Traditionally, payroll functions within organizations operate like a black-box. The only thing that comes out for employees are payslips and tax reports (apart from salary credits, of course & issue of cheques in some traditional companies). Today, with the availability of online employee self-service portals for payroll, this process is getting a lot more transparent (yet secure & authenticated). This is an important factor to consider, when choosing a vendor for payroll outsourcing.
With individual logins to the online employee self-service portals, employees are now able to access their digital payslips, tax reports and a lot more 24*7. This is very convenient for employees, as they do not need to depend on their HR teams for every small requirement (related to payroll reports)
Here are some of the known benefits of having a fully functional online web portal for payroll
1) View/Access/Print payslips - Employees today need their payslip for a variety of reasons including opening of Bank accounts, applying for credit cards, applying for different types of loans, Visa applications etc. Requesting for a copy of the payslip from HR department every time tends to be a lengthy process. The online access helps solve this problem completely.
2) Making their own tax declarations - Several times, payroll teams make errors in tax computations purely because they have not factored the employee tax declaration appropriately (data entry errors). By giving the power of the declaration to employees via their logins, employees can be sure that their tax declarations are submitted right.
3) Grievance Management - With online payroll portals,provided by payroll outsourcing vendors like Paysquare it is possible to manage employee grievances via email. This offline process helps employees a lot, as they don’t need to leave their desks to take up their grievances with the HR/payroll teams. Typically resolutions happen over email and pretty quickly.
Paysquare, with its web based myPayroll™portal provides secure logins to employees.