Running a small business requires much dedication and an excellent grip on saving costs as you have to manage every expense with a limited budget. So, an efficient managerial structure becomes mandatory to achieve expected business growth. However, manually handling all the things might take much time and effort, and it can affect productivity negatively. So, businesses are leveraging cloud ERP software as it enables effective business management in a predefined budget, saving various costs.

ERP software is popular among businesses for planning and managing different processes. On the other hand, HR software is helpful in improving internal management and establishing effective employee engagement. It streamlines various functions of HR managers and saves them considerable time.

Payroll is one of the most essential and time-consuming processes of a business. Your company’s payroll team might spend half of its time making sure the salaries are accurate, and checks are deposited on time. Moreover, they handle tax filings and payments, so complications lie everywhere. Fortunately, using the HR payroll software can help in the salary process, too.

With the help of payroll software, you can eliminate numerous complications and improve accuracy. You can automate pay calculations, salary slip generation, and deposits to spare time for other important tasks. Additionally, an efficient system evaluates and eliminates unnecessary costs from the process. Therefore, you should consider automating the payroll process to ensure higher efficiency. Here, we have listed the best payroll systems for your small business.

List Of Best Payroll Software For Your SMB

1) Paychex

Paychex is a well-known payroll system that helps businesses in generating effective salaries. It integrates the HR administration, employees’ attendance, and employee benefits with their payroll to ensure an optimized process. Tax administration and filings are also included in the system.

Features:

- The software handles workers’ compensation and wage garnishments. It also offers retirement plans and health insurance for employees.
- It supports multiple payment options, such as direct deposits, paycards, and checks. Even logo printing and signing services are included.
- The AI-powered voice assistant lets managers add new employees, view payroll insights, change the pay rate, and submit checks - all without even any hardware support.
- The self-service module lets the staff view their salary information and pay stubs and download salary slips. They can file their tax forms and contact the administrator through the chat feature for support. As employers grant permissions for pay-on-demand, employees can request money prior to the salary date.

2) factoHR

factoHR is a cloud-based payroll software that assists business managers in setting an effective salary structure for the workforce and enables time & cost savings. It collects and links employees’ attendance records and performance metrics with their salaries to ensure higher accuracy. Additionally, it helps the company with compliance-related queries and handles tax filings.

Features:

- Managers are able to configure the pay structure according to the business needs. They can define pay rates, earning components, and deductions. They can even set the calculation formulas and salary slip formats. The system lets you set different rules for particular departments, teams, and employees.
- It automatically calculates the payroll taxes and allows you to file and pay them. Employee tax forms can be generated and distributed easily.
- The system comes with loans & advances management, so the managers can track the loans and set EMIs.
- 200+ pre-built reports provide detailed insights into the salary data, and the report builder allows to create custom fields and reports.

3) apsPayroll

apsPayroll efficiently handles the salary calculations and tax compliance needs of SMBs. In addition, it allows data integration where managers can import timekeeping records and generate accurate salaries or export the payroll data to accounting tools to prepare general ledgers.

Features:

- It offers automated tax calculations, filings, and timely payments. Wage garnishment services reduce the risk of penalties, saving a considerable amount of money. - Tax slabs and tables are changed automatically per the latest laws.
- The system supports direct deposits and paycards for salary payments and records the history of all the payroll cycles.
- It enables employee on-demand pay which provides the staff with access to their earned but not yet deposited wages. And off-cycle payments for arrears, travel claims, and other reasons are supported.
- It provides managers with complete control over the process. They can make adjustments, pause deductions, and define any number of fields in the salary structure.

4) Paycom

Paycom is another prominent solution for SMBs to manage their payroll process and save costs. Integration with HR administration, attendance management, and employee schedules ensures precise paychecks, ultimately increasing employee satisfaction. In addition, year-to-year tax filings and payments are made easily, and it supports wage garnishments as well.

Features:

- Manual paper checks get eliminated, and digital paychecks help to make quick payments. Salary expenses are recorded immediately and can be tracked in the future.
Garnishments’ administration, calculations, filings, and records get managed easily. All the deductions get noted in the database automatically.
- GL concierge helps to prepare the general ledgers and accounting reports to track new earnings, deductions, and labor allocations. Managers can set the file layouts as per the business needs to make every person understand the accounting trends easily.
- The self-service portal allows staff members to review their personal information, such as names, phone numbers, addresses, and others. They can even view their pay stubs and past salary data. Employee benefits options are also provided in the self-service so that the workforce can choose the plans at their convenience.

5) OnPay

OnPay streamlines the salary process of SMBs and helps them to set an effective structure. It attaches employees’ timesheets with their salaries to ensure the payments are made according to their work. In addition, integrations with accounting tools eliminate double data entries and enable a smooth process.

Features:

- The system assists the managers in setting a comprehensive pay structure for employees where they can define multiple pay schedules and rates. OnPay supports various payment methods, such as direct deposits, cards, and checks. Managers can run any number of pay cycles for staff and contractors without worrying about any additional cost.
- Workers’ compensation plans and retirement plans are easily managed in the system. Deductions, withholdings, and tax payments get set automatically.
- Once the payroll is done, managers can generate, view, and download different reports to get essential insights into the data. The custom report builder lets you add over 50 data points into a report and also allows changing the formatting.
- The self-service module lets the staff access essential documents, modify personal details, and communicate with the administrator.

6) Civica

Civica is an easy-to-use payroll system that eliminates complexities from the manual salary process and enables higher efficiency. It integrates the HMRC system and handles employees’ pensions and benefits.

Features:

- It allows business owners to manage multiple companies, departments, locations, cost centers, policies, and work patterns. They can even handle various pay groups with different rules and calculation formulas.
- Employees can create expense and mileage claims through the self-service module, and the administrator can approve them instantly.
- The platform offers a huge range of in-built reports that helps you stay on top of data insights. The custom drag-and-drop report writer enables reporting capabilities as per organizational needs.
- Once the salary structure and calculation formulas are defined, managers can choose from multiple payment options such as direct deposits, cards, or checks.

Summary

Payroll software holds much importance in HR practices and enables greater results. It delivers accurate and on-time salaries to employees, increasing their job satisfaction. Therefore, organizations should emphasize the payroll systems and automate their process. The above-listed systems are used by most SMBs and offer efficient features.