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 formulae are set to help the payroll officer do the computation easily.

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 or 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.

Explore more

Employees' Provident Fund (PF)