The Australian Payroll Association conducts an annual survey on the cost to produce a payslip. http://www.austpayroll.com.au/literatureretrieve.aspx?id=164985.
With outsourced services the cost of each payslip for businesses with less than 50 employees is an average of $157 with the top performers averaging $35. If payslips are produced in-house the cost per payslip averages $3,268 with the best performers costing $1030.
Clearly it is better for businesses to outsource their payroll processing through such services as Xero payroll. Even with outsourcing the costs are still high and there are further efficiencies to be made.
WelcomeAboard.me is one way to reduce the cost of producing payslips by reducing the cost of collecting information about employees and communicating with employees. It is estimated that using WelcomeAboard will save employers $50 per year in direct costs per employee.
While the cost saving is useful the reduction in compliance risk is of much greater value.
Employers are responsible for keeping records about employment and of making sure employees have access to their employment records. If there is a dispute with an employee, and there are no records or the employee did not have access to the records, the employee is likely to be given the benefit of the doubt. Worse the employer can be fined for not keeping good records. For example fines of $3000 per employee can be imposed on a employer if they have not provided the employee with a copy of the Fair Work Information sheet http://www.fairwork.gov.au/ArticleDocuments/724/Fair-Work-Information-Statement.pdf.aspx
WelcomeAboard.me simplifies keeping basic records about employees. Forms are used to collect Contact Information, Bank Account Details, and Super Choice. Employees fill out a Tax File Declaration and sign they have received and read the Fair Work Information Sheet. The employees all receive a permanent electronic copy of their information that they can access at anytime including after leaving the Company.
There is no charge for the first employee to fill out the standard set of forms. This means setting up WelcomeAboard is less than the costs saved and you can try out the system with an existing employee. Subsequent employees are cost $5 per employee which is 10% of the estimated cost of manual processing of forms.
If you are an employer and want to keep good employee records while saving money sign up to use WelcomeAboard at http://www.welcomeaboard.me. If you are an employee encourage your employer to use WelcomeAboard, to save your time in filling out forms and so you can have a permanent electronic history of your employment.