Payslip
Workforce Management Glossary
Payslip
What is a payslip?
Payslips are important documents that employers send to their employees at the completion of each and every pay cycle. Whether the business operates on a semi-monthly monthly or fortnightly pay cycle a payslip should document key factors such as the wages earned any income tax that has been withheld the contribution to superannuation as well as the leave accrued or used.
Why are payslips important to process and provide?
Providing accurate payslips is integral to both employer and employee operations. For employees there is a document that they can reference in order to make sure that they are being paid correctly and fairly.
For employers payslips are generated in order to have accurate and complete records. This is highly important when it comes to providing proof that employees are paid fairly. These records will also be vital during tax time and should an audit be conducted.
How can a business streamline their payroll processes?
A payslip provides an opportunity for employees to check that everything is in order with their salary. This relates to the amount being paid each pay cycle as well as the amount of leave accruing or diminishing (if sick leave was taken). Each payslip also provides an opportunity for employees to check their superannuation contributions.
As a payslip contains vital information it is important for each and every payslip to be processed accurately and effectively in order to meet the pay cycle. With Roubler’s payroll software businesses can minimise the need for manual data entries reducing the amount of errors in processing all while ensuring a fast payroll.