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10 Best Payroll Software Solutions for Small Business in 2020
Over the past ten years, cloud technology has transformed the payroll software. Therefore, companies and individuals no longer spend time on the most time-consuming payroll tasks like time cards, printing checks, or combining through time cards for individual changes over the time period.Payroll software enables you to calculate wages, pay employees through direct deposit and file taxes. Making sure you pay the employee in full and on time is a key factor for a high functioning team, which makes a choosing payroll software for small business a crucial decision. Plus, payroll professionals ensure that direct deposits send correctly, watch for exception and edge cases, and manage the automated process. Payroll processing envelops computing employees’ gross pay, withholdings, net pay, printing payroll checks, preparing payrolls for management, and preparing payroll tax returns.
Types of Payroll Software
Payroll software needs to be chosen toward company size since, there’s no one size fits it all solution. Some vendors may offer solutions available just for small businesses or large enterprises, while others provide a range of solutions designed for specific company types.If you’re planning to use payroll software for your business, these are the best solutions:
- Made for small business (less than 50 employees);
- Designed for medium-sized business (50 to 100 employees);
- Recommended for larger companies (100+ employees, multiple locations, locations in different countries, etc.).
Payroll Software Features
Most payroll software offers main features such as tax management, printing checks/direct deposits, payroll processing, and more.Still, depending on the software, some features may be standard, while others may be add-ons or not offered at all. Bellow, is the list with the most common features of payroll software: 1. Payroll processing – With adequate software, processing payroll can be performed in relatively no time. Most solutions have integration capability, which, depending on your platforms for payroll and timekeeping, can link systems together to pull hours automatically, process payroll, pay rates, print checks, and make ACH (automated clearing house) deposits. 2. Time & attendance management – This feature records the employees working time. Employees can clock in through this system or by a manual time clock system. Salaried employees can fill either a manual or an electronic time sheet. This feature also monitors of vacations and sick time. Some payroll systems have the time & attendance feature built in, but others may need integration with an attendance module. 3. Tax management – The tax management automatically calculates the federal, state, local, and other social security-medical care taxes that are deducted from each employee’s paycheck. It also automatically updates any tax code changes and alerts the user. 4. Benefits management – Benefits management can either be a separate module or a built-in feature, depending on the software. Employees can keep track of benefits offered, such as insurance, retirement, vacation/sick, and other benefits. 5. Reporting – Best small business payroll software solutions deliver reporting features such as gross-to-net payroll register, tax reports, deduction analysis, compensation analysis, and more. Reporting templates are typically offered. Plus, you can create custom reports. 6. Integration – Majority payroll software can integrate with another system, such as HRMS (human resource management system) or accounting software. You may also have separate modules for benefits and time & attendance that can integrate with payroll solutions. 7. Mobile functionality – It’s another feature that’s becoming more common in payroll systems. Not only can employees see their paycheck on their mobile device, but they can also launch payroll form their tablets or smartphones. 8. Direct deposit – With direct deposit, you save thousands of dollars annually in processing costs and supplies, employees no longer have to worry about check fraud or lost checks. Plus, funds are transferred from company accounts directly to employees through ACH and are available instantly unlike traditional checks that typically have a holding period.
Best Payroll Software Systems in 2020
Whether you’re seeking for a free payroll software or you’re willing to pay for full-service payroll software, there are some great solutions out there for you. Therefore, pay attention to these 10-best payroll software systems on the market right now.
Patriot Software Payroll – Best Payroll Software for Small Business
Patriot Payroll is an integrated HR (human resource) and payroll management system that streamlines the various processes linked with managing payroll payments and tax submissions.This solution provides tools to maintain payroll records, print checks, establish direct deposits into bank accounts, generate payroll reports, and submit federal and state taxes.
Patriot Payroll can also issue payrolls through direct bank deposits and electronic cheques. The software has personalized portals for employees to access their financial and payroll information. The app’s reporting functionality enables employees to generate their year-end reports and print W2 forms for tax reporting.While Patriot Payroll is an independent payroll system, the solution can also integrate with other Patriot Software solutions such as Patriot HR (personnel tracking) and Patriot TIME (time and attendance) to provide a full-fledged HRM suite. For $7.50 a month, you'll get a non-accountant friendly finance management suite, and track cashflow like a professional.
QuickBooks Pro is a great accounting solution designed for small and midsize customers. The solution includes robust functionalities of a core accounting software application, such as project accounting, account payable and receivable, payroll management and expense management, all in one integrated suite.With a Bank Account Reconciliation feature, users can link their bank accounts and define workflows for the accounting operations. It enables you to make automated payments and deposits from a linked bank account and also manage the employee payrolls by the app.
This QuickBooks payroll software solution also automates the invoicing and billing process and run order management from a single reconciliation window.You can sync, link and import data from other integrated apps, such as American Express, Square, and PayPal. All transactions are automatically categorized to record monthly earnings and expenses. QuickBooks Pro offers self-service payroll for $17.50 and full-service payroll for $40.
Gusto is a fully featured payroll, benefits administration, and compliance management platform. Designed to catered mainly small business across the States, Gusto has tools to manage core HR needs such as hiring, onboarding, time tracking, and training.With a dedicated online account, an employee can fill out its personal info into the system and monitor all paperwork at one central place. Business can automate their payroll activities by scheduling payment and benefits release. Payments can be issued by check or through direct bank deposit. The solution automatically brings electronic payslip to employee’s inbox upon completing the transaction.
This solution automatically calculates, pays, and files a company’s federal, state, and local payroll taxes.Some of the extra features include custom reporting, multiple pay rates, multiple pay schedules, and third-party calendar integrations. Gusto offers three pricing plans + 30-day free trial.
- Core - $39/month + $6/month per person;
- Complete - $39/month + $12/month per person;
- Concierge - $149/month + $12/month per person.