Payroll management software can be one of the most important tools a company’s armory. Organizations use payroll management software to perform a wide variety of tasks, including calculating and tracking staff members’ salaries, deductions and paid time off, depositing salaries into employees’ bank accounts, and generating paystubs and tax forms. Some systems are even designed to enable the company to file and pay payroll taxes and report new hires to the IRS.
Today, many payroll management software systems operate in the cloud, and this has additional benefits. For starters, cloud-based systems don’t require any software to be installed and maintained in-house. They also mean that organizations can manage and run their payroll from anywhere – including on mobile devices such as smartphones and tablets in a lot of cases.
A good payroll management software system will also be able to integrate with a variety of payroll-related programs the business is already using, such as accounting software, time and attendance systems, and HR software. It will also provide detailed wage and labor reports, enabling deeper insight into how the business operates.
In all, perhaps the biggest benefit of payroll management software is that all the work required to successfully manage payroll is completed automatically. This means that the time taken to run the payroll function can be significantly reduced, cutting down on all associated costs.
It’s important, however, that the payroll management software system a company uses is up to scratch. Since you will be entrusting your payroll management software provider to get everything right, it’s critical that you choose a reputed one with a powerful system that’s capable of providing an error-free service, lest you face a rash of angry, underpaid employees at some point down the line, or even a fine from the government. Some providers, indeed, offer an error-free guarantee to protect against such incidences – these usually come with the promise that if a mistake occurs, the provider will correct it and pay any fines and interest incurred.
With all this in mind, let’s now take a look at five great payroll management software systems that are definitely worth checking out.
A comprehensive HR suite, Namely is a cloud-based application that combines talent management, benefits, and HR with powerful payroll management software.
Designed primarily for companies with 25-3,000 employees, Namely streamlines the processes of everything from managing employee information to calculating paychecks, accurately handling deductions for taxes and contributions for benefits such as health insurance.
Key features include automatic benefits deductions, simple tax filing, year-end reporting, workflows, time-off tracking and organizational charts. It also comes with a free demo, so you can try before you buy.
(Video source: youtube.com)
Primarily a human resource information system (HRIS), BambooHR is designed for small and mid-sized businesses up to about 3,000 employees. In February last year, the company unveiled its brand new full-service online payroll management software system – Bamboo Payroll – which streamlines HR functions for both managers and employees by seamlessly combining payroll with the HRIS.
Integrating HR software with payroll processing tools helps give the HR team much-needed organization and efficiency. With BambooHR, organizations are given the ability to do things like oversee budgetary constraints alongside staffing needs, or to discontinue scheduled payments to former employees with just one click – just two of the many ways in which BambooHR’s system helps HR and payroll work in concert to streamline operations.
With Bamboo Payroll, organizations are also able to view paystubs as full-color graphs, with taxes, deductions and pay all clearly highlighted. Employees are also able to log into the self-service portal to adjust their deduction and direct deposit preferences without having to contact HR. Bamboo Payroll also auto-generates end-of-year W-2s for employees and 1099s for independent contractors, and automatically enters the documents in the employee’s self-service portal in BambooHR. A free trial is available.
“Payroll is one of the most vital HR experiences and it affects every single employee. From contractors to full-time staff members, everyone participates in the payroll process. And if that experience is complicated, unreliable or overly time-consuming (which it commonly is), it’s more than just the bottom line that suffers,” said CEO and Co-Founder of BambooHR, Ben Peterson. “We’re making payroll a seamless experience, not just a process. That means no more double entry, no more manual errors, and more time to focus on the things that really matter: your people.”
OnPay is one of the most popular payroll management software solutions. A cloud-based service, OnPay streamlines payroll processes and automates tax filing and payment workflows.
Designed for small and medium-sized businesses, OnPay has built its reputation for being one of the most affordable and cost-effective payroll management software systems available. Payroll data like hours, reimbursements, bonuses and even tips are easily entered into the system, which can also manage separate processes like compensation and benefits insurance.
The handling of payroll taxes is optimized, as the company itself takes care of the withholding, tax payments, and filing of tax forms. OnPay offers a no-error guarantee in this regard, promising that all tax filings and payments will be made accurately and on time, and will take full responsibility should any errors occur. A one-month free trial is offered.
An online HR services tool, Gusto combines robust payroll management software with compliance and benefits administration features. Gusto’s mission is to simplify complex processes such as HR, benefits and payroll for modern small- to mid-sized companies.
The platform is capable of automating the calculation, payment and submission of a business’s payroll taxes, and ensures that companies can pay through bank deposit or check options.
Key features include unlimited payroll runs, year-end W-2s and 1099s, new hire reporting, and bonus payrolls. Organizations can also take advantage of add-ons like health insurance, 401(k), and other HR tools to better manage their teams.
All in all, Gusto is a solid payroll management software solution, and offers a one-month free trial to get you going.
- Intuit Payroll
One of the very best payroll management software solutions for small businesses, Intuit Payroll is an affordable yet powerful payroll platform that comes different service plans at varying price points to suit businesses of different needs and different budgets.
Intuit Payroll is jam packed with features and automation that enables companies to ensure their employees are paid faster and without hassle. Organizations are able to generate unlimited paychecks while automating payroll tax calculations and receive instant, top-class support from live experts.
What makes Intuit Payroll a particularly sound choice for small businesses is its integration with QuickBooks, which many already use for their accounting software. Intuit allows organizations to combine payroll and QuickBooks into one seamless program, meaning the online payroll management software system and Quickbooks work together in lockstep, with data automatically transferred back and forth between the two.
Other key features include employee self-service options, excellent payroll reporting, and a one-month free trial.
(Video source: youtube.com)
Payroll processing is a necessary yet arduous task. Payroll management software systems have numerous benefits, including helping businesses streamline their accounting processes and significantly reducing costs. They also help reduce manual errors when performing complex calculations, and enable organizations to focus on what matters most – growing the business. The payroll management software systems listed here are all robust and reputed, and come with all the key features an organization needs to streamline its payroll processing, tax obligations, and much more besides.