4 Reasons to Choose Online Pay Stubs over Excel Spreadsheets
Why should you prefer online pay stub over excel sheets when it comes to managing payroll? Find out the reasons here…
Do you still rely on a spreadsheet program like Excel to manage your payroll?
Spreadsheets perform complex calculation and give you a familiar accounting layout, but are they really efficient for something as important as your payroll?
The process of payroll involves calculation, reporting, and submission of payments for taxes and employee benefits. Using Excel or any other spreadsheet program is time-consuming and cumbersome. Besides the risk of errors in data, errors in formula, broken links and errors due to modification you can also lose your employees data stored in Excel due to technical issues or human error.
An automated pay stub, on the other hand, helps you save time, avoid costly errors and get an accurate result. How?
All you need to do is enter your information into the spaces given in the template. It automatically calculates the pay stubs and net pay of your staff based on the criteria set by you.
Here are some benefits of using online Pay Stubs over spreadsheets:
- Quicker and Easier Calculations:
An online pay stub app that manages all types of payments, from basic salary and hourly wages to more complex functions like bonuses, incentives, deductions, commissions, and over time, thereby eliminating the needs for manual paycheck writing is an invaluable tool.
- Enhanced Recordkeeping:
The IRS has made it mandatory for employers to save employment tax records for at least four years while the U.S. Department of Labor requires payroll records to be kept for a minimum of three years. This means that you have to fill out a number of paper forms which must be saved and stored. An automated pay stubs generator saves and stores the data related to employment tax and payroll for you minimizing the hassles of paperwork.
You don’t need accounting “know-how” or technical expertise to operate online pay stubs. It doesn’t require you to enter formula or programming either. All you need to do is fill in the fields given.
- Improved Transparency:
By using online pay stub software, you can allow your employees to access the information online. By viewing and reviewing their payroll, employees can make sure that they were paid correctly and understand their allowances/deduction. It leads to improved transparency in your workplace, which in turns promotes a better working atmosphere.
Now you can see that an online pay stub generator delivers many benefits that can save you time, money and a lot of unnecessary hassles while managing the payrolls.