A slip of a finger in Excel may mean that the austerity programme that Britain is following to guide its way out of the recession, is actually based on the wrong data.
If you haven’t read about this error already, here’s a synopsis:
Two Harvard economists, responsible for a 2010 paper entitled ‘American Economic Review, Growth in a Time of Debt’, a paper that was circulated throughout the world and used to underpin the strategic decisions that governments have made to deliver austerity packages, were in fact working with a spreadsheet that had a couple of faulty formulas. In one instance, it was just someone using Excel on a laptop who was highlighting cells for a formula and released his index finger from the left-click button of his mouse too soon.
Sound like a familiar mistake?
There is no doubt that spreadsheets add great value in numerous areas in a business, regardless of size. But not always. There are cases where spreadsheets just don’t add up (excuse the pun), where task specific software provides far greater value. One of these cases is payroll.
When a staffing agency runs their jobs on spreadsheets, the processing of payroll is a time consuming, error-prone endeavour. The bigger your agency, the higher the risk, the greater the expense, both time and reputation, when you get things wrong.
Each and every month staffing agencies up and down the country spend hundreds of combined hours on collating spreadsheets, cross referencing and double checking. Invariably, the result of those hours is a payrun that every now and again, contains an error. Errors result in unhappy staff and doubling down on attention to detail for the next month; more time spent.
Time is money in staffing. The more time you take on a task, the less profitable you are as a business.
You have an alternative. Build and book your jobs using Watu, sign that work off on a daily basis (one click) and produce a full pay run in three clicks and a couple of minutes. Error free.
We have two options for our customers.
Gross Pay – 3 clicks and about 15 seconds of ‘work’ will produce a gross payroll readout, giving you two reports, an overview report showing which staff are due money, what they are owed and how to pay them (bank details). The other report is more in depth, giving a detailed read out of each staffers gross wages split by each job that they have done. Gross pay is free, included in the £99 per month manager license.
Net Pay – 3 clicks, 15 seconds of ‘work’ and about 10 min waiting. Perfect to make a fresh brew. After ten minutes, we provide a full net pay run, including all holiday pay, maternity pay etc. and digital pay slips in each of your staffers dashboards. We also log the information with HMRC in compliance with new RTI regulations. Watu charges a fee of £2 per payslip for this service.
We’ve turned payroll from hours in to minutes, saving you huge amounts of time. Time is money in staffing. The less time you take on a task, the more profitable you are as a business.
If Excel ever goes, we will miss it, just not for payroll.