Payroll Solutions – Why E-payslips Are The Future

Posted on Mar 21 2013 - 1:13pm by Peter Millikin

e-payslip
More and more companies these days are looking for ways in which they can reduce the amount of paper used. This will not only help the environment but many alternatives to the paper option will also save companies money.

Environmental benefits

Using e-payslips instead of the traditional paper payslip and envelope is a great step to improving a company’s carbon footprint. An SME alone running a monthly payroll will produce around 3000 payslips a year. This is the equivalent to half a tree which although doesn’t sound like much; this is just for one small/medium sized companies year’s payroll – this does not take in to consideration all the other paper applications they may use. When you then consider just how many other companies in the UK both smaller and larger are also producing paper payslips you can begin to comprehend just how many trees are used – wasted!

E-payslips will not only help the environment and save companies time which of course equals money; they also increase the security of the employees’ confidential information. Last year the estimate cost of combating payroll fraud was over £334million. By ensuring the delivery of the payslip is secured end to end you reduce the risk of payroll fraud which ultimately reduces the amount of money being spent; money which would benefit offer projects and could help our economy.

Creatures of habit

We have found it surprising that although there are many advantages with e-payslips people are still very reluctant to change from a traditional paper payslip. How an employee receives his or her payslip is an important and at times emotional matter. The figures involved represent a crucial moment in the life of the recipient whether that is once per month or once per week. Most are used to having their payslip arrive by post or receiving it by hand. The important factor is that employees expect their payslip to arrive, they do not expect to have to take action themselves in order to get it such as having to access a website with a specific username and password.

E-payslips are the future

Ultimately e-payslips are the future, especially secured email based services which send the payslip direct to the employee’s personal email address; this mimicking a traditional payslip delivery in an electronic format. According to Royal Pingdon there were over 2.2 billion email users worldwide in 2012. On this basis you can almost guarantee employees will be familiar with the concept of email so converting them to receiving their payslip by secured email should be straight forward and appealing.

If you would  like to send your payslips electronically & securely why not take advantage of a FREE 30 day trial of the e-payslip and e-invoicing service from MasterEpay Ltd . This can be run alongside you current system!

Contact MasterEpay Ltd on 01295 724142, or visit their website www.masterepay.co.uk or Twitter account @Master_epay

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Read about the Author

Peter has received many accreditation’s including many from the Times Online. As founder of You Could Save (2005) and What Stationers (2007) Peter regularly helps consumers and national organisation ‘save money’. He believes that the only successful way to bring people together online is to provide an open marketplace where people can all work together in a friendly, unbiased environment. You can contact Peter Millikin either through his Google+ account or via his websites.

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