Every
company is unique, and so are their payslips. And the rules are quite flexible,
so you can create your payslip as you want. If you are about to choose a format
for your payslip, or about to purchase a payroll software that generates
payslips, continue reading and it should help.
Here
are some points to consider before you finalize on your payslip software.
1.
Contents of a payslip
A payslip usually contains the company name, details
about earnings, deductions and net pay. Do you need something more? Probably
you also require a company logo, a short address, space for a company seal, and
space for employee to sign. You may also require an attendance, leave and
income tax summary within your payslip.
2.
Customizable Payslips
Is it possible to customize your payslips as you
want? Can you decide what appears in your payslip and what not? You should be
able to decide and control what appears on your payslips. The payroll software
should allow you to design your payslip.
3.
Payslip with leave balances
It would be good for you and for your employees, if
you were displaying leave balances in payslips. In this case, the payslip has
clear information about how many leaves he is entitled to, enabling him to plan
his leaves in the upcoming month.
4.
Payslip with YTD
YTD stands for ‘year to date’, and is widely used
nowadays. Basically, YTD is the total of transactions from the start of the
financial year up to now. For eg. If you are on the last month of the financial
year, the YTD for ‘Basic Pay’ shows how much you received as ‘Basic Pay’ for
the whole year.
5.
Payslip with carry forwarded values
It is handy to pay out employee wages rounded to the
nearest multiple of 10 or to the nearest integer. But in that case, there should
be an option to automatically carry forward the residue to the next month.
6.
Payslips with different currencies
Sometimes, you want to pay your employees with
different currencies. An employee working overseas gets paid in USD, but the
payslip is generated at your place. So, in that case, you want to pay some of
your employees in USD, and the others in local currency.
7.
Calculation History for each payslip
Every payslip is a result of some calculations, but
how to verify if the values are correct? You just cannot blindly trust a
payroll software, you need to verify and convince yourself. A good payroll
software should have a calculation history for each item in the payslip,
thereby providing clarity on calculations.
8.
Bulk email of payslips to employees
You may have several employees, and you are ready
with your payslips, but how to send it to all your employees? If you have just
a few employees, it doesn’t matter. Otherwise, it does matter, and it should be
possible to email payslips to your employees in a few clicks, if you have a
good payroll software.
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