Monday, November 28, 2022
HomeBusiness10 Popular Payroll Systems to Consider for Your Small Business

10 Popular Payroll Systems to Consider for Your Small Business

Businesses have now started realizing the importance of payroll management to keep track of their expenses. Workforce paychecks are one of the major components of a company’s expenses. So, it is crucial to manage all the data and evaluate the process. However, it is not easy as the salary process is full of complications, and it is time-consuming also.

Technology assists human beings in almost every business and task. And it plays an important role here, too. Automated systems compute the salaries and reduce the complexities to save the time of managers. The payroll software delivers valuable advantages to businesses and drives them toward success. It also helps you stay compliant and save costs that might be wasted unnecessarily.

We can say that the payroll system is a must-have for your small business, but selecting the correct one from a bunch of options is difficult. Therefore, we have listed some prominent and efficient systems for your reference:

List of Payroll Systems

1. apsPayroll

apsPayroll offers a wide range of features to disburse salaries and manage the workforce. It unifies human resources management and payroll and makes the work easy for HR professionals. Let’s see its features in detail:

  • Automated error checking identifies the administrative drawbacks, so you can fix them before initiating the process.
  • Configure the system as per your business needs and preview the gross & net pay.
  • It automates tax filings and payments with accuracy. Wage garnishments are also offered. Tax tables are updated timely to comply with the latest changes and avoid penalties.

2. Paylocity

Paylocity is a human resources management software that assists managers in payroll. It simplifies many parts of the process and delivers accurate paychecks to the staff. Taxation and wage garnishments are also included in its features. Let’s dive deeper:

  • On-demand pay makes the employees satisfied with their jobs as they can access some part of their earned wages before payday. Employees can easily add requests for early payments, and managers can approve them quickly.
  • The system processes all the expenses and makes the payments more streamlined. It is easy to track costs at any time.
  • You can easily set the payroll rules as per your requirements, and Paylocity’s experts will assist you in that aspect.

3. factoHR

factoHR streamlines the salary process of small and mid-size businesses and boosts its accuracy. It is a comprehensive system for HR managers to handle different tasks from a single space. Along with payroll processing, the system also offers tax management features. Here is a brief of the key features:

  • Managers can set the payroll structure at their convenience and edit policies whenever they need. It also allows running multiple pay cycles at a time to fulfill the diverse needs of the organization.
  • It allows you to put reminders for disbursing salaries, or you can schedule the paychecks in advance.
  • It keeps records of tax deductions and calculates payroll taxes. Tax filings are also included; employees can declare their investments and upload necessary proofs in the ESS portal.

4. QuikChex

QuikChex automates the payroll process and enables great accuracy of paychecks. It provides managers with complete control over many aspects, and they can easily track monthly expenses. In addition, it offers numerous valuable features. Here are some of them to note:

  • Payslips are sent to the staff automatically once the paychecks are disbursed. Managers can choose its format or make a new format for the organization.
  • Employees’ loans and advances are managed easily with the system. It also calculates and deducts the EMIs.
  • The staff can easily declare their investments in the employee self-service portal and submit the proofs. The system automatically calculates each employee’s income tax liability.

5. Civica

Civica offers a comprehensive range of systems for HR managers to handle different processes. Small and medium-sized businesses use it to manage salary generation and employee benefits. It offers many features that you must consider. Let’s take a look:

  • You can set salary rules according to the post of the employee and choose the paying method from a wide range, such as direct deposits, cheques, and cash.
  • The dashboard provides valuable insights into pay groups, RTI, and HMRC alerts. Pre-built reports help to stay on top of data, and drag-and-drop report builder lets you create custom reports.
  • The system automatically calculates payroll taxes, files returns, and updates the latest changes in laws.

6. Eddy

Eddy is a popular system among HR professionals to generate payroll and manage compliance needs. It is ideal for small businesses that don’t want to manage the salary process in a manual, paper-based way. The software offers a variety of features to automate payroll. Following are some of its major features:

  • You can easily handle multiple pay cycles to generate the salaries of different departments and teams.
  • It fills quarterly and annual tax forms, and the tax amount is collected within one day of depositing paychecks.
  • Managers can select to make payments from the bank account directly or using printed cheques.

7. Onpay

Onpay simplifies the salary process of small businesses and improves the accuracy of paychecks. Additionally, it offers features for workforce management and employee benefits so that the HR department can handle everything together. Below mentioned are its notable features:

  • Employers can easily specify wage rates and schedules. They can choose a payment method such as direct deposits, cards, or physical checks.
  • Taxes are automatically calculated and filed. Employees can download their forms from the self-service module.
  • The system offers in-built reports to keep up with necessary data insights. The report builder lets you build custom reports.

8. Namely

Namely is an efficient payroll software that reduces the burden of the HR department and simplifies the salary process. It is an excellent choice for SMBs to handle employee benefits and compliance needs. Here are some of its highlighted features:

  • Payroll wizard lets you set a three-step salary process according to your organizational needs. The dashboard gives you every single piece of information regarding the process.
  • The system will assist you in calculating the taxes and paying them. It will keep you updated with the latest changes in laws.
  • Timesheets help you track employees’ actual work hours and generate accurate paychecks based on attendance.

9. Paycor

Paycor is a cloud-based payroll system that offers various features for HR professionals to manage employee paychecks efficiently. The system is also useful in taxation management and compensation management. The following are its key features:

  • You can easily schedule the paychecks in advance and make the payments at the right time. You can even choose a payment method such as direct deposits, paycards, or earned wage access.
  • The system calculates taxes automatically and fills forms on your behalf. It also keeps you updated with the latest laws.
  • The employee self-service portal gives the staff complete access to their personal information, pay stubs, and benefits-related data.

10. Rippling

Rippling is another prominent payroll software that facilitates the payroll process and streamlines different tasks. It greatly assists HR managers in disbursing paychecks, managing taxes, and recording expenses. Let’s see the features in detail:

  • You must set the rules and policies first to define a payroll structure. Then, the system fetches data on employees’ work hours, incentives, and deductions and computes accurate paychecks.
  • The software calculates payroll taxes and fills out forms. At the year-end, it generates employee tax forms and distributes them.
  • The expense management module records all the costs of paychecks and card bill payments. So you don’t need to reconcile reimbursements and other costs with pay cycles.

Final Thoughts

These 10 payroll systems will help you optimize your salary process and boost the profit in the long run. Additionally, it will increase employee job satisfaction by paying them accurate salaries.

Manually handling business processes is complicated and prone to errors. Regardless of your company size, type, and industry, you will need to adopt automation for your business to ensure efficiency. Automated systems save you valuable time and help you meet the goals.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

You May Read

Most Popular