5 Best payroll software options for small business

Introduction:

Starting and running a small business is tough enough, without having to battle through the complexities of managing payroll. From setting rates and accurately tracking hours to compliance and filing taxes, there’s a lot of data juggling involved in payroll that's easy to mismanage.

Payroll software can significantly streamline this process and make it easier to ensure that your employees are getting paid accurately and on time. With so many options on the market, it can be tricky to know where to start when selecting software for payroll management.

Our beginner's guide takes an in-depth look at some of the best payroll software for small business owners, helping you make sense of what's out there and find the perfect workforce management system for your needs.

Ready? Let’s get started!

Why a payroll solution is important to your business?

Having reliable payroll software in place for your business is essential for the efficient functioning of both your organization and its employees. Here are some benefits that you can expect from payroll software.

• Accurate tracking and payment of wages, benefits of employees, as well as appropriate compliance with tax laws in just a few clicks.
• Automated payroll solutions are cost-effective time savers when it comes to organizing data from various departments within the company and ensuring that paychecks are generated on time.
• You can eliminate mistakes made on manual calculations while allowing your staff the efficiency they need to stay on top of the administrative tasks.
• A cloud based payroll software helps with secure storage of employee records and helps with leave and attendance tracking.
• The software is a human capital management solution that will also help you stay on top of all your statutory requirements such as filing taxes, and other reporting obligations.

Top workforce management software for payroll processes

Here are some of the best payroll platform software solutions for small businesses that provide a comprehensive suite of features, and helping you automate payroll processing and manage everything from employee hours to tax filing.

• Quickbooks online

  QuickBooks payroll from finance giant Intuit has quickly become a popular outsourced bookkeeping solution for small business owners. With two levels, Full Service Payroll and Self-Service Payroll, users can customize the product to fit their particular payroll needs.

  Even at its relatively young age QuickBooks Payroll is proving itself as a reliable system for streamlining and automating payroll processes so entrepreneurs can spend less time on paperwork and more time on growing the company’s success.

  Pros

  • Unlimited payroll runs is possible
  • Payroll running is completed in quick time, depending on the employee payment structures
  • The mobile app comes with user friendly interfaces that allows you to access employee details anytime and anywhere

  Cons

  • Expensive compared to other software
  • Some of the important features missing compared to other payroll software

• Gusto

  Gusto is an ideal cloud based workforce management payroll solution for small business owners looking to save time on tedious yet necessary tasks such as fast payroll processing and benefits administration of employees. Not only does Gusto help small businesses automate these processes, but it also allows business owners to register for items like workers compensation insurance from the same program.

  Each subscription plan offers different features, with Core providing the basics of payroll software, Complete featuring additional human resources tools, and Concierge incorporating live support as well as everything else. It's clear that Gusto provides its customers with a robust yet hassle-free platform for all their payroll needs.

  Pros

  • Works well with other accounting solutions like Xero, Quickbooks etc.
  • Hassle-free setup process
  • Intuitive interface that offers easy management options
  • Can be used to manage timekeeping, employee benefits and attendance tracking

  Cons

  • Management of benefits of employees is not up to the mark

• Xero payroll

  Xero is an ideal choice for any business looking to streamline its payroll and/or accounting operations through cloud-based processes. Hailed as one of the most user-friendly products available on the market today, this award-winning technology provider makes it easier than ever for businesses to manage their finances, save time with hassle-free onboarding, and gain insight into cashflow trends.

  Xero combines modern technology with innovative design to create a refreshingly simple product that allows users to easily track invoices and expenses in real-time. By giving users full control over their money and resources, Xero makes it easy for businesses to take charge of their financial success.

  Pros

  • You can easily import employee records and ensure continuity
  • Can be integrated with other accounting solutions like Gusto, Zenpayroll etc.

  Cons

  • Simple pay runs is not possible

• PayCor

  PayCor's payroll system is designed to provide employees with as much control over their own information as possible. From their convenient online portal, workers are able to adjust their direct deposit account number, update personal details such as their address, and manage the frequency of their payment cycles with the click of a button.

  This self-service system is secure, fast and efficient, allowing employees to take charge of their finances in an easy manner while providing management with an automated system that ensures data accuracy across the board.

  Pros

  • Customizable and flexible interface
  • Automation of payroll taxation and salary computation
  • Tax filing is accurate

  Cons

  • No free trail version available
  • There is no standard pricing structure

• Myob Online

  MYOB, a cloud payroll software, offers Australian businesses a secure online payroll service that is easy to configure and manage from any browser. Streamlining everyday tasks with automated workflows, it ensures efficiency and scalability with growing teams.

  This premium software eliminates time-consuming manual entry, ensuring you communicate the right information quickly and efficiently, allowing you to focus on other areas of your business. Secure and reliable, MYOB gives you peace of mind knowing that your payroll is taken care of.

  Pros

  • Cost effective and fully automated payroll solution for small business
  • Highly accurate
  • Helps to streamline payroll processes

  Cons

  • Some of the accounting data needs to be manually entered

Manage your payroll data efficiently with online payroll software

Handling payroll information can be a time-consuming and complicated process, but it doesn't have to be. Streamlining payroll workloads doesn't require hiring extra staff or introducing new systems - instead, consider investing in a payroll solution designed to revolutionize the way you process payroll data.

Automating mundane tasks and providing managers with seamless access to up-to-date information, these solutions help take the headache out of payroll management - bringing cost savings and increased accuracy to organizations of any size. With this kind of personalized solution, managing large volumes of complex data to process payroll becomes easier than ever.

Conclusion

Payroll is one of the most vital, and delicate, aspects of running a business. It's also something that can be easily outsourced to specialized software to process payroll anytime.

If you're in the market for payroll software, there are a few things you should keep in mind. First, what kind of business do you have? This will dictate the scope and complexity of your needs. Second, what features are important to you? There are a lot of options out there, so make sure the software you choose has everything you need (and nothing you don't). Lastly, consider price.

Contact us today to learn more about how we can help streamline your payroll process!