In the modern day, business owners are emphasizing digitalization, and technology is changing the world for a better future. Digital tech advancements have witnessed rapid growth in terms of implementation. Smart technology is available for almost every task, and it saves us considerable time, so we can focus on strategies, thus, making the business successful in the long run.
Probably the most significant expense and complicated task for managers is employees’ salaries. However, it cannot be overlooked as it is directly linked with the employees’ job satisfaction and turnover. Therefore, it becomes crucial to disburse accurate paychecks to ensure higher retention. To reduce the complexities and generate salaries faster, you must use payroll software.
Automating the payroll boosts accuracy and provides employees with timely salaries. Therefore, we have mentioned a list of efficient systems you must consider for your business.
Best Payroll Systems For Small Business
Paylocity
Paylocity provides advanced features for generating accurate salaries rapidly to reduce the burden of HR professionals. In addition, it manages the company’s paycheck generations, expense records, garnishments, and tax & compliance – all in a single space.
You can personalize the system as per your business standards as it allows configurations. Paylocity experts will assist you in setting rules and pay structures effectively. A simple 3-step process helps you efficiently handle the salaries and disburse them only after getting approval. The on-demand pay allows the staff to get their earned wages earlier if any emergency happens. Additionally, it allows automating reimbursements and helps to approve & track costs at any time.
Pros:
- Attentive customer support
- Robust security
- Multiple integrations
Cons:
- Complicated implementation process
- It doesn’t offer a free trial
factoHR
factoHR is an efficient payroll software that assists HR departments in setting pay structures, paying salaries, maintaining records, managing compliance, and handling employees’ loans. It gives complete control to the managers and optimizes the process.
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The system lets you configure the workflow and calculation formulas according to your requirements. It also allows running multiple pay cycles for different employee types and teams. In addition, it links the staff’s attendance data and performance metrics with salaries to help you ensure that you are paying the workforce in return for their contribution. Employees’ loans and advances also get easy to manage as it records them and helps to set EMI deductions. Additionally, factoHR calculates payroll taxes and helps to file them, and it constantly updates the managers regarding the latest changing laws.
Pros:
- Easy-to-use functionalities
- Employee self-service
- Flexibility to use in office and remote work both
Cons:
- It doesn’t offer accounting features or expense management
- There are limited integrations
Sumopayroll
Sumopayroll frees the payroll process from errors and makes it easy to disburse paychecks on time. It also helps HR managers in handling employee loans and managing taxes & compliance.
It provides managers with a centralized employee database where they can mention earning and deduction components easily. Loans and advances provided to the staff are recorded, and deductions can be set accordingly. Employers can set separate payroll batches to disburse salaries for different branches, departments, and teams. Reporting capabilities keep you on top of the data insights, and you can generate monthly, quarterly, and annual reports anytime. Employee insurance and professional taxes can be easily managed, and the staff can download their tax sheets.
Pros:
- Easy-to-use functionalities and intuitive UI
- New employees get enrolled quickly
- It also assists in generating salaries for remote employees
Cons:
- Poor customer support
- It doesn’t offer expense management
Justworks
Justworks streamlines payroll processing and ensures efficient compliance management. It helps your business to comply with the latest regulations and integrates timesheets to boost accuracy.
You can run the salary process in just minutes and disburse the payments across different regions. You can pay the staff weekly, bi-weekly, or monthly and split the amount into multiple accounts. Also, you can set reminders for paydays. The system calculates and files payroll taxes on your behalf and keeps you updated with the latest employment regulations. It syncs data from timesheets and calculates the salaries accordingly, and sends alerts for employee overtime.
Pros:
- Attractive UI
- Rich security measures
- 24/7 customer support
Cons:
- It lacks customizable reporting
- The mobile app for employee self-service is not available
Onpay
Onpay is a web-based payroll software that eases the work of HR by optimizing the payroll process. It calculates and disburses accurate paychecks to employees. In addition, it handles tax & compliance, employees’ benefits & compensation, and reporting needs of the business.
This allows setting different payment batches and running multiple cycles at a time. It also lets you select the payment method from direct deposit, paper checks, and debit cards. It efficiently handles tax calculations and compliance with the laws. If your business is providing employee insurance, then it is useful in that also.
Pros:
- Robust reporting capabilities
- Multiple-level permissions
- User-friendly and easy to understand
Cons:
- Limited features in the mobile app
- It doesn’t allow to schedule paychecks
Paycor
Paycor is an efficient payroll system for HR professionals to automate the salary process. It doesn’t just help in salary calculations but also assists in managing taxation & compliance and employees’ compensation.
You can schedule the salaries in advance and choose the suitable payment method from direct deposits and paycards. In addition, you can offer earned wages access to the staff for future emergency needs. It calculates payroll taxes and files them, saving you valuable time. It also reminds employees about their tax payments. The reporting functionalities let you create custom reports and combine HR, salaries, and time data to get detailed insights.
Pros:
- Easy and quick implementation
- Self-onboarding module for employees
- Customizable pay stubs
Cons:
- It allows limited integrations
- It doesn’t offer a free trial
Final Thoughts
Efficient payroll software will help you to disburse effective salaries and improve employee job satisfaction. It will save you a lot of time that might go wasted in the manual process so that you can focus on other essential tasks. Automating the payroll will also set an effective structure of the process. It eliminates the risks of data leaks as well because modern-day systems run on the cloud and enable higher security measures. Additionally, you can access the data from anywhere at any time.
All these benefits come with the payroll system, but you should know how to select the best software for your business. You must have a plan for making the right choice and an effective strategy to automate your salary process.
