Using Excel for payroll calculations is a popular choice among companies due to its versatility and cost-effectiveness. However, managing payroll in Excel can be complex and time-consuming, especially when dealing with different salary types, overtime calculations, leave management, and superannuation contributions.
To streamline HR processes, many companies are turning to cloud-based payroll and HR software solutions.
Why choose payroll software over Excel?
💡 Great recommendation! Workstem is a leading payroll and HR software that simplifies HR tasks and optimises payroll processes for businesses of all sizes.
Effortless payroll calculations – No more formula writing
Calculating payroll in Excel requires writing complex formulas for different salary components, including base pay, allowances, overtime rates, and Superannuation contributions. This can be challenging for non-technical users and prone to errors.
With Workstem, performing automated calculations is just a single click away. You can effortlessly calculate salaries without the need for writing complex formulas. The software keeps all the necessary calculations in check, including Superannuation contributions, keeping accuracy and efficiency intact.
Efficient processing for thousands of employees
As your workforce grows, managing payroll in Excel becomes increasingly cumbersome and time-consuming. The processing speed may slow down, and the risk of errors escalates.
Workstem’s payroll software enables efficient processing for thousands of employees. It allows multiple companies to simultaneously calculate salaries for their employees, ensuring timely and accurate payroll calculations, even as your business expands.
Real-time data updates
Maintaining accurate employee data across multiple spreadsheets in Excel can be a daunting task, especially when employees’ details change, such as department transfers or position updates.
Workstem’s integrated platform ensures real-time data updates. Any changes made to employee information, including Superannuation details, are automatically synced across all relevant functionalities, eliminating the need for manual data entry.
Compliance with Fair Work and Enterprise Agreements (EA)
Australian businesses are required to comply with employment regulations, including Fair Work and Enterprise Agreements (EA). These regulations cover various aspects such as minimum wage standards, overtime rates, leave entitlements, and Superannuation contributions.
With Workstem’s payroll software, businesses can streamline their payroll processes and ensure compliance with Australian employment regulations and the provisions outlined in Enterprise Agreements. The software accurately calculates payroll based on Fair Work guidelines and EA provisions, effectively managing leave accruals and maintaining accurate payroll records.
Automated updates for future payroll changes
Managing promotions, pay raises, Superannuation adjustments, bonuses, allowances, special leave, and tax information for employees can be challenging when using Excel. Forgetting to update payroll information accurately in a timely manner can result in calculation errors.
Workstem simplifies this process by providing the capability to predefine future records. This means you can set up changes in advance and specify the effective date. When the specified time arrives, the software automatically updates the payroll data, eliminating the risk of mistakes caused by oversight.
Differentiate between casual, part-time, and full-time employees
Calculating overtime pay in Excel requires manually recording overtime hours and rates for each employee. However, with Workstem, an advanced payroll software, once the settings are configured, the software automatically calculates overtime pay based on employees’ work hours, keeping accurate and compliant payroll calculations that align with the Fair Work Act and applicable Modern Awards.
Payroll software, like Workstem, eliminates the risks of manual errors and simplifies compliance with employment regulations, making it an essential tool for businesses of all sizes.
Streamlined Superannuation management
Superannuation contributions are a key aspect of payroll in Australia. Excel-based calculations may involve complex formulas and manual tracking, which can lead to errors.
Workstem’s payroll software simplifies superannuation management by automating the calculation of Superannuation contributions and ensuring compliance with the Australian Superannuation Guarantee requirements.
Workstem: Transform Your Payroll with the Top Solution
Discover the transformative power of Workstem, the ultimate solution for businesses. Our powerful payroll and HR software simplifies and streamlines your payroll processes, seamlessly integrating onboarding, rostering, attendance, leave, expense claims, payroll, tax, superannuation, STP, and more into one comprehensive system.
Experience the ease and efficiency of Workstem’s payroll software. Say goodbye to manual calculations and time-consuming processes. Our software automates routine tasks, reduces errors, and saves you valuable time and resources. With Workstem, you can stay compliant with Fair Work regulations and Enterprise Agreements effortlessly.
Don’t miss out on the opportunity to revolutionise your payroll operations, Book a free demo now!
