Excel sheets have long assumed an important place in business. Many companies, especially small businesses, use Microsoft Excel or similar applications to generate pay stubs for their employees. Since Excel comes with inbuilt calculators and customisable formulae, it works effectively for payroll needs. However, with changing times, online tools have become popular with employers. So, how can you choose which one would be best for your needs? We present a comparative analysis of these two popular financial tools to help you arrive at a considered decision.

Pros of Using Excel

• If you have been using the Microsoft suite for some time, you are likely to be familiar with the layout and functions of Excel. This will come in handy when you work on payroll and create paystubs.
• Microsoft Excel is included in a standard Microsoft subscription. You don’t need to pay an additional amount to create payroll documents for your workforce.
• Excel offers formulae and calculators to do the math for you when it comes to deductions, benefits, taxes, etc.

Pros of Using an Online Paystub Maker

• You get the flexibility of receiving the stubs via e-mail or printing them directly. This builds virtual storage of important financial information while also providing employees with a physical copy for their needs.
• Online tools can be much cheaper than most financial software you can purchase. For instance, StubCheck.com is a paycheck stubs generator that provides stubs for a small fee of $3.49.
• Online payroll is easy to generate. For instance, StubCheck.com offers readymade templates for basic- and enhanced check stubs. All you need to do is enter the relevant financial information, and the inbuilt algorithm computes the net pay. This is much simpler than dealing with a host of formulae on an Excel sheet.
• Some paycheck stub makers allow employees to access previous stubs whenever they want. Not only does this minimise your storage needs, but it also builds the transparency of your business. Your workforce can view complete payment information without being afraid that the management is cutting any corners.
• A user-friendly paystub calculator simplifies things for the finance team at your organisation. It is less time-consuming to train new employees when an uncomplicated application does all the work for you, from calculations to e-mailing and printing.
• If you use a stub maker that sends the payslips to your inbox, you lower the risk of damage during transit. Misplaced documents tend to generate an air of distrust in the workplace. Plus, you have a ready storehouse to peruse when it is time to file taxes.

Both Excel and online check stubs creators have benefits when it comes to fulfilling your payroll needs. While the former boasts of familiarity, the latter utilises time-saving technology to lower costs, logistics, and overall effort. In fact, this is why many small establishments, as well as large enterprises, are opting to go the online route for payroll.

The choice you make will have a significant bearing on the long-term success of your business and the satisfaction of your workforce. Choose well.