No formula - no worries - Best affordable way to generate payslips for employees
Summary:
Generating payslip is legally required by law. There have been details legal requirement about this subject in place which can be easily found on Fairwork.gov.au website.
Fully understanding every details shown on payslip seem impossible and for some reasons, many employees just choose to ignore them.
On the other hand, employers haven't done any better. One of the accuses for not providing entitlement is time constraint. Well, we all know that is not a valid one.
In this article, I assume that readers are those who are willing to learn about this subject and ready to dedicate time for working toward it rather than producing invalid accuses.
After this article and the short 5-minute video at the end, I hope you can follow and apply this to your business or at least have some ideas about how to work with data properly.
Is it voluntary or legally required?
I have recently been asked by a old friend about some tips to work with Excel since he found out that I used to work with data quite often. So I had a chance to know that he was asked to keep record about working hours of all staff at the shop where he works. And finally it came down to a daunting topic: "payslip".
Payslip - a tiny piece of info that employees are supposed to receive one working day after payment to make sure that the correct amount has been paid.
Many payslip receivers do not pay enough attention to that particular document while others even have never been seen them.
One of the reasons could be many employees are just more into checking their bank accounts rather than spending time to figure out what happen on the payslip.
It could come from employers side as well that many see that document is a intimidating one and the process of recording, calculating and distributing is not an easy one.
Most importantly, this is legally required by law.
What should be included in the payslip?
Well, it's quite easy to get a bunch of template online by just one click. However, I suggest we should only obtain one from official and reliable source. In this case, I think Fairwork.gov.au is the most appropriate one. So, I think I shouldn't include too much information about this document to avoid overlaping.
However, that document which I downloaded from Fairwork website seems a bit complicated in some cases. Therefore, I tried to customize it and came up with my own version for the purpose of demonstration and real-life application as well.
How to generate payslip for employees in a timely manner?
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