Some Pros and con’s of using Microsoft excel for your payroll

Many small and medium businesses use Microsoft excel for their payroll. Using excel is easy and can save you from clerical errors which you may end up while doing payroll manually.

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Pros

Data entry:- Saves you from entering redundant data. You can copy the sheet from previous month and you are saved from entering data for current month.

Accuracy:- Calculations are accurate.
Fast:- You can do your payroll in minutes. Making changes is easy.

Con’s

Sharing:- you cannot share the data with your employees. Only solution is to mail payslips to your employees. If you have to make any changes later on you have to mail the payslips again. Hence you end up sending multiple versions.

Consolidation:-As you end up having different sheets for different months. Consolidating data is very difficult.

Overlooking:- Since you usually copy the sheets from previous month for the current month payroll, you end up forgetting rolling back the changes which were specific for the previous month. Some of the examples are loans, taxes deductions, incentives and commissions.