Many organizations outsource the payroll process, but you may decide that in-house is best for your company, and there are many payroll software solutions available to streamline the task.
But determining which solution is best for you can be overwhelming. This type of solution tracks a variety of information related to employee compensation and often includes benefits administration features. This includes everything related to wages pay type and frequency, bonuses, withholdings, garnishments, etc. In preparing a run, the system will calculate payroll deductions such as federal taxes, local taxes, and state taxes including Social Security, Medicare, unemployment, and disability insurance.
They will then print payroll checks or execute direct deposits and export data directly to accounting software or in a format that's compatible for import to an accounting system. It should also support reimbursements for mileage, relocation for new hires, and other travel expenses, as well as any other expenditures fronted by employees. Finally, the software should prepare tax forms and reports for the employer, employees, and contractors, such as the , , , , W2, W3, and MISC.
If your company is tracking employee information and processing payments manually, payroll solutions could save you time, money, and a lot of headaches by mitigating compliance risks. Save time. The biggest and most obvious benefit of a payroll management system is that it saves time, which, in turn, saves money. These solutions are designed to be user-friendly so the learning curve to set up and start processing payroll is very low. These time savings add up.
Increase accuracy and decrease risk. Additionally, a payroll software solution can help business owners ensure they remit the correct amount of paycheck-related taxes and file applicable reports on time.
When running payroll manually, even an honest mistake, such as a multiplication or rounding error, can have significant effects. And simply keeping up with the changes to the tax code is a time-consuming task.
Generate reports. Finally, payroll solutions allow you to track payroll information over time and quickly produce useful reports for internal decision makers, accountants, and auditors. For many companies, payroll is just one component of their software needs, but not always. There are several different levels of buyers, and these categories will help you determine the software that will best fit your needs:.
Odds are you own payroll yourself at this time, so you need to find the best payroll software for your small business. See our small business payroll guide for example vendors.
At this level, onboarding, direct deposit, tax filing, and other features such as attendance tracking and time tracking become more valuable, and for that the buyer will want a more comprehensive human resources management system. Large businesses: These buyers are looking to expand beyond the human resources department into an enterprise resource planning ERP package that incorporates full service payroll processing, talent management, and possibly the human capital management system.
This will ensure tight integration between payroll and other HR functions, as well as accounting and other department-specific systems. Another consideration is the type of operating system OS you'll be running the software on. For example, if you're a Mac user, you may want to look at products designed specifically for the Mac interface.
Alternatively, an increasing number of products are OS agnostic, meaning that they are optimized to run in a web browser and are not dependent on a particular OS.
See our list of payroll products well suited to Macs for more. The availability of a mobile app could also be a factor when considering online payroll software. Not that you'll be able to run payroll or perform tax filings, but employees could submit time-off requests, update their personal info such as phone numbers, and make changes to other payroll options.
Businesses such as professional employer organizations PEO and administrative service organizations looking to track payroll services for their employees should consider PEO software.
Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations.
They have been obtained from sources believed to be reliable at the time of publication. Software Advice uses reviews from real software users to highlight the top-rated Payroll Software products in North America.
Get Advice. More Human Resources Software. Other Software. Sort by:. Eddy Eddy is the all-in-one HR Suite built for local businesses. Price Watch Demo Learn More. Paycom FrontRunners Paycom offers user-friendly HR and employee-driven payroll technology to enhance the employee life cycle, in a single software. Price Demo Learn More.
BambooHR BambooHR offers small and growing companies a human resource information system HRIS that includes an applicant tracking system ATS , time tracking, payroll processing, benefits administration, employee engagement and employee Paycor Paycor creates HR software for leaders who want to make a difference.
All it takes is a few clicks to submit your payroll. Pay everyone accurately and on time, with unlimited pay runs and no restrictions on bonus payments or termination payouts. We summarize everything for you to review and show you warnings and errors before finalizing payroll. Automatically calculate and remit provincial and federal statutory deductions, with formulas that handle commissions, benefits, RRSP matching, and more. Rise showed me that payroll is not a necessary evil.
We run payroll in 20 minutes or less. PaymentEvolution simplifies payroll by integrating its features with other employee HR functionalities like records of employment and year-end tax slips. Plus, it supports all the modern requirements of a payroll software, including deductions like taxes, CPP, and EI, but you can also create custom rulesets for other deductions.
Payroll4Free is a free online software solution that provides a full range of payroll services for small businesses. Offering the necessary tools to process checks for 25 people or less, it has a complete suite of features that you can enhance with different integrations. Among the features, their subscription plan offers are payroll and tax calculations, vacation time tracking, detailed reporting, and direct deposits.
It also has an employee portal, so your staff members can stay updated on their payroll information. It is essentially an online HR software that allows for an unlimited number of users while getting employees involved in HR matters.
Key features include attendance management, leave management, and a time clock. As a payroll software, HR. Payroll runs can be done on a monthly, weekly, semi-monthly, weekly, or bi-weekly basis. Rise Lite is a free payroll software created for small businesses in Canada with under 20 employees. Providing robust payroll automation and online reporting tools, you can pay employees faster, reduce errors in salary computations, and make tax computation a whole lot easier. Employment Hero is an HR software with a flexible, easy-to-use, and compliant payroll system.
It offers a free plan inclusive of essential payroll processing tools such as employee file management, independent contractor tracking, and paperless onboarding. Known for its highly configurable, user-friendly interface, it also serves as a repository for employment contracts, HR documents, and VEVO checks. Additionally, this freemium product allows access to its mobile app and knowledge base for your convenience.
Serving over 3 million users and still growing, Wave deserves a slot in our list of free payroll software for small businesses. It is a free integrated business software that offers accounting, invoicing, and receipt scanning capabilities.
Ideal for small businesses, independent entrepreneurs, and freelancers, this platform also has a complete payroll system that can compute and keep track of employee vacations, bonuses, and benefits.
Whether a company follows a weekly, bi-weekly, monthly, or semi-monthly payroll scheme, Wave can support it. With an easy-to-use dashboard and available customer support, this software can help users manage payroll information and access banking details quickly and securely. Wave is completely free. It has an additional payroll module, and while paid, it is a value-added feature for software with a lot of free features other solutions would have charged for.
Payroll solutions are indeed a staple for most organizations. They have remarkably improved the way businesses process payment, ensuring that all employee salaries and taxes are paid accurately and on time.
A crucial factor when it comes to choosing payroll software, however, is the price of such solutions. At this time, SumoPayroll is the obvious choice, with all the benefits that it offers apart from payroll processing. You can easily sign up for a free trial and get to know the features firsthand at no cost and without commitment. Have a budget already for payroll software?
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