Payslip definition
A payslip is a document that details what an employee has been paid for a set period of work.
This is given on or before the payment date and provides a simple breakdown of earnings and deductions.
As an employer, you are legally required to provide your employees with payslips, complete with specific components outlined by HMRC.
Though you can use a payslip template to ensure these are included, payslip software allows for greater accuracy and consistency.
It also makes generating payslips faster and easier.
In the past, many businesses handed out paper payslips in sealed envelopes, but today they are usually sent electronically.
Payslips play a vital role in ensuring your employees have visibility and an understanding of what they are being paid by you, and what they eventually get to take home.
