial information of your employee’s gross payment, their total amount of deductions, and their take-home pay for a specific period. Commonly, a payroll slip is given a few days or a day before your employee’s payday twice per month. At the same time, this document includes additional information, although not required, in your employee’s payroll slip. This includes your tax code, your national insurance number, your annual or hourly pay rate, as well as your other additional compensation (overtime, bonuses, or tips). And with technology nowadays, payroll slips may be given to your employees via print or online.
What are the Different Types of Payroll Services?
Before you can disseminate your employee’s payroll slips, you need people to manage and process your entire payroll. Commonly your payroll is handled by your accounting department with the aid of your human resources department. However, if you are still a small business, you, the owner, and your associates can handle your company’s payroll. Keep in mind that as your business grows, you’ll need more personnel to handle the task. Listed below are a few payroll services your company may implement.
What are the Benefits of Having an Online Payroll Slip?
Although most of you are used to having printed payroll slips distributed to your employees a day before their payday, have you ever thought of sending it to them online through their emails? There are a lot of benefits to converting to online payroll slips, and some of them are listed below.
Cost-Effective, Efficient, and Secured
Think about it, with less paper used to print your payroll slips every month; you are not only saving mother earth, but your company does not need to purchase many paper supplies nor to maintain your equipment to print your slips. Thus, allowing you to save your finances and allocate some of them to your other expenses. And since you don’t need to print your payroll slips, a lesser process is required to complete your payroll process, making it more efficient and secure for your company to perform your daily operations.
Lesser paper means lesser trash. With all your payroll slips forwarded via email, your company no longer produces a lot of paper and would no longer require much ink for printing. Therefore, you are helping the environment. But here’s the question, is it secured? The answer is yes. Since your payroll slips are stored online, there is a lower risk of other employees peeking at your monthly salary as well as losing your payroll slips in the area.
Viewable Anytime and Anywhere
The moment you send your employee’s monthly payroll slips to their respective email accounts, all their payroll slips are automatically stored in their email account, where it is safe for them to access anytime and anywhere. They can easily access them on their personal computers during work as well as on their mobile phones even when they are already at home. At the same time, since everything is stored online, it is already more comfortable for them to download their payroll slips during their convenient time and keep a copy of their previous payroll slips.
How to Create a Payroll Slip?
Is having a payroll slip really important? According to Chron, “completing payroll is essential in running a business.” Why? Because your payroll has a significant impact on your business finances, your daily operations, and even to your employee’s morale. After all, who doesn’t want to get paid at work? Now that you have finished your payroll process, how will you present your employee’s monthly salary? Well, for years, many business owners have been using a payroll slip to give their employee’s monthly compensation. As a small business owner who just started with your business, we provide you with a few tips on how to create your payroll slips most conveniently in no time.
Step 1: State the Informational Details of Your Employees and Your Company
Start by adding your company name, logo, business address, and contact information. Then proceed to write your employee’s data, such as their names, position, and ID number. Add the period of your payroll slip, but before you proceed in listing your employee’s salary details, review your report and make sure that there are no discrepancies between their attendance, names, and salary amount to avoid complaints from angry employees.
Step 2: Indicate the Payment Period of Your Payroll
Your employees are paid twice a month. Depending on your company policy, your payroll period may vary from the 1st to the 15th and the 16th to the 30th day of the month, or the 11th to 25th and the 26th to the 10th of each month. After adding the payment period of your payroll, include your payroll’s other information.
Step 3: Include Your Taxes and Other Financial Information
Aside from your employee’s absences and tardiness salary deductions, you also need to include any applicable tax deductions (pre-tax deduction, post-tax deduction, taxable wages, etc.) from your employee’s monthly salary. Make sure to describe the necessary deductions written in your employee’s payroll slip to inform them of the reasons for the deductions made in their pay.
Step 4: Summarize Your Employee’s Salary and Deduction
Upon totaling the amount of your employee’s take-home pay, make sure to summarize all financial details in your payroll slip. This includes all the gross payment, salary deductions, and additional compensations (incentives and bonuses) your employee acquired for the entire payroll period. Then add the name of the person-in-charge of processing your payroll.
Step 5: Review Your Payroll Slip Before Submission
Now that everything is set, always remember to review everything before sending out your final output for the approval of your administration. Make sure to double-check the names and ID number of your employees, their compensation and deduction, as well as the payroll period in your payroll slip.
Are handwritten payroll slips legal?
Handwritten payroll slips are not illegal. What’s important is you present a copy of your payroll slip to your designated employees before their payday to avoid penalties due to your non-compliance with the law. However, most banks and money lenders don’t accept handwritten payroll slips since they are not sufficient evidence of your current income and may even require you to present further documentation and letters of certification from your employers.
What would happen if I didn’t present my employee’s payroll slip?
Your employees have the right to know how much they are earning each month. Failing to give your employees an accurate copy of their payroll slip may lead to future complications. Depending on the laws of your state, violating the Fair Labor Standards Act (FLSA) may lead you to pay penalties or facing lawsuits against your employees.
Do banks check your payroll slips?
When you apply for a loan, banks and money lenders will verify your eligibility for one by either checking your bank statements or your payroll slip and gross salary during the transaction. Through this process, they can detect possible fraud and will have sufficient knowledge of your monthly income, spending activities, and lending history. Hence, they can check whether you are capable of repaying them on time or not.
How many payroll slips are required for a mortgage?
For you to apply for a mortgage loan, your lenders require substantial proof of your income and capacity to pay them back. One way for you to assure your lender is by handing them your payroll slip, your bank statements, or your employment contract. If your lender requires you to provide them a copy of your payroll slip, you need to provide at least two consecutive payroll slips, which are dated less than four weeks prior to your date of application, for your loan to be processed.
Are payroll slips confidential?
Payroll slips are confidential. However, there is no general rule not to disclose its information once it falls on the hands of your designated employee. The right to disclose any information regarding your employee’s payroll slip remains on them. However, as the employer, if you do not wish your competitors to know about your company’s payroll, you may indicate the non-disclosure of your business affairs in your employee contract, and this includes your employee’s payroll slip.
With the advancement of technology nowadays, printed payroll slips are slowly converted to electronic payroll slips, where it’s cost-efficient and secured for the majority of business owners and employees alike. Never neglect the importance of a payroll slip! Keep in mind that your employees have the right to know the status of their monthly compensation. At the same time, in creating your payroll slip, make sure to explain thoroughly the breakdown of your employee’s compensation and deduction, as well as the period of your payroll. Keep them updated, and always be prepared to answer their concerns about their salary. Remember that your employee salary is one of the significant factors that keeps your employees motivated to work every day.