Best Payroll Software for your Business

What is payroll software?

Payroll software automates the small and big steps in the payroll process for different small and big companies. It doesn't only make easy payments to permanent, freelancers, or temporary workforce but helps maintain taxes, precise records, etc. Therefore, modern businesses must invest in this technology as there is much at stake in the payroll function. Businesses eliminate the burden of payroll by outsourcing it to other companies. However, the payroll software can handle compensation, pay stubs, benefits management, payroll taxes, employee records organization, paid time offs, year-end bonuses, etc. Hence, there is no need to worry about finance or payroll liability when businesses can rely on these solutions to manage payroll.

Features of payroll Software

1. Onboarding module

As an HR executive, inducting new staff involves lots of formalities. You can use payroll software to manage employee onboarding. It will give you the employee’s expenses and complete profile details at a glance.

2. Integration with other software

HR executives need inputs from every team leader to process salaries. The coordination process is complicated and time-bound. Secure integration with other project management apps is the solution. Cloud-based payroll software can import data from other systems in real-time.

In addition, payroll systems also integrate with reputed banks. You can collaborate with such banks to release salaries on time.

3. Customized salary

Every organization has a different hierarchy structure. Your company may even be hiring interns. Payroll software lets you customize the salary structure according to the company’s policy. You can set up employee allowances, calculate deductions, and process reimbursements. Employees can also take advantage of flexible benefit plans offered by your company.

4. Data security

When did someone last disclose their salary to you? Salary falls under the ‘confidential’ category. As an HR manager, you can trust payroll management systems with your employees’ data. This data includes salary, taxes, bank accounts, and much more. You have full freedom to set access controls and maintain the integrity of your data. For example, employees can see their data but cannot change anything.

5. Automation

The system processes all data in the background to run the payroll cycle. You just have to confirm the data to release payments. The wage calculation is automatic and taxes are determined as per the current tax laws. Payslips and other accounting entries are also done by default.

6. Financial emergencies

Your employees may have a financial emergency anytime. As an HR, you should be able to accommodate advance salaries or loans for them. Remember, we started this blog by talking about a bright financial future for employees.

The best payroll software lets you give advance salaries to good employees. Again, you don’t have to do the calculations. The software handles everything for you.

7. Tax declarations

Reporting and filing tax returns is mandatory by law. Payroll software ensures compliance with all labor laws and taxation policies of India. The software automatically generates reports on PF, ESI, LWF, and PT. You can also create pre-formatted tax forms to save time. Taking it a step further, you can share all financial data with auditors. Thus, your business has a spotless tax enforcement record.

8. Expense manager

Your company spends more on wages as it grows over time. Hence, your team needs complete visibility into the profit & loss statement. This reduces the chances of statutory deductions. The software generates such reports in seconds. The reports are not boring but have highly interactive graphs. You can then track every rupee spent or saved by the company.

Besides the above features, modern payroll systems come with other exceptional features. We will highlight them when discussing the top  payroll management systems in India. 

What Is the Best Payroll Software?

Out of the dozens available in the market, the following is the comparison of Payroll Software  that you need to check out:

1. Gusto

It is intelligent payroll software that offers comprehensive payment processes. All the functions, like workers' compensation, time tracking, PTO, health insurance, etc., are managed on a unified platform on Gusto. It is easy to calculate taxes and file directly on the system. The AutoPilot tool of Gusto is one of the commendable features that allow multiple users to set up automatic payments. All employee payment needs are effectively managed by Gusto with its presence of paying international contractors in more than 80 countries. Its pricing starts at 39USD monthly with 6USD per person per month.

2. BambooHR

The HR payroll tool has multiple features like analyzing sensitive data, storing, gathering, onboarding, compensation, etc. The dedicated HR features include employee management, performance, satisfaction, etc. BambooHR has helped multiple companies reduce workplace issues and boost employee productivity. It has dedicated features, payroll, benefits, PTO, etc., to manage workers' compensation. In addition, some functionalities like onboarding checklists, e-signature capabilities, onboarding forms, etc., make onboarding processes quick and straightforward. Its pricing starts at 99USD monthly for 12 employees.

3. Paycheck Flex

If businesses are looking for payroll software that works ideally in hybrid, remote, or online models, Paycheck Flex is the perfect solution. It can handle health benefits, payroll services, retirement, attendance, time management, HR activities, etc. Multiple businesses' sales and marketing teams use the on-the-go time tracking offered by Paycheck Flex. The best part of Paycheck Flex is that it provides different plans for self-employed workers, 1-10 workers, 10-49 workers, 50-1,000 workers, etc. Its pricing starts at 45USD per month and 4 USD per employee per month.

4. ADP Workforce Now

It is a perfect payroll tool for mid-size and large companies. ADP Workforce Now features include dashboards, reports, employee onboarding, payroll, self-service options, etc. One of the commendable features is managing the tax liabilities that allow businesses to manage and sync tax deductions according to local, state, and federal taxes. It is a web-based application that is accessible on any device globally. The insights from the ADP Workforce Now offer detailed statistical reports for quick decision-making. The different users can access the service through various mobile devices without any issues. Its pricing starts at 62USD monthly.

5. Rippling

The unique payroll software offers quick HR and payroll activities automation. Its features include automatic calculations, onboarding forms, tax filing, compliance management, integration to more than 400 systems, reporting capabilities, etc. As a result, it is easy to gain insights from the reporting and cost features. All the custom or specially designed reports can be created, visualized, and shared with the team. In addition, the job costing feature of Rippling enables you to analyze different process costs and cut down on unnecessary expenses. Its pricing starts at 8USD monthly per user.

6. QuickBooks Payroll

It is a scalable payroll solution that offers different levels for multiple users. Therefore, it is ideal for startups and growing teams to make the best of these plans according to their current needs. QuickBooks Payroll features include forms, procedures, health benefits, auto-payroll capabilities, payroll features, etc. All team members using QuickBooks Payroll helps the team feel confident and charge of the entire payroll processing. On QuickBooks Payroll, employees can go through PTO balances online, withholding allowances, W2 forms, and pay stubs online. Its pricing starts at 5USD monthly per user.

7. Keka

Keka is a cloud-based payroll software that includes pulse surveys, helpdesk, workflow management, GPS, asset tracking, document storage, role-based permissions, etc. It is a sure-shot solution for performance analytics, recruitment processes, attendance tracking, and staff profile management.Keka offers quick integrations with Plum, eKincare, ZestMoney, Upside LMS, Xoxoday, QuickBooks, etc. It is available in Android and iOS applications and offers monthly subscriptions. In addition, the company provides customer support through phone and email. Its pricing starts at 91USD up to 100 employees.

8. Remote

For serving the global workforce, this payroll solution is ideal. In addition, remote offers a range of self-service capabilities for a global workforce that can help them enhance operational efficiency. Remote offers dedicated integrations to attendance platforms, time management, expense management, ERP, HRIS tools, etc. It further provides on-call support for contacting HR specialists. Its pricing starts at 299USD per month.

9. HashMicro EVA HRIS Essentials

EVA HRIS Essentials is one of the best payroll and HRM management software designed to centralize all the data HR needs in managing various employee administration activities efficiently. Starting from attendance tracking, leave for absence filing, overtime recording, payroll management, calculation of allowance, etc. EVA HRIS Essentials system is made with a simple and practical user interface making it the leading choice for various companies in Southeast Asia. Because it has multiple features that can be customized to each company's unique needs, customers barely need to spend a huge amount to experience the eminence of the EVA HRIS Essentials system.

10. Deel

The dedicated payroll software is ideal for businesses having an international presence. Deel's top features include hiring contractors, compliance management, payroll management, onboarding management, etc. It is available to businesses in more than 150 countries. Deel is easy for the HR teams to integrate Deel with the reporting and accounting tools. It is one of the trusted choices of top companies, including Shopify, Notion, Dropbox, etc. The pricing starts at 49USD per contractor per month.

11. Akrivia HCM

Akrivia HCM is a cloud-based, enterprise-level payroll tool ideal for multiple businesses looking for various features. It brings different functions like attracting, hiring, developing, and training employees on a unified platform. It is available to businesses in Android and iOS applications and offers multiple subscriptions. In addition, Akrivia offers dedicated customer support through phone and email. Its pricing is available on a request basis only.

Payroll software - Quick buying guide

It is easy to select a perfect partner for your payroll function when you've access to a quick buying guide covering all business needs. A feature-rich buyer's guide to review before purchasing payroll solutions for your business includes:

1. Simple workflow

All the payroll-related activities like expenses approval, bonus payments, salary increments, employee's existing tracking, attendance, leave reconciliation, etc., should be simple in the payroll tool. It must offer a holistic approach to managing the basic payroll needs.

2. Easy for employees

Any payroll software should be easy to use and bring the do-it-yourself feature for essential functions and data retrieval. In addition, all details like salary structure, taxes understanding, etc., should be precise for the employees and encourage active decision-making participation.

3. Easy for management

Running the payroll tool should be easy, and if upgrading is required, it should be seamless. All the final checks before salary distribution should be quick for the teams for timely completion. The trouble-free use of the software is necessary so that teams don't have to run for the IT department for simple functions.

4. Mobile support

Payroll software must offer dedicated mobile applications for quick access from anywhere, like any other technology. In addition, this mobile app must present a view, operate, and function correctly on any device. This includes flexibility in payroll management.

5. Vendor support

Businesses must go for the payroll tool with round-the-clock customer support from vendors. There is no space for delays in solving the technical or non-technical issues on the software that may delay the payments or other payroll functions.

With more than 49% of workers beginning to look for a new job after facing two paycheck errors, staying away from payroll software can be costly for any business. The dedicated software offers correct allocation and distribution of the compensation and benefits to the large or small workforce distributed geographically. A quick list of the top 10 payroll software makes it easy for businesses to find a perfect solution based on their needs.

There is no need for small businesses to be a part of the 45% community outsourcing its payroll when you can go for a dedicated payroll tool. Paying workers, independent contractors, and gig workers are crucial work for any HR or administration department. Implementing this technology to better finance and administration functions irrespective of workforce size is easy.