Wage Slips
Tips & Advice to help you make your decision on Wage Slips
As a business owner or manager, wage slips are a tool for providing employees with an easily retained history of the compensation received. It's a running earnings history, including not only gross earnings, the amount in total earned through the period covered by the slip, but also the deductions taken by employee request and government demand. This makes it a vital piece of paperwork, the accuracy of which is vital to the employee in making most personal financial decisions, from calculating budgets to paying taxes.
There are no hard and fast rules to consider when choosing the information to include in a wage slip. While you must include employee identification information simply to connect a specific slip to a particular employee, there are only a few more items needing addition. The wage amount is most important, both for the wage period and for the year. You'll also need to include any deductions, with each deduction itemized for a better understanding of the total, and to allow the employee to see exactly where the deducted funds are going. Inclusion of the total deductions over the fiscal year is also useful for tax considerations, as well as accounting. More information is available on types of deductions to include at Business.com.
It is important, however, to keep wage slips short but informative and paperwork at a minimum.
Replacement Wage Slips
Replacement wage slips are a life-saver when pay stubs are lost or damagedBy Virginia Franco, Freelance Writer If your employees have ever been asked to provide proof of income but can't find their pay stubs, consider replacement wage slips. Replacement wage slip services are worth investigating. Proof of income is required for many large purchases, including loans, mortgages and rental agreements. When a lost or damaged pay stub just won't do, then consider providing them with a replacement wage slip.
Utilizing state-of-the-art technology, replacement wage slip companies provide you with a duplicate pay stub. You submit the details online and a replacement will arrive in the mail. Consider the following when searching for a replacement wage slip manufacturer:
1. Make sure the replacement wage slip provider can handle weekly or monthly pay variations.
2. Make sure anything you order will arrive in the mail quickly.
3. Consider electronic pay stubs to eliminate the need for replacement wage slips in the future.
Make sure income variations can be handled by the replacement wage slip provider
Those who work for hourly wages, or who work in sales, can attest to the fact that their income varies from pay period to pay period because of commissions, bonuses or overtime. Make sure the replacement wage service provider you select can handle these regular fluctuations.
Try:
OS Payroll Services does not charge extra for commissions or bonuses and has an easy online application order form. Payslips P60 handles extras for a small fee.
Verify your replacement wage slip order will be shipped ASAP
If you are searching for a replacement wage slip provider, it's probably because your employees need to provide proof of income NOW! Make sure the replacement wage slip company has rapid shipping options so the pay stub is delivered as quickly as possible.
Try:
Wageslips4u guarantees next day delivery if your order is posted before 2 p.m., although you should plan appropriately for international deliveries, which can take 4-5 days. Payroll Management UK promises all orders are guaranteed to be posted the same day and will ship internationally if necessary.
Eliminate the need for replacement wage slips with electronic pay stub software
From the employer perspective, electronic or paperless pay stub systems bring immediate savings because the cost of printing and delivering paper pay stubs is eliminated. From the employee perspective, the need no longer exists for obtaining a replacement wage slip.
Try:
PayStubs Online is a secure, easy-to-use, web-based tool that lets employees view current and past pay stubs anytime they want as long as they have Internet access. National Payment offers EZStub, a similar electronic tool. EZStub even provides employees with text alerts on payday.
- Make sure the replacement wage slip provider prints on quality paper. Shoddy paper may hurt your chances for the slip to be accepted as proof of income.
- Consider going high tech so you can provide your own proof of income. You can scan original pay stubs, save them to your computer and compress them so they don't take up too much space on your computer.
- Store copies of employees' pay stubs for record keeping purposes.
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