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.
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.
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.
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.
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.
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.
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.
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.
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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