Microsoft Excel continues to excel in creating spreadsheets and compressing data. Part of its success can be attributed to the large number of models available for free on the web. From billing to attendance management, you get several. We will discuss Excel templates for payroll management in this post.
Using an Excel sheet to manage payroll is a DIY approach that is best suited for small teams. Others should consider scalable software solutions or, in the case of local stores and businesses, an accountant to hire. This is why we will share certain options of Excel model of freemium type to manage the pay of your employees and employees.
1. Employee pay calculator
This one comes from the house of Microsoft. The payroll management model is spread over three worksheets. There is one for employees ‘wages and taxes, pay based on employees’ hours of work, and one to create pay stubs.
The payroll calculator has separate columns for leave, overtime and sick time. The template is free to download and use without any conditions. A perfect way to get things done quickly.
2. Pay steps in Excel in 7 steps
Using a pay model in Excel is one thing, but understanding the underlying calculations and concepts is another. Fit Small Business is one of the easy to use and also detailed models for payroll management. It’s so comprehensive that the model developers have written a guide on how to use it effectively.
The guide, both in text and video form, will guide you through some important questions such as setting up employees, entering hours worked, reviewing calculations, etc. I recommend that you go through everything before using the template.
3. Payroll calculator – Spreadsheet123
Time for some freemium options. Spreadsheet 123 has created an Excel model of free or light and paid pay calculator. Try the free version and browse their guide before buying the paid version.
One of the benefits is the updates that reflect changes in taxes at the national and federal levels. They recently updated the worksheet to incorporate the changes made in 2020. There is a demo video that will walk you through the steps. To be honest, the pro version will set you back $ 39.95, which isn’t low. It also supports OpenOffice.
4. Employee time tracking and pay model
Another Excel sheet to manage and track employee pay and time. Nothing extraordinary here. A simple sheet with columns to enter the names, the daily rate and the title of the worker in case you have more than one,
The model is color coded where working days are indicated by blue and non-working days are indicated by reddish color. This makes it easier to understand the activity level of workers at a glance.
Note that the free version cannot be changed and has a unique user license. The pro version will cost you $ 24 and will also remove the single user restriction.
5. Timesheets and pay
Different companies have different needs, operating in different niches, sizes and sectors. As such, there is no single model for payroll management and the Excel timesheet model. This is why Vertex has created numerous Excel models for calculating time / hours and pay.
For travel professionals, there is a pay model for mileage tracking. Do you have employees working multiple shifts? Employee work schedule or work rotation should help. There are more than 18 models and you can always modify them as you wish.
Note that these models are reserved for private use and are not intended to be redistributed or resold.
6. SMB guide templates
These guys cover all small businesses, and that includes payroll templates for the Excel app. I think they went overboard in creating more than ten models for different business situations and circumstances in payroll management itself. All these models can be downloaded free of charge from the link below.
There are templates for employee payroll, registration, timesheet, statement, invoice, vacation, etc. It’s like having a model for each flavor. I suggest you check them out, because you will definitely find something that suits your business model. They have a brief description next to each model, but nothing works better than opening the sheet and trying it out for yourself.
Model for life
Unfortunately, there is no template for life, but you can have one to manage your employees’ payroll in Excel sheets. While most Excel sheets are flexible and can handle large amounts of data, it depends a lot on what you want to achieve. Excel should be more than enough for your needs if you want a record and perform simple calculations. But what about accounting? Again, small businesses don’t have the volume to guarantee full-fledged software, but if that’s the case, consider an application.
Click the link below to find out how to use the filters to find and manipulate data to reach meaningful conclusions.
Last updated on June 13, 2020
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