If you are still managing employee payments with excel sheets. Then, it’s perfect time to know about ‘Payroll Software’. This software makes the payment process of an employee easy with its latest technique and also reduces errors.
What is Payroll?
Payroll is the process of calculating and distributing monthly wages and taxes for an employee.
The entire payroll activity is divided into three stages:
- Pre-payroll
- Actual payroll
- Post payroll
- Pre-payroll activities
Defining employee payroll policy: Organization offers multiple policies such as leave, attendance, benefits, etc. During the initial step, these policies should be well defined and get approved by higher authorities to ensure standard payroll process.
Gathering inputs – Payroll process gathers information of an employee by interacting with multiple departments. That information can be salaried revision data, leave data, attendance data, etc.
Input validation – Validating input data is important to ensure that no active employee is missed out. And, no inactive employee records are involved in the payment.
- Actual payroll process
Payroll calculation – Payroll process is always a great practice to verify for accuracy to avoid errors. During the payroll calculation stage, validated input information is fed into the payroll system for employee actual payroll processing. The outcome is the annual salary after adjusting taxes and other deduction.
- Post-payroll process
Statutory compliance – The set of statutory deduction like ESI, EPF, TDS are deducted at the period of processing payroll.
Payroll accounting – Every business will organize a track of record of all financial transactions. As a part of payroll management, it is important to ensure that employee salaries and reimbursement information is fed accurately into the ERP system.
Payout – Payout can do done in various forms such as cash, cheque or bank transfer. Most of the organization provide employees with salary account. Salary statement can be issued with employee details such as id, amount of wages, number of working days etc.
Reporting – Once you are done with payroll for a month. The high authority will ask for payroll reports. Payroll officer will be responsible to dig the information, extract furthermore data and then share the report.
In every organization, payroll process performs multiple tasks. Those activities may be producing pay slips, calculating employee benefits and deductions, filing taxes forms, etc. In order to simplify this process, Payroll Software came into existence. This payroll software will automate the process of employee payments and other financial activities.
Following are top 10 payroll software choices for every business at different price points.
1. Gusto
Gusto payroll software is reimagining payroll and human resource for the modern organization. This fully featured software makes the most complicated business processes simple and personal. Gusto offers in-house benefits, everything stays in a synchronized way. This software is serving more than 60,000 business across the globe. As per the analysis, 95% of customers are more likely to recommend Gusto.
Features of Gusto:
- Unlimited payrolls and direct deposit
- Automated tax filing
- Time tracking, online offer letter
- International payroll and lifetime access
- Health benefits, worker’s compensation
Pricing – Plan starts at $45 per month.
2. OnPay
Onpay software is a cloud-based payroll solution. This software automates the payroll process for small businesses and growing businesses. Whether you are looking for a payment solution for 10 employees or 1000 employees, this software makes it simple and error-free.
OnPay is mobile friendly software, you can process payroll online anywhere and anytime. No additional fee is required for tax filing. Also, offer direct deposit or debit card payments.
Features of OnPay:
- Employee self-onboarding
- Automated payroll taxation
- Scheduled pay process and unlimited pay runs
- Easy user interface
- Reporting
- Free setup and flexible customer support
Pricing – First month free, base plan is $36 per month + $4 per employee.
3. MyPAYE
MyPAYE is a cost-effective payroll software for the small and medium-sized organization. This tool is the ultimate way to handle workplace pensions and auto enrollments.
MyPAYE is a cloud-based software and can be accessed anytime from any browser or mobile device. It can be integrated easily with third-party accounting packages and timesheet.
MyCIS (Construction industry scheme) is available for subcontractors. It allows you to run basic CIS with online verification and submissions. Also, it provides a monthly payment certificate for each subcontractor.
Features of MyPAYE:
- No software to install
- Excellent reporting and analysis
- Multi-level access control
- Run multiple payrolls
- Easily scaled
- Access clients payroll anytime
Pricing – 1 euro per month & per employee.
4. Sage Payroll
Whether you’re running a small business or large business, Sage Payroll is a great choice for you. This software will streamline and automate your business payroll process. The tasks include salary statement and tax calculation. Additionally, it incorporates HR management, timesheet and other workforce management services.
Comprehensive – It provides a set of services that will work for your team effectively.
Integrated – Link to saga accounting software to provide a flexible approach to post payroll information.
Essential – The payroll solution can be used for different types of business in multiple ways.
Dedicated customer service will assist you with payroll issues.
Pricing – 6 Euro per month + VAT for up to 5 employees.
5. ADP Workforce Now
Running payroll for a large business is a difficult task. It’s time to find a perfect solution. Switch to ADP Workforce Now payroll software. The tool provides automated services such as payroll, HR and tax services. You can save money and time with ADP accurate payroll and tax.
Many industries like construction, manufacturing, retail, health care and technical services prefer ADP workforce now software.
The software also integrates with other HR activities and business applications through ADP Marketplace.
Products offered by ADP
- Payroll
- Time and attendance
- HR services
- HR outsourcing & PEO
- Integration
- App marketplace
Pricing – Register with ADP for small business payroll services and get 2 months for free.
6. Payroo
Payroo is a cloud-based accounting and workplace pension software. This tool allows you to complete your employee payments anywhere on a PC, tablet, Mac or mobile phone. No external devices are required to install Payroo software. Register and run your payroll through the internet, be it your home or office.
Automatically, comprehensive reports will be generated for all statutory requirement and costing. The key data is placed in CSV and XML files that can be exported when required.
Features of Payroo:
- Free for small organizations
- Low subscription price for larger businesses
- Compatible with top accounting software packages
- For the construction industry, it offers free CIS payroll software
- A mobile application is also available
Pricing – Free for small businesses with 9 employees or less. Euro 3 per employee per annum.
7. Square Payroll
Payroll process has become easy with Square payroll software. With this amazing tool, a small and large business can easily pay for hourly, monthly and salaried employees. Set up casual leave or sick leave policy for each employee, and rest will be handled by Square payroll services.
The payroll tools such as salary calculator will generate accurate payroll individually or by a group.
Features of Square Payroll:
- 401(k) tracking
- Check to print
- Self-service portal
- Reporting and analytics
- Tax management
Pricing – Square payroll starts at $34 per month.
8. Zenefits
Make payroll effortless with Zenefits. Multiple processes like HR, benefits, and timesheet can be handled with a single database. The software will update automatically, a modification made elsewhere in Zenefits process directly into payroll. It follows a three-click pay run, a simple interface that will let you run the payroll process efficiently.
Zenefits pay connect, time off and time & attendance are the most commonly used application on Zenefits.
Pricing – Lite HR plan is free to use. The standard plan starts at $5 per employee and base plan starts at $40 per month.
9. GreytHR
Are you concerned about payroll accuracy? Are you facing issues during payroll calculation? Here is a perfect solution for you. GreytHR is an all-in-one software for payroll and HR requirements. It is a guided payroll processing software with a checklist. Also, captures and stores all employee information in a centralized location.
The payroll automatically integrates with attendance data of employee. The payslips will be available on the web and mobile.
Features of GreytHR:
- Easily scaled
- Free online customer service
- A simple layout that is easy to use
- In-depth reporting
Pricing – Free 30 days trial is available.
10. Payroll Network
Payroll Network is a powerful payroll software which is a cost-effective solution for human capital management. Payroll network provides a cutting-edge payroll processing technology. It is specially designed to work for various types of industries such as retail, health, technology, etc.
Payroll network offers multi-layered security for your business. It completely empowers your team with the right amount of access during safeguarding sensitive data.
Payroll Network Features:
- Easy-to-use and error-free software
- Real-time payroll calculator
- Off-cycle checks
- NACHA file generation in case of direct deposit
Conclusion
Payroll is the most important process and time-consuming activity for every business. Since the payroll is something that should be done frequently and accurately. Follow leading payroll software from the list and choose suitable software for your business.
