Excel-Based Payroll Management | greytHR
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Excel-Based Payroll Management

Excel-based payroll management is the method of performing payroll calculations on Excel sheets using a standard payroll calculation template. The mathematical formulas are set to help the payroll officer do the computation easily. ^e9dd00

Many businesses that are at an initial stage of operations, and have a handful of employees, usually prefer excel-based Payroll Management. While this method is cost-effective, it has some inherent limitations:

  • High chances of clerical/mathematical errors due to manual data entry
  • Difficulty in adding and removing employees from the payroll list
  • Chances of duplicate data and omission of entries at times
  • Need to monitor tax updates and other statutory changes like PF, PT, etc.
Excel-based Payroll Management