Payroll management is a challenging task and requires so much attention. If you commit a single mistake, it can mess up a whole thing for employees and employers. We know payday is everyone’s favorite, but if things don’t go in line, it can create problems. However, payroll software has been developed to make tasks more accessible and timelier. So, if you consider paystub generation a tricky thing, it’s high time to adopt payroll management tools for your business. But at first, it’s necessary to understand the meaning and purpose of payroll management software.
What is payroll management software/tool?
“The payroll software aims to handle, maintain, and automate the employee’s payment process.”
HR technology vendors offer payroll tools, but it also lies in the ERP system. Here are the following other tasks and uses of these tools:
- Calculate employee salaries
- Cut deductions
- Deposit the paycheck directly into the account
- Produce tax forms
- Generate paystub
However, using a check stub maker can minimize manual errors in less time. You can integrate this software with other core business software for automation and more efficient working. Moreover, employees can access this software anytime using their accounts. They can edit their personal information, reference, and other official details.
Set up payroll management software:
If you are new in this line, you will first have to learn how to add details using pay stub generators. However, you need to follow these steps for payroll software:
You will implement the company’s hourly rate, deduction, and final rate policies in the first step. Later, you will add variables like total attendance, absent days, overtime, and holidays. After adding all these details, the software verifies and calculates the salary and issues a pay stub that includes name, tax, and pay date.
List of top payroll management software in 2023:
“Around 40% of small and mid-sized companies pay penalties for late payroll yearly.”
(According to IRS)
In 2020 alone, the IRS allocated more than $4.9 billion in the account of penalties for late payments or bad checks. If we want to achieve success, then it’s crucial to stay organized. Now it has been possible with the help of tools and automated software. Apart from this, here are the following tips to stay organized when you are busy. Payroll management tools primarily aim to calculate and process employee pay. Thus, the following software can help you in this regard.
PayChex is one of the best software that offers more than 160 reports. However, by using this tool, you can closely check wages, taxes, turnover, and many other things; apart from this, it automatically files payroll taxes and includes integration with other apps and programs. Here are the points that you should go through before making a final decision:
|24/7 support||Hidden fee for tax documents|
|User-friendly with an easy interface||Mixed reviews from the customer’s side|
|Robust feature for reporting|
Furthermore, it comes with add-on options for HR, and the software is easy to set up and run. The tool even lets people run payroll and easily automate the submission of federal, state, and local payroll taxes. So, it’s available for $39/month and $5 per employee. Apart from this, you can also get a custom pricing quote.
If you have already worked in an HR department, then I hope you are familiar with this famous name. QuickBooks offers software for accounting along with payroll. Many features, like easy setup and automation, make it a great choice. But if there is any problem you can contact customer support anytime. Moreover, here you can make payroll easily, irrespective of experience.
|Easy to set up||Bit expensive|
|Full-time customer support||The time track isn’t available in the lowest-price package|
|Fast direct deposit|
|You can integrate it with QuickBooks accounting software.|
QuickBooks has excellent features, and you can buy the basic plan for $45/month with $5/per person monthly. But the premium plan costs around $75/month with $8 per person. If you need more features, then the Elite program is also available.
Another new payroll management system has made a name in the industry with top-notch features and customer service. The tool offers the easiest and more accessible online payroll management services. Moreover, you can integrate it with QuickBooks. Now the authorities are trying to make it a simple solution by adding built-in time tracking, document storage, and HR options in the tool.
|Affordable||Limited reporting features currently|
|Easy to use|
|Has a document storage option|
|Employee expense tracking|
But if you are happy with your time tracking and accounting tools, then you don’t need to invest in Workful.
It’s a comprehensive and scalable payroll management software specially designed for small and medium-sized businesses. The tool is a cloud base solution that helps to streamline payroll processing and helps to automate tax fillings. Apart from this, OnPay works best when smoothing the payment workflows. Besides, the tool can handle other responsibilities like health insurance, 401k retirement plan, and insurance. Independent platforms give this tool an overall score of 9.2, providing 100% user satisfaction.
Earlier, we provided a list of four best payroll management software that can help to keep an eye on your payroll process. There are many other good tools available in the market. But you can only choose the best one by knowing these essential tips. So, consider these points before giving any tool a chance:
- It should be easy to use
- Open for customization
- It should filter your reports in multiple ways
- The option of direct deposit should be available
- It should be able to integrate with other tools and software
- The chance of employee accessibility is a must
- Cost friendly
Apart from this, invest your money in a tool that will provide customer support. In this way, you can contact the authorities for any technical issues. Moreover, one of the most critical aspects is the cost and features of the software. So, these small yet essential tiny attention details can help make life easier.