Top 10 Payroll Software for Small Business
If you have a small, medium or large business, you understand how frustrating it can be to deal with the payroll of your company. Larger businesses hire one or more administrative staff to perform this task and for smaller businesses the business owner will generally handle this duty. It can be time consuming and can also lead to accounting errors. Because of these reasons, payroll software is an investment most companies, large and small, are willing to consider.
What is Payroll Software
Payroll software is a general type of software designed to handle the generation of the periodic payroll for all sorts of business types and sizes. It is generally used to replace the tedious nature of manual payroll generation or the sometimes more costly outsourcing of your payroll. Payroll software performs many different functions depending upon the specific product, with some being more advanced and performing more payroll related duties than others.
Benefits of Payroll Software
Payroll software may not be for every business, but it does offer those businesses that do need it a great range of benefits. If you are considering making an investment in payroll software for your business, here are some of the most notable benefits you can expect.
- Flexibility for payroll changes
- Generation of necessary payroll reports
- Give you or your HR employees time for other duties
- Increase efficiency of payroll process
- More accurate payroll tax records
- More organized record keeping
- Reduce payroll errors
- Standardize payroll
Taking away the meticulous nature of manual payroll and offering at your fingertips organizational reports are probably the most noteworthy of the benefits received from payroll software. While there are many different types of payroll software, you can generally expect the above benefits from virtually any payroll software.
Types of Payroll Software
There are several different types of payroll software and a large number of payroll software products. The different types of payroll software are differentiated mostly by their features. The products can range from the simplest payroll software that calculates payroll and taxes to the more advanced that can perform direct deposit and can communicate with existing human resources files to import and export information.
When searching for the type of payroll software that is best suited for your company, you should pay attention to the special features to determine which you may need and which you may not. Because of the wide variety of products available, you should be able to get the type of payroll software that will specifically fit the needs of your business without overpaying for features you don’t need.
Who Can Benefit from Payroll Software
To understand if you can benefit from payroll software, you should consider the following.
- Complexity of your payroll
- Cost of outsourcing
- Number of employees
- Existing budget for payroll software
Even a small company may have a complex payroll with each employee being paid different wage rates and even different wage rates for the same employee for different jobs. Figuring the payroll for a period can quickly become complicated in this instance, especially when you figure in the different tax deductions for each employee. Payroll software may not be necessary if you have a very small company. In this instance, it may be a better alternative to remain with manual payroll.
There is no magic number to tell you when you should consider payroll software. If you begin to notice that you are spending too much time with manual payroll and not enough time on the more important aspects of your business, it may be a good time to examine the financial viability of investing in payroll software. You can quickly examine the possible savings of payroll software versus outsourcing your payroll. It is very likely that you will save money by doing your payroll in house with your own particular payroll software than outsourcing to a payroll company.
How to Purchase Payroll Software
Payroll software can now be researched and purchased online. Websites allow you to get a listing of the features of particular payroll software products as well as allow you to compare pricing. It is a good idea to research any payroll product you are considering. There are customer forums online that can help you get customer reviews of the various products.
Because it is hard to know precisely if a payroll software product is right for your business without trying it out, you may want to only consider products that offer a trial period, or at least a satisfaction, money back, guarantee. A thorough examination of what payroll software can do for you, could make the administrative duties of your company less cumbersome, less distracting, as well as more efficient and done with fewer errors.
Top 10 Payroll Software for Small Business:
Fast, inexpensive, and accurate online accounting and payroll software for small businesses. Get started with a no-obligation free trial.
Easy to use, cloud based payroll software for your business. Trusted by over 30,000 companies of all sizes, Paycor offers payroll, tax filing and compliance solutions with robust features including a mobile app. Start issuing paychecks with ease.
Free payroll software small businesses in Canada with 20 employees or less. Rise free payroll software will help you pay your employees faster and easier than ever. Sign up for free today!
Payroll, Statutory Compliance, HR, Attendance and Leave Management. All in one. That’s Human Resources Management from ADP India!
IRIS is the UK’s market leader provider of business critical accountancy software solutions for accountants in business and practice, solutions include Tax Software, accounts production software.
Payroll software with unlimited employees & excellent customer support. Built for small businesses, accountants, and services firms. FREE 60 day Trial.
Pay your employees, contractors, and stay government compliant with Wagepoint, the best automated small business payroll service. Try us free for 30 days.
TaxSlayer Payroll automates payroll and human resources management. In minutes, you can onboard a new hire, run payroll or file tax forms. Anywhere, anytime. No programming. No installation. No headaches.
Hubstaff allows your team to accurately and easily track work hours with mobile and desktop apps that run seamlessly. All time and activity is recorded in Hubstaff’s simple time tracking and billing software, which you can then use to send automatic payments.
Payroll is a #1 concern for many small-business owners trying to get it right. With Sage Payroll software, our solution will automate your entire process. Book a demo!
Over one Million Australian businesses, accountants and bookkeepers use MYOB business software & accounting solutions. Start a free 30-day trial today.
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