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.
Attend HRM is a payroll software which can do all of the above and much more for you. If you haven’t downloaded Attend HRM yet, Download Now!
Here is a sample payslip generated with AttendHRM:
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