Are you still stuck on using a Microsoft Excel spreadsheet to produce and manage your employees’ pay stubs? With all the complex calculations and features of excel sheets, you would think they are useful for your accounting needs. However, are they really essential and efficient to generate your company’s payroll?
Creating pay stubs requires numerous processes and steps to accomplish, such as researching current state and local labor laws, various calculations of taxes, benefits, net, and gross pay, and submission of reports to government entities. These items alone should give you an idea of how time-consuming and difficult using excel sheets is for you.
This article discusses the differences between an online stub generator and a pay stub template excel and why you should switch to an automated check stub.
Advantages of Check Stub Generators
Completing more work in less time would greatly help your company or business expand and grow fast and steady. Efficiently working means fulfilling intricate tasks such as creating pay stubs and payrolls without delay.
Here are some advantages of using check stub generators to increase productivity and make your job easier.
1. Eliminates Errors and More Accurate Than a Pay Stub Template Excel
Compared to a Microsoft excel pay stub template, online pay stub generators leave little room for error, giving more accurate information. Creating an excel pay stub using a spreadsheet requires you to input all information one by one every pay date and device your equations to calculate gross pay, net pay, and deductibles. This always gives way to human error, which could eat precious time as you fix the problems.
Check stub generators provide you with automatic calculations, removing human error commonly found on pay stub template excel. You just need to input basic information such as employee wage and hours worked, and the generator would do the rest. Online payslip creators are also up to date on current tax and deduction requirements, meaning you do not need to worry about forgetting to change these data periodically.
2. Better and More Accessible Record Keeping
Looking into hundreds of xlsx files to look for an employee’s pay stub record could take a lot of time and effort, which you could have spent on other more critical tasks. An online payslip generator automatically saves and archives each pay stub into an easy-to-access record system stored in cloud storage.
As opposed to creating a payslip excel file, which accumulates and takes up memory in your computer, check stub generators allow you to streamline your administrative tasks. You can easily create individual personnel files and access and retrieve previous pay stubs whenever you need them.
3. Online Generators Provide A More Professional Look
Using an online paycheck generator would provide a more professional image than a paycheck template excel. Unlike using a spreadsheet, you could easily customize and save various online pay stub templates, saving you time and effort.
This also makes your business look more legitimate not only in image but also structurally. Your ledgers and files would look more polished, smart, and sleek.
4. User-Friendly and Faster to Use Than A Payslip Excel Template
Compared to a check stub template excel file, which could be very confusing with all its functions and commands, online pay stub creators are more straightforward and easier to use. As a busy business owner, check stub generators only need you to enter the necessary information and, thanks to its automatic calculator, dramatically simplifies the process.
There are fillable Microsoft excel pay stubs ready for download online. However, they still do not provide you with the convenience of an automatic online paycheck stub template. These payslip excel sheets only give you a format that you still need to fill individually for each employee.
5. Greater Company Transparency
Another advantage of using an online paycheck stub generator is that it creates trust between you and your employees. Using Real Check Stubs allows your staff and workers to instantly access the information online, promoting a better working atmosphere. Compared to a paycheck stub template excel spreadsheet, which could easily be edited, online paystubs are more secure once they are created.
Your employees could easily view and review their payroll if they are paid correctly and check if the right amount is presented for their allowances or deductions. By using online software, the management and employees would quickly get updated with payroll expenses based on generated pay stubs.
6. Fewer Expenses Overall versus Payroll Check Template Excel Sheet
Time is a precious resource, and for business owners, this is especially true. Every minute spent on creating payslips using Microsoft excel spreadsheets could mean money out of your pocket. Real Check Stubs’ online templates ensure that you take less time, effort, and money to generate employee earnings with automatic calculators and fillable information input.
Overall, online generators are more inexpensive with definite advantages over using pay stub generator excel sheets. You could easily find an employee using their employee code and instantly send them their pay stub instead of the traditional mailing paycheck stubs method. After switching to online check stub generators, you would never look back again.
Why Are Excel Pay Stubs Out-of-Date?
Since Microsoft’s creation of the excel spreadsheet, businesses jumped on the opportunity to upgrade their employee management from manually writing or typing payslips. If you think about it, an excel pay stub is an excellent tool with many useful programmable functions. However, as handy as it may seem, it is still time consuming and confusing, especially for beginners.
Now, advances in technology brought powerful software that could automate administrative tasks such as creating payrolls. These online check stub creators do not take much skill to operate compared to using an excel pay stub template.
With an ever-changing and fast-paced work environment, time is money. Using an excel pay stub quickly becomes obsolete, with companies and businesses switching to online software to save on costs.
7 Reasons to Shift to Online Check Stub Generators
Here are a few reasons for you to consider doing away with using payslip excel spreadsheets and convert to online generators:
As your business expands and grows, the number of transactions and employees increases. This means the number of check stubs you need to produce also increases. The volume of various data would make accounting difficult when using excel sheets.
2. Tabs Everywhere
The number of tabs you need to keep in a single file could become overwhelming, especially when they are not correctly linked. This develops into a web that could snap with one wrong data entry.
3. Record Keeping
It is hard to keep a record of your transactions, particularly when you need to use multiple names for xlsx file types. Worst, you could lose track of the name assignment and need to view each file just to fix the issue.
Hiring and training staff to create your payroll pose a difficulty as excel spreadsheets require specific steps and input to become effective. You would also need to retrain them periodically to keep them updated with new information.
5. Risky Integration
The risk of error increases, especially when check stub template excel sheets cannot be integrated with online tools, such as accounting software.
6. No Automation
Spreadsheets depend on the manual operation to fully realize their capabilities. They do not have automation features such as maintaining statutory compliance for employee tax rates and benefits. This means that you need to keep yourself updated with any change to tax laws and input the new information.
You would also need to create formulas that would calculate entries in a payslip excel, which involves a lot of copy-pasting. Using an excel sheet opens your business to vulnerabilities especially when preparing payrolls and filing tax returns.
7. Data Complexity
With all the data necessary to generate payroll, check stub template excel sheets could make your job even more complicated. As your business grows so does the number of your employees. This would add more complexity as you would need to keep up with number formats, data compiling, and system integration. Do this wrong and it could throw your business into disarray.
As stated earlier, online templates provide plenty of benefits compared to payroll check template excel sheets. These advantages alone should be enough for you to upgrade your business without a shadow of a doubt.
Additionally, as an employer, you need to create precise pay stubs, and shifting to online check stub generators could greatly help.
As the saying goes, “time is gold,” and when you’re running a business, this means everything. Improving your efficiency with online check stub generators is one of the most remarkable ways to save time and cut down on administrative costs. The advantages of using automated software instead of a pay stub template excel spreadsheet greatly outweigh the disadvantages, if there are even any.