Best payroll software
Maintaining an efficient payroll system is an important consideration for most companies, regardless of their size or the amount of people they employ. At the end of the day, if you don’t pay your employees on time, they’re going to be unhappy, and you could also face legal complications.
Typically, as part of this process, employers will hand out payslips to their employees on a monthly basis. Most payroll systems contain a list of employees, the amount of money paid to them monthly, records detailing staff salaries including wages and bonuses, and taxation information.
The idea here is that employers are given a single place where they can track employment financial information. Payroll systems also allow companies to work out how much tax they should be paying on behalf of their employees. Also, human resource departments are able to respond quickly to members of staff who have experienced payment errors and irregularities.
Traditionally, such systems have been paper-based. However, most companies are investing in payroll and HR software as part of digital transformation efforts. With such technology, companies can access the aforementioned data points from one platform and store sensitive information in the cloud.
We’ve looked at the available choices in this arena, and chose the best based on their relative features, cost, professional recommendations, and user reviews.
- We've also highlighted the best free software for small businesses
Trusted by a million users
With more than one million users worldwide, Xero’s payroll and accountancy platform is definitely worth considering if you’re looking for an easy way to manage employee payments. It lets you make individual and bulk payments, and email or print out payslips for staff members.
The software also provides you with the tools to make tax calculations and automatically submits payment data, ensuring your company is fully compliant with the latest tax laws. When it comes to managing employees, you’re able to track working hours and manage annual leave from one platform.
Depending on your company’s payroll procedures you can choose when employees get their pay: weekly, monthly, or twice a month. The application will also work out the amount of money employees and contractors should get based on their job roles or the tasks they’ve completed.
What’s more, you can reimburse employees for expenses and manage pension data from the platform. For book-keeping, the software can generate detailed reports about payroll history, bank transactions, payments and employee annual leave. There’s a mobile app available too, which lets you submit, view and approve payment requests.
Prices start at $9 (£7) per month, and the firm offers a free 30-day trial.
A payment solution for SMEs
British software company Sage has also developed a payroll platform that makes it easier for businesses and human resource managers to process employ payments. Sporting a quick, four-step pay run, the platform lets you enter hourly or annual pay, and Sage will then handle the rest.
There are tools to process absence, bonuses, expenses, holiday pay, pensions and student loans. Additional features can process federal and state taxes, and there is even a mobile app to manage payroll while on the go.
More than anything, the software is easy and quick to use – you don’t need any experience or training to get around the user interface. However, if you do end up getting confused or experiencing an issue, you can access a 24/7 support service. What’s worth noting is that this software is aimed at small and medium-sized businesses. Unfortunately, pricing is opaque and requires you to contact the company.
A mobile-friendly HR solution
If you’re looking for a mobile-friendly payroll application you should definitely take a look at the venerable QuickBooks from Intuit. Working across smartphones, tablets and computers, the software functions as an affordable and easy system for managing employee payments.
Through the platform you’re able to generate payslips and send them directly to employees, as well as mandatory forms. There’s a feature to calculate maternity and sick leave too, and QuickBooks will also remind you to send payments so you don’t forget. You can also quickly access employees and manage pension contributions from one dashboard.
Pricing varies depending on the size of your business. If you’re self-employed and need a way to track your income and payments, you can get the platform for just $5 (£4) per month. Meanwhile, the small business package starts at $10 (£8) monthly. That said, every plan comes with free 24/7 support.
The no-frills payroll solution
Patriot Software takes the approach of doing one thing, and doing it well – namely payroll software. Its dedicated Patriot Payroll application is designed for a small business to run its own payroll, and to manage taxes.
To make the transition from another service seamless, the company even offers to set up your new account for free. Additional features include support via email, chat or phone, and the software supports both hourly and salaried employees, has an employee portal, and includes direct deposit functionality.
Choosing a plan is quite easy as there are only two tiers: basic and full service, and each offers a free 30-day trial. Pricing is simple as the basic plan has a base price of $10 (£8) monthly, and the full service jumps up to $30 (£24) monthly. However, each plan includes an additional $4 (£3) monthly per employee, which is more palatable for small businesses with a handful of employees, but can add up considerably for larger organizations.
Payroll made easy
When searching for a good payroll solution you’ll generally find that most HR technology companies offer their own payment features or applications. BambooHR, for instance, provides a separate payroll platform that syncs with its employee-management software.
The software allows you to eradicate double entries, add new employees quickly, and track employee hours and bonus payouts. Other features of the platform include time-off tracking, staff database and records, an applicant tracking system, performance management and electronic signatures.
BambooHR offers two tiers of subscription, starting with the Essentials plan at the lower end. The upgrade is the Advantage plan with a gaggle of additional features including support for on-boarding and off-boarding, electronic signatures and custom email alerts. Unfortunately, pricing is opaque, and you must get in touch for a (free) quote.