Best Payroll Software
Explore the best Payroll Software for your business, summarized exclusively by GoodFirms.
Perfect payroll management is inevitable for a business as it helps boost employee morale and achieve organizational stability. It involves keeping essential track of employee attendance, administering employee wages, salary calculations, benefits, deductions, generating salary/tax slips, financial reports, taxation, and more. Adopting the best payroll software facilitates absolute and efficient control over your business’ payroll functions.
What is Payroll Software?
Payroll systems software is a collection of automation tools that enable seamless payroll processing. The software provides comprehensive features to help businesses control various payroll functions, monitor time/attendance, access/update data in real-time, pay employees, track payments, maintain records, generate payslips, process timely tax payments, ensure compliance, and more. With reliable payroll management software in place, businesses can ensure streamlined, accurate, and timely payroll operations. It supports a hassle-free rise in the number of employees and thus aids company growth.
What Are the Benefits of Using Payroll Systems Software?
The advantages of leveraging payroll tools are endless and include:
- Automation of repetitive tasks
- Improved accuracy, elimination of human error
- Better management of complex payroll data
- Easy access and updates of payroll data
- Quicker payroll processing
- Enhanced productivity
- Decision-making insights, analytics, and reporting
- Compliance management
- Improved information security
How to Choose the Best Payroll Software?
Although Payroll may sound simple, the actual processes involved in Payroll are very complicated. Beyond paying employee wages, the Payroll team also assists with varying shift payments, generating tax documents, managing other financial benefits for the employees, assisting with salary deposits, and ensuring compliance with the payroll laws. If you are considering organizing your payroll process through payroll software, do not hesitate to check the list generated by GoodFirms that includes all the top payroll systems available today.
The right payroll system for your business must offer all the necessary payroll features that your company needs, fits in your budget, is easy to use, feasible, and has earned positive feedback from other users. GoodFirms has performed comprehensive research and in-depth analysis of various aspects of payroll management to handpick this list of top payroll software systems for you. To choose the best payroll software, browse through the list, utilize need-based filters, and compare the functional details of different payroll systems such as the prominent features, reviews, and pricing information.
List of Payroll System | best Online Payroll Software for Small BusinessFilter
Human Resources is much more than administration and compliance. It’s about helping your employees to be more successful, and ultimately growing your business. From recruitment to retirement, ADP Workforce Now can help you do just that. ... read more about ADP Workforce Now
Ultimate provides human capital management solutions designed to improve the employee experience by putting people first—HR management, payroll system, talent, time and scheduling, engagement surveys, HR service delivery, and more. UltiPro helps simplify and improve work experiences for all employees. Organizations can easily manage global people data and processes with UltiPro and ensure their ... read more about UltiPro
The Zenefits People Platform brings everything HR into one radically simple, single app. Our platform is designed to be comprehensive without being overly complex. It puts benefits, payroll and HR system access in the pockets and at the fingertips of employees. ... read more about Zenefits
Paybooks is an online payroll solution designed to streamline and simplify payroll processes and related workflows of India-based businesses and organizations. It comes with a neat and intelligent dashboard accompanies by a wizard to help users perform their payroll tasks effortlessly. ... read more about Paybooks
Paycor is known for delivering modern, intuitive recruiting, HR management and online payroll solutions, but what makes us legendary is our singular focus on helping business leaders, entrepreneurs and HR professionals make a real difference in their organizations. Paycor’s personalized support and user-friendly, scalable technology streamlines every aspect of people management, giving our clien... read more about Paycor
Gusto’s mission is to create a world where work empowers a better life. By making complicated, impersonal business tasks simple and personal, Gusto is reimagining HR management, payroll system, and benefits for over 60,000 companies nationwide. ... read more about Gusto
Paycom provides user-friendly HR and payroll technology to enhance the entire employee life cycle, all in a single software. Our comprehensive software is unique because it’s truly everything you need — from hire to retire — in one system to empower your entire organization. Through our self-service app, employees can easily request time off, clock in and out, access their paystubs and more,... read more about Paycom
LinesPay is a web based, comprehensive, and flexible human resources and payroll management software in Bangladesh. It replaces paper- based, time consuming and error- prone manual HR/Payroll methods with user- friendly interface. The software can be customized as per client needs and offers end-to-end integration of HR functions with payroll and Service Modules to manage employee profiles, bene... read more about LinesPay
Sage HRMS helps in improving HR policies and make smart decisions with today’s most comprehensive, customizable HR software solutions for small and medium-sized businesses. Sage HRMS provides you with a complete solution for managing the entire employee life cycle. choose Sage HRMS. as your business grows and your needs evolve, select these HR software solutions to tackle your specific HR manage... read more about Sage HRMS
Namely is the HR software, Payroll software, and Benefits platform your employees will love. Finally, there’s human resource management software that employees actually use—built to fit your company culture. Manage all of your HR management data in one place, with personalized service to help your company get better, faster. ... read more about Namely
HR Pearls, India's most trusted HR and Payroll Software, where you get a user-friendly software that helps in an instant and hassle-free management of payroll operations. Here are the four pillars of HR Pearls, that helps an organization for better and effortless HR & payroll management. 1. Payroll Management System (PMS) 2. Compliance Management System (CMS) 3. Human Resource Management ... read more about HR Pearls
Paychex has HR solutions to fit the needs of any size business. From do-it-yourself payroll to human capital management, Paychex has exactly what you need to take your business where it needs to go. ... read more about Paychex
The Kronos Workforce Ready suite combines the power of workforce management and human capital management (HCM) in one unified cloud platform to help you manage your entire workforce from pre-hire to retire — whether they’re salaried, hourly, full time, or part-time.... read more about Kronos Workforce
SurePayroll is a comprehensive online payroll solution for every business. On top of that, SurePayroll has also created a management platform in its payroll software called One-Click Payroll, which simplifies all the processes related to payroll into just a few seconds without compromising accuracy and reliability, saving businesses countless hours that it will take to perform said tasks manually.... read more about SurePayroll
OnPay is a simple, modern and affordable payroll, benefits and HR software solution for small businesses. Payroll software features include unlimited pay runs, direct deposit, tax payments and filings made for you - accuracy is guaranteed, integration with your favourite accounting products such as QuickBooks Online and Xero, as well as first-in-class client service by phone, e-mail or chat. ... read more about OnPay
Intuit Payroll is a powerful yet affordable payroll solution that comes in three packages to suit various business needs and budgets. Each package has its limitations except the top tier product, the Full-Service Payroll in which all payroll and tax processes are handled by the software. With Intuit Payroll, companies can easily pay their employees on time and accurately without becoming really en... read more about Intuit Enhanced Payroll
With our secure online payroll system, paying your employees has never been easier. First, we’ll help you get started by setting up your payroll, employees, payroll tax information, etc. If you’ve run prior payrolls earlier in the year, we’ll help you input that historical data too so that you have a clean starting point! ... read more about Patriot Online Payroll
Dayforce HCM is a cloud-based platform for workforce management, payroll and tax, analytics, benefits, document management, talent management, and HR management. It is a single app that provides companies complete access to real-time data across all aspects of human capital management (HCM). ... read more about Dayforce HCM
Wagepoint is a simple online payroll application designed for small businesses in North America. Managing payroll is important for small and mid-sized companies, and Wagepoint gets the work done quickly and easily. Wagepoint can manage government remittances/reporting, direct deposits, and all year-end reporting for both hourly and salaried employees. ... read more about Wagepoint
Vibe HCM makes it easy for companies to not only automate HR transactions but also engage with all their employees through one unified platform. We partner with talent-driven businesses to elevate how they connect, manage, engage, and inspire. Vibe HCM platform delivers HR, Talent, Recruiting, Onboarding, Engagement, Analytics and Payroll. ... read more about Vibe HCM
TRAXPayroll provides a single comprehensive, affordable and easy to use a system for all of your online payroll and human resource needs. We are one of the few companies to offer tax filing and direct deposit at no extra charge and fully integrated employee time tracking. We can help you address payroll tax compliance concerns, save time, and optimize payroll service delivery. We provide flexible,... read more about TRAXPayroll
HRAPP is a cloud-based HRMS & Payroll SaaS offering that enables companies and organizations to take full control of their HR and payroll processes and activities. The software also offers extensive support of audio and video chat among employees and managers. It comes with an integrated mailbox through which all the mail activities can be managed in a more unified, centralized environment. ... read more about HRAPP
Hivepayroll is one of the best payroll software specially developed for small and medium-sized businesses in India. Hivepayroll is all in one payroll system to manage your pay runs, leave, attendance, tax and employee records in the cloud. We provide payroll services in India with innovative technology to make your payroll process successful. Our payroll solution is fast, reliable and secure ... read more about Hivepayroll
HostBooks Accounting software simplifies the accounting procedure through automated processes and reduces the manual efforts by half. It saves the valuable time of the accountants by reducing the compliance time by at least 50% that consequently cuts down the cost by half. Furthermore, with HostBooks Accounting, you can easily know where your business is through real-time financial position. ... read more about HostBooks Accounting
HR Software Solutions Pvt. Ltd has been providing payroll management software in India since 2008. HRSS has developed Payroll OnDemand , multipurpose payroll software. Our Payroll OnDemand software is user-friendly and customizable software. ... read more about Payroll OnDemand
An intelligent enterprise-ready HCM suite that automates HR processes, simplifies human interactions and delivers actionable insights to build better workplaces. We believe that we are India’s first HRMS company that has successfully developed an HR product that mimics the way humans work to get more done efficiently & faster. Inbox-for-HR is a tech-savvy and bold-new approach to human resource ... read more about HR-One
The Baraza HCM solution tightly integrates the human resources management and payroll processes, and helps your organization’s HR department comply with industry best practices. Our solution provides functionalities for the entire human capital lifecycle from employee hiring to retiring. It provides users with the following business benefits.... read more about Baraza HCM
Engineered for small businesses, CheckMark Payroll software for Macintosh and Windows is a comprehensive solution for small business owners, accountants, and payroll professionals. Our program is packed with high-end features including direct deposit, MICR encoding blank check stock printing and you can process as many payrolls as you want for all of your employees and companies for one low price.... read more about CheckMark Payroll
All Businesses requires some HR Administration Software to maintain the regular database of the employees. SAG Infotech PVT. Ltd. developed desktop/online payroll software for organizations and companies, which makes the HR Manager duties easier. The Gen Desktop payroll software maintains information like daily attendance, salary records marking as well as other personal details of the employees v... read more about Gen Desktop Payroll Software
Accounts Book is Complete Accounting and billing Software in Lucknow.It is the Best accounting and payroll software for small business. By using this software you can Send Invoices, Reconcile Bank Accounts and File Tax Returns.* Inventory Management. Exhaustive Reports. Automatic Bank Feeds. Client Portal. Project Time Tracking. Purchase Order. Services: GST Compliant Invoice, GST Filing, Inventor... read more about Accountsbook
TimeTrex Workforce Management is a comprehensive workforce management software solution that provides even small organizations with the benefit of automation, that previously only large companies could afford. The extremely flexible rule engine can automate some of the most complex government regulations and business policies, in both Canada and US. Its mobile app can transform tablets and phones ... read more about TimeTrex
“PHP Payroll” is 100% php based Payroll Management Software. “PHP Payroll” project is aimed at how the companies can improve the efficiency of the HR Services. Payroll Management system is to provide an option to generate the salary automatically every month. “PHP Payroll” software also equipped with to enter the attendance of each employee in the organization, it helps them to track e... read more about PHP Payroll
Kredily is a world class HRM and Payroll Software to manage your complete HR processes through intuitive and easy to use apps for Leave, Attendance, Employee Engagement, and Payroll. We use Machine Learning and Artificial Intelligence to automate 70% of HR Tasks. We take care of your HR tasks so that you focus on your Business and important HR Decisions. ... read more about Kredily
HR.my comes with a flexible payroll management feature. You could track employee salary changes easily with the Salary Adjustment feature. Meanwhile, you may also generate monthly payslips that will be accessible to your employees via their Employee Web Accounts.... read more about HR.my
HR and payroll managers with a cloud platform that makes employing people much easier. Employment Hero aims to become the employment platform of choice for employers and employees in Australia and beyond, By providing free, easy-to-use HR software that employers love to use, and access to far greater benefits for all employees. Our cloud-based HR platform combines HR software, financial services, ... read more about Employment Hero HR
Payroll4free was designed to accommodate all payroll situations from simple to complex while staying secure and easy to use. It is able to provide this free service through a selective-advertising program. We will only accept advertisers who can provide a premium product or service targeted directly at our clients. We respect your privacy, and all information remains confidential and secure.... read more about Payroll4free
Our Professional Software Products provide many UNLIMITED features* for one low price compared to other payroll and accounting software programs: ... read more about AME Accounting Software
We improve business processes to help users save time completing tasks while having the essential insights of the business at the grasp of their hands. We are very proud of being the sweetest accounting software in the market. ... read more about AccountBerry
Start Anywhere. Add Anytime. Ascentis industry-leading a-la carte full suite human capital management (HCM) technology platform and workforce management solutions are supported by an ongoing commitment to delivering an unsurpassed client experience. Ascentis technology modules work independently or together to meet the needs of each client, wherever they are in the HCM journey.... read more about Ascentis
iSolved HCM is a nationally recognized provider of SaaS-based Human Capital Management technology solutions. iSolved is a comprehensive solution for HR, Payroll, Time and Attendance and Benefits Enrollment. With more than 3 million employees committed to the technology, iSolved is leading the transformational HCM movement for businesses of all sizes.... read more about iSolved HCM
Viventium Software, Inc. is a transformative, living, and purely cloud-based HCM solution that provides a remarkable user experience and design that is enjoyable, personable, and intuitive complete with unbeatable analytics and actionable insight into your business. No one dares to provide HCM client service like Viventium we are truly in it with you.... read more about Viventium Software
Oracle offers a complete HCM cloud solution for workforce planning, recruiting, global HR, talent management, learning, work/life solutions, time tracking, and payroll. Everything is provided within common business processes, with a single underlying data model and a single system of record. This ensures that your information is both current and accurate. ... read more about HCM Cloud
SentricHR empowers you with features to help you be strategic and simplify your HR processes. Transform your workplace by giving your employees control of their own data in a complete HR software that is designed for them. Paperless Onboarding, Documents and E-Signatures, Payroll, Benefits and more. Save time and give HR a seat at the C-suite table. ... read more about SentricHR
SyncHR is a modern HR, payroll and benefits administration solution that helps companies do more with less. Used by 250+ high-velocity businesses, it is purpose-built to help dynamic, mid-sized enterprises operate in the new era of HR where speed, intelligent automation, and HR science are key requirements for running a successful business ecosystem. Our redefined HCM technology provides better ac... read more about SyncHR
Everything you need in one system. The Fuse Workforce Management™ platform unites time and attendance management, human resources management, and payroll into a single system. This lets you spend less time trying to manage different systems, and more time empowering your employees to do great work. Unites time and attendance management, HR management, and payroll into one system.... read more about Fuse Workforce Management
Netchex offers businesses a comprehensive, web-based suite of payroll, human resource and benefit administrative services backed by dedicated support specialists. Regardless of the number of employees or your payroll complexity, Netchex can tailor solutions to fit your needs. This rare combination of comprehensive solutions, dedicated support and flexible offerings helps you easily manage employee... read more about Netchex
- Buyer’s guide to Payroll software
- What is payroll?
- What are the components included in the payroll?
- What are the challenges in maintaining a payroll manually?
- What is payroll software?
- What are the essential features of payroll software?
- Why do organizations need payroll software?
- What are the latest trends in payroll software?
- What points are to be considered while purchasing the payroll software?
- What is the average cost of payroll software?
- Why refer to the GoodFirms list of best payroll software?
Buyer’s guide to Payroll software
In today’s digital world, there is a growing demand for solutions that helps in enhancing productivity and ensuring good return on investment by employing fewer resources. But at the same time, several companies do not wish to spend much money and time on a solution.
It can be time-consuming for businesses to stay updated with the regulations, calculate tax, and process payroll. To efficiently transform business operations, the technology of payroll software is needed.
With the help of payroll software, the businesses can save their valuable time as the payroll management system can manage all the calculations along with it and can reduce mathematical errors.
This buyer’s guide can assist readers in selecting the best available payroll software option for their needs. Before discussing that, let’s understand what payroll software is and how it can be helpful for the organization?
What is payroll?
Payroll is the process undertaken by the company to manage the payment of the employees. The payroll process includes the distribution and calculation of paychecks to the employees. It also includes all the financial records for employee wages and salaries, withholding, deductions, bonuses, and employee paychecks. The payroll process records the total earnings of all employees for a company in a fiscal year.
What are the components included in the payroll?
The payroll programs can be separated into the following components for smooth functioning:
- Employee Information – Payroll includes a collection of information regarding medical insurance and W-4 forms (employee’s withholding allowance certificate). The form will have data like; the employee's social security number and their withholding amount for federal and state tax purposes.
- Gross wages- The total amount paid to the workers before any deductions are known as gross wages. It may include commissions, tax deductions, and bonuses. Typically, gross pay is employee’s salaries or wage figures. But, the take-home amount on the employee’s paycheck is lower after accounting for payroll deductions.
- Applicable taxes and deductions- Here, employers consider year-to-date annual earnings, wage levels, and tax allowances when summarizing applicable taxes. Payroll programs calculate deductions, which are made through pension plans, insurance plans, garnishments, and union dues.
- Fringe benefits- Fringe benefits serves as the type of compensation that includes education assistance, health insurance, employee discounts, and retirement plans. All benefits are included in payroll programs, and some benefits are taxable too.
- Employee payroll records- The payroll service keeps employees' payroll records that include current pay rates, actual hours worked, overtime or double overtime worked, paid time off used, non-paid time off used, and tips received.
- Social Security and Medicare- The payroll solutions keep records of the amount deducted as the employee’s portion of social security and Medicare payments from gross wages.
What are the challenges in maintaining a payroll manually?
The manual payroll approach is cumbersome and is highly challenging for the HR department and finance teams. A lot of time, hard work, and efforts are required to make the manual payroll processes successful. The challenges associated with maintaining a payroll program manually are as follows:
- Ineffective time records- The manual payroll process can create complications in tracking attendance and can even cause inaccurate recording of time. During data entry, any error or improper interpretations can result in underpaying or overpaying of an employee. The handwriting of the employee might be indecipherable.
- Human Errors – The manual payroll process overburdens the human resource and finance departments with repetitive cross-checking tasks and documentation. These activities are highly prone to human error, which can result in incorrect and untimely payments. Moreover, there can be a wrong calculation of employee leaves, and employees can suffer from complicated salary structures that demand gross-up calculations.
- Taxation related issues – Manual calculations are complicated, time-consuming, and lack accuracy for calculating taxes and penalties. Organizations can suffer from penalties and inconvenience in addition to extra work due to incorrect tax calculations. The tax rules keep on changing with time-to-time, so manual payroll processes cannot be an efficient method.
- Administrative issues- Much smaller types of businesses carry out their payroll process manually, which in turn creates an administrative burden for the business and HR staff. There can be payment issues and misapplication of rules due to errors in data entry. Hiring the additional staff to handle a growing manual process can create lots of administrative matters in the organization.
- Compromised information security- The manual payroll processing method fails to maintain privacy and does not guarantee data security that includes sensitive employee information (like address, bank account, and social security number).
- Time and attendance- The manual payroll functioning can create significant errors and can take a lot of time in managing and calculating the manual leaves. It is tough to keep track of piles of documents consisting of the manual recording of attendance and time tracking of employees. Due to miscalculation, there can be lower employee satisfaction in an organization.
To avoid all the payroll mentioned above problems and challenges, many businesses prefer to implement payroll management software that helps internal HR teams to work efficiently.
What is payroll software?
Payroll software is an application that helps in managing, automating, and organizing employee payment. All size businesses can keep track of all payments and can maintain all payment records by employing payroll service. With an advanced payroll system, the management can monitor the time and attendance of the employees; can look after-tax information along with pay structure.
What are the essential features of payroll software?
The following must-have features of online payroll software help in accomplishing the numerous aspects of payroll:
- Direct deposit- Direct deposit is the critical functionality of the payroll app. It means that money is directly transferred from the company’s bank account to the employees’ bank accounts. This functionality is safer as there is no risk of losing a check in the mail. It is considered one of the most common and preferred methods of payroll payment. Direct deposit functionality keeps the digital record of every transaction for bookkeeping purposes. It serves as a reasonable solution that helps in the quick arrangement of funds.
- Record –keeping- Payroll management software keeps detailed and accurate records that can be stored in the main database or other record-keeping facilities. This functionality enables to monitor how much overtime is being paid and how many employees participate in the company’s retirement plans.
- Payroll Processing- The payroll system software can facilitate on-time payroll processing. Payroll processing helps manage the employees’ financial records, including salaries, wages, bonuses, and deductions. The payroll process allows for accurate payments to salaried, hourly, and contract workers, along with managing automatic benefits deductions and tax withholdings. The payroll processing is carried out with an easy-to-navigate interface for employees and employers.
- Expense Management – The payroll software manages the expenses, deductions, loans, advances, and other types of employee costs with the help of expense management features. This functionality enters, tracks, and calculates the value of the employees. In some payroll systems, there is also a feature of loan ledger that keeps accounts for all approved employee loans. It can also handle reimbursement based on approved expenses.
- Tax Filing – The payroll system calculates the local, state, and federal taxes of the business with the help of tax filing functionality. The payroll software for small business can file the return and generate W-2 forms and 1099 forms (types used to report payments to independent contractors, rental property income, and income from interest and dividends) for the employees. For remote workforces, there can be multistate and multicountry tax filing options.
- Proper training and support- The payroll platform also comes with adequate training and support features. The staff member with little technical knowledge can use the payroll app easily if the proper training is provided to these staff members. The payroll program in which vendors provide both online and onsite training is an apt solution for staff members.
- Compliance Management – The payroll system comes with the compliance management feature in the background. Whenever law changes with any local, state, or federal employment, then compliance management functionality automatically updates the software to ensure that the time entries, payroll data, and tax returns are in line with the laws running in the specific area.
- High level of accuracy – The payroll software works as a neutral third party that helps record the working hours accurately when there is a need to outsource the payroll functions. The top payroll software system can accommodate the employees and their working hours correctly. The accuracy minimizes the possibility of human error.
- Payroll reports- The payroll platform should be able to give payroll reports across several business areas, which in turn helps in gaining a more in-depth look regarding how the business operates. The payroll reports allow to view payroll across departments, see taxes, and benefit deductions, granular employee-level payment details, and company-level overviews.
- Leave management – The payroll solution enables employees to submit leave claims and monitor their leave balance. The managers can review the request of the employees and can notify the employees regarding approved or declined applications. This leave management functionality calculates accrued leaves for wage calculation.
- Extreme security – The payroll software has the functionality of database encryption to restrict the highly valued resources like tax files, employee personal details, and other types of payroll information. Several payroll systems come with password-protected and sensitive information. Security can save companies from fraud.
- Compensation administration – The payroll management system holds the compensation administration feature that manages worker’s compensation, bonuses, cost of living, and adjustments for changes in the minimum wage. This feature provides an extra layer to the overall payroll strategy.
Other required features of payroll software are as follows:
- Employee self-service site – The payroll management system has employee self-service site that helps employees to have easy access to their payslip and W2 forms (tax forms that show the amount of taxes withheld from the paycheck for the year)
- Integrates with the existing systems- Many of the payroll software for small businesses are capable of integrating with the company's existing systems, which includes accounting solutions, time –tracking, employee database, or HR system.
- Notifications- The payroll solution holds system notifications or alerts that help in notifying and alerting the users on a regular basis. Timely alerts help in completing several payroll-related tasks easily. Some payroll software for accountants also gets updated timely with tax law changes, especially at year-end which in turn helps ensure a smooth start to the new year and end of year tax filings.
- Scalable- The payroll system software should be highly scalable so that organization can run smoothly even when there is an increased workforce.
- Payroll card- Some payroll programs provide payroll cards to the employees that give them the flexibility to receive paycheck funds through a preloaded debit card. This functionality serves as the best alternative to direct deposit.
- Benefits and bonus management- The online payroll software manages benefits claims that include CBA (collective bargaining agreement), allowances, and other types of employee perks.
- Data Conversion – The payroll management system should be able to maintain historical data. If the business is running on any other software solution, then payroll solution should be able to convert and migrate all crucial data into the new software.
- Streamlining- The payroll system software should streamline the operations so that workers can effortlessly access the records with the help of the automatic generation of the payroll system.
- Customization – The payroll system can customize every check and form with the help of customization functionality. The reports, screens, service fields, tables, and menus can be customized.
Why do organizations need payroll software?
Organizations can make things a whole lot easier by employing payroll management software. Here are the following reasons that explain why organizations need payroll software:
- Saves time- Businesses can save their valuable time with the help of the payroll app. Manual payroll processing takes a lot of time doing calculations. The payroll software performs all the calculations efficiently and reduces mathematical errors, which in turn helps save time.
- Avoid crucial mistakes – The proper payroll programming enables systematic management in the HR operations. There can be more opportunities in the businesses to interact with customers, bond with the employees, figure out marketing, and brainstorm new ideas with the help of payroll software.
- More affordable–The payroll management software for accountants can eliminate the need for an accountant or in-house employee committed to payroll operations. The businesses can save money spent on printing costs as everything is managed paperless. Moreover, some software packages guarantee the accuracy, so there can be fewer IRS (Internal Revenue Service).
- Access to documentation – The online payroll software helps find vital records that include the information on a previous paycheck or any other specific report. The supervisors or managers can securely access and review the stored online payroll reports.
- Meet deadlines – The payroll management software is better equipped to meet all deadlines that help direct deposits, payroll tax payments, and other necessities. Manual payroll systems lack this type of reliability. It is essential to meet deadlines as any missed deadlines can result in unwanted costs, penalties, and fines from the IRS.
- Data Security- The online payroll software helps protect personal information, including mailing addresses, dates of birth, bank details, and much more. The top payroll software can effectively secure the information without allowing anyone to access the information outside the organization.
- No need for expertise- There is no need to have a background in payroll while using the payroll software. Without hiring a professional, the payroll task can be delegated to the employees who have no experience in payroll operations. As a result, small businesses can lower their costs.
- Employee Portal – The payroll software provides an employee portal that enables employees to access their pay and benefits records. The employees can have better access to information and can have efficient control over their work lives with the help of the payroll management system.
Other benefits of employing a payroll app are:
- Reliability- The payroll solution is authentic and highly accurate.
- Customer Support- Payroll software enables users to resolve any issues or problems with the help of customer support.
- Productivity- The payroll management system helps boost the morale of the employees when the salary is paid to the employees in a timely and accurate manner.
- Speed – The payroll management system can make the entire process of preparing payroll quick. With a single click of a button, the payroll solution can instantly prepare reports and statements.
- User-friendly interface- The top-quality payroll software is designed specifically for those users who have little to no experience handling payroll. The payroll management software is intuitive and user-friendly, which helps in relieving the anguish.
- Accurate calculations- The payroll software for small businesses help provide accurate predictions and comprehensive validation checks and procedures. The payroll software helps in delivering tax updates instantly.
- Multiple reports generation – The payroll management software helps in providing numerous reports that include reconciliation reports, ad-hoc and user-defined reports, reports under shops and establishment acts of various states, customizable payroll statements, salary register, and wage register.
The payroll software helps in generating accurate payslips. With minimum efforts, it helps in calculating bonuses, expenses, and holidays pays. The payroll programs can automate specific tasks such as year-end reporting. It can reduce the burden of compliance and can remove the need to understand the complex tax legislation. The businesses can store data such as payslips and annual reports in a secure and easily accessible system. Several payroll software is accessible from mobile phones.
What are the latest trends in payroll software?
Businesses need to stay up-to-date with the latest trends in the payroll industry to remain one step ahead. The latest trends in the payroll industry are as follows:
- Cloud-based payroll solutions- The cloud-based payroll service enables users to look at the payroll mechanism from anywhere. The remote employees can handle the operations of the HR payroll system in real-time.
- Artificial Intelligence- AI has revolutionized the way people get paid and ensures the correct tax brackets. The AI-based chatbots assist employees by answering questions, resolving issues, completing transactions, and by serving as a helpdesk.
- Better data security- The online payroll software that is GDPR (General data protection regulation) compliant helps in saving sensitive information related to wages, addresses, account numbers, and social security numbers.
- Demand from the gig economy- The payroll software for small businesses can handle the temporary influx of workforce. Many entrepreneurs have started using temporary contractors instead of full-time employees. Payroll systems have the facility to accommodate such workers too.
- The idea of financial wellness – The financial wellness programs can be started by large corporations and small businesses that help in providing the employees with financial counseling so that these employees can make the right decisions with their money.
- Payment frequency changes – As more and more gig workers are becoming part of the organization, the approach to payment is changing. Both for the organization and employee, the trend of instant cash has become accessible and secure. Now the method of bi-weekly or monthly payment models is changing in the companies.
- HR technology and payroll management- Business can experience efficient results by maintaining the balance between HR technology and payroll management. HR technology can make payroll operations more efficient.
What points are to be considered while purchasing the payroll software?
The following points to be considered while purchasing the payroll management software are:
- Features and functionalities – Determine the vital functions, HR, and payroll needs of the organization. Outline the business's exact needs by bringing together leaders and end-users to discuss the current HR processes.
- Support and Customer Service – Ensure that the payroll system software should meet the expectations of customers. Before finalizing the payroll management software system, the buyer should make sure that the company’s customer and support service satisfies the required norms. Make sure that all the necessary support should be made available from the vendor.
- Database security/backup- Verify the vendor's reliability to the utmost before placing any purchase order for the payroll management software. Save yourself from future pitfalls by researching the providers’ security certificates and discovering specific and real information about the vendor.
- Flexibility- Consider your organization’s current unique needs and its future potential before finalizing the payroll app. Check whether the new payroll solution is adaptable to your business requirement. Also, think about the scalability of the payroll management system.
- Integration – Make sure that the payroll software that you pick is capable of integrating with other systems, which may include importing and exporting of information via excel sheets or can be from any other software.
- Cost of the software – Find out the price of payroll software along with extra or hidden charges. The more advanced features the payroll app has, the more costly it will likely be. Check whether the payroll software company offers a free trial or demo for the users.
- Mobile devices – Check whether the payroll software that you are planning to pick is mobile-friendly which in turn helps you in processing the payroll from various locations.
Other essential points to be considered before finalizing the payroll management software:
- Simple workflow- Ensure that the payroll software can offer a consistent workflow to manage the activities like reconciling leaves, attendance, tracking, reviewing salary increments, bonus payments, employee exits, and approval of expenses.
- Ease-of-use- Make sure that the payroll software is easy-to-use. Even a non-technical person should be able to handle the payroll app easily.
- Search the reviews- You can get an idea for the payroll software company by going through the reviews on the company’s website or social media platform.
- Check the tech support- Check whether your chosen payroll system provides the technical support or not.
- Business needs- Consider the points like size of the business, number of workers in an organization, kind of workers- contractors or employees, and do employees have benefits from the chosen payroll system.
What is the average cost of payroll software?
The average cost of payroll software can be decided by considering the several crucial factors that are as follows:
- Size of the business
- Features offered by payroll software
- Key elements of payroll management system software
- Whether the payroll software is cloud-based or not?
- Numbers of users and admins
- Type of interface
If you are into a startup or associated with growing small organizations, you can have payroll software packages that offer basic features and, at the same time, affordable to buy. On the other side, large scale businesses prefer powerful features, so they go for advanced plans. As a result, the price of payroll software can be a bit costlier.
The cost of payroll software can start as low as $2 per month (for example, WebHR and SentricHR). It can reach as high as 79$ (for instance, Justworks). Along with these costs, there are some other charges associated with the vendors' payroll management software, which includes maintenance, support, and installation.
You can choose the option of free payroll software if you are into a small or start-up organization. If you are looking for the best payroll software, then you can explore the GoodFirms platform. HostBooks Accounting, Baraza HCM, TimeTrex, Kredily, HR.my, Employment Hero HR are all free payroll software that can serve as the best payroll system for your organization.
Why refer to the GoodFirms list of best payroll software?
GoodFirms platform is consistently growing in terms of listing top-notch quality software categories along with authenticated reviews. Based on the latest business trends, this platform believes in conducting rigorous research.
If you are new to the payroll software field and looking for the best payroll for small business, then experts of Goodfirms can guide you by providing you the proper guidance of the payroll management software.
The best payroll software page of the GoodFirms platform provides insight into the popular payroll software along with their pricing, reviews, and core functionalities of payroll system software.