The use of Excel for processing payroll began in an era when the alternatives were either too expensive (enterprise software), or too labour-intensive (manually, using pen and paper). The world has moved on since. Today, it is safe to say that Excel is among the most inconvenient and error-prone tools for payroll management. However, several businesses continue to use this age-old tool for the job. Their decision to opt for the application usually rests on some faulty assumptions.
Here’s the myth-busting truth of it all. (more…)