10 Best Payroll Software for Companies in 2023

Payroll is a difficult function of any business. As a business, it’s your job to make sure your employees are compensated effectively and on time. From tracking hours worked to calculating employee wages, your duties can be overwhelming. That’s when payroll software comes into play.

Payroll software allows you to automate the whole payroll process so that you don’t have to complete each step manually. Understanding the method of payroll systems, the fees related to payroll, the way to install the system, and the way to find the best software can be the difference between intuitive, efficient software and one that causes headaches each payroll period.

What is a Payroll Software?

Payroll software is an amazing way to automate payroll. It’s affordable for most corporations and simple to use, so it saves a little labor time. Processing payroll is an important role of any business and necessitates knowledge of current regulations, and in-depth tax knowledge to ensure proper withholding and filing, it is a highly effective software that can be relied upon to pay every employee the proper amount of money. For many companies, the use of payroll systems can help mitigate stress and reduce errors.

Payroll software is budget-friendly for most businesses and easy to apply, so it saves some hard work time. There are various payroll software options, so you can pick the amount of help you need with payroll. Since payroll is still taken care of in-house with payroll software’s, it is less difficult to make modifications and retrieve historical data, which can also be an advantage over payroll outsourcing.

How does HR Payroll Software Work?

Payroll software generally takes worker data that has been entered into the system (Name, National Insurance data, and many others) and uses this data against your organization’s policy information to calculate net pay for employees and carry out the payroll process.

Depending on which system you use, this data may already exist inside the software (if your HR and payroll systems are integrated) or it may need to be inputted.

Payroll software systems calculate how much each worker will get in their pay package every month and create a pay slip to show this information. If an employee has been off sick or on vacation, this data is taken into consideration as per your company policy (in terms of payroll).

Any tax or NI contributions are deducted (with some other taxable deductions, like company benefits), giving the net pay. Payroll software systems then make payments to employees and create reports relevant to that payroll run or month.

Importance and Goals of Payroll Software

Payroll is a vital part of a business’s operations. It isn’t only responsible for personnel’s salary payments; it also plays a vital role in shielding an organization by ensuring its compliance with tax rules.

Here are a few reasons why payroll software is so essential:

Compensation

An employee’s compensation can also consist of bonuses and other benefits besides their earnings. Bonuses and earnings will increase according to overall performance evaluations, which are also managed via the payroll system.

Paying Taxes

To follow state and federal tax laws, organizations have to withhold salary and payroll taxes from a worker’s payroll and pay the taxes on time.

Reputation

Not only does an employer have a financial obligation to its employees, but it also needs to ensure that its payroll is compliant with the country’s tax and employment laws.

Following Labor Laws

Understanding labor compliance is another way to ensure your business has satisfied employees and is following local and federal legal laws.

Government Reporting

Payroll software helps corporations follow tax and employment laws.

List of Top 10 Payroll Software’s

1. Paycor

PayCor is a payroll app for companies that aim to make the entire payroll process simple and seamless and make errors easy to catch.

With this payroll and tax service software, you can pay employees from anywhere you are. The software updates constantly, making it easier to conform to local, national, and federal laws.

PayCor guides you through the payroll process and lets you make real-time calculations. This allows you to view the exact amount that is deducted prior to processing payroll. You can also set up automation to process payroll on a specific day and time without having to be at a computer.

Features:

• 401(k) tracking
• Benefits management
• Compensation control
• COBRA administration

Company: Paycor

Pricing:

• Contact service provider for cost
• Trial: No
• Free Plan: No

Website: Paycor

2. Gusto

Gusto’s complete-service payroll software helps businesses take care of their teams. With it, you can easily run payroll for salaried employees and contractors as often as you need every month. It additionally lets you automatically file payroll taxes, manage healthcare and different employee benefits, perform next-day, two-day, and four-day direct deposits, and more.

Gusto is a superb choice for business owners and marketers seeking to automate their payroll procedures to reduce administrative hiring and, alternatively, direct their resources closer to the business’s mission.

Features:

• Benefits management
• Check printing
• Direct Deposit
• Electronic forms

Company: Gusto

Pricing:

• It starts at $40 per month plus $6 per person per month.
• Trial: No
• Free Plan: No

Website: Gusto

3. Paycom

Paycom is payroll software that aims to empower employees to manage their personal records. With it, personnel can do their payroll, as well as their timecard, PTO, expenses, and benefits, with guided self-service. The software tests the payroll to make certain there are no mistakes and allows employees to fix mistakes. Paycom additionally provides garnishment administration and payroll tax control.

Features:

• Benefits management
• Check printing
• Compensation management
• Health coverage administration

Company: Paycom

Pricing:

• Contact service provider for cost
• Trial: No
• Free Plan: No

Website: Paycom

4. QuickBooks Time

QuickBooks Time is a terrific accounting software solution that targets providing small- to medium-sized organizations with smarter business tools. This payroll software system provides the important functions needed to run payroll services, which include salary garnishments, medical health insurance, and other benefits management, as well as automatic state and federal tax filings. Managers can also set QuickBooks payroll to run automatically so that they can focus on more important tasks.

Features:

• Automatic billing
• Billing and invoicing
• Expense tracking
• Payroll management

Company: Intuit

Pricing:

• It starts at $20 per month plus $10 per user per month
• Trial: Yes; 30 days
• Free Plan: No

Website: QuickBooks Time

5. Paychex Flex

Paychex Flex is a payroll software for companies that aims to make managing complicated HR, payroll, and other benefits simple for business owners.

With this payroll system for companies, you can send payroll to your employees and contractors online or send payroll by phone to a payroll specialist. However, it does not consist of the benefit management offered by other payroll software.

You can use various payment methods, such as direct deposit, pay cards, paper checks, online tip sharing, and on-demand access to earned wages.

Features:

• Check printing
• Compensation management
• Direct deposit
• Employee database

Company: Paychex

Pricing:

• Contact service provider for cost
• Trial: No
• Free Plan: No

Website: Paychex Flex

6. Sage Payroll

Sage’s payroll app for businesses aims to simplify your payroll process and grant you access to accurate reviews for faster decision-making.

With it, you could process weekly, biweekly, and monthly payrolls. Pay slips are available online for you and your personnel to view or look back on. It additionally consists of tools to manage workplace pension schemes and to help ensure you observe regulations.

One of its important strengths is protection: your payroll records in the cloud are completely encrypted, and personal access permissions can be custom-designed to ensure record security and integrity.

Features:

• ACA reporting
• Benefits Control
• Check printing
• Compensation management

Company: The Sage Group

Pricing:

• It starts at $8 per month.
• Trial: Yes
• Free Plan: No

Website: Sage Payroll

7. Wagepoint

Wagepoint’s payroll software, created just for business, has goals to make it easy to pay everyone and pay your payroll taxes on time.

With this online payroll software, you can automatically calculate incomes, deductions, and paid days off. To guarantee compliance, payroll taxes can also be automated.

You can then pay your personnel and contractors using direct deposits. Everyone can then get access to their pay stubs online.

Features:

• Direct deposit
• Tax compliance
• W-2 training
• Wage garnishment

Company: Wagepoint

Pricing:

• Contact service provider for cost
• Trial: No
• Free Plan: No

Website: Wagepoint

8. Bamboo HR

BambooHR is another amazing payroll software for businesses. While especially made for US-based employees, BambooHR provides a smooth, 3-step payroll technique. This payroll app for corporations saves worker records like wages, hours, bank account numbers, employee benefits, deductions, or withholdings and routinely transfers them to the payroll process.

Additionally, they have a worker portal so personnel can access their payroll data (paystubs, direct deposit bills) at any time. Finally, they offer more than 100 payroll reports that can be exported.

Features:

• Compensation management
• Benefits management
• Direct deposit
• Retirement plan management

Company: BambooHR LLC

Pricing:

• Contact service provider for cost
• Trial: Yes
• Free Plan: No

Website: Bamboo HR

9. SurePayroll

SurePayroll’s business payroll software helps simplify and save time on crucial back-office operations.

It became the first software-as-a-service(SaaS) payroll business that improved its services into a total online payroll and tax filing software. These include offerings for workers’ reimbursement, 401(k) plans, and health insurance.

SurePayroll’s services are particularly designed for small and micro-business owners who don’t need a whole lot of HR support tools.

Features:

• Benefits management
• Check printing
• Compensation management
• Wage garnishment

Company: SurePayroll, Inc.

Pricing:

• It starts at $19 per month plus $4 per user per month.
• Trial: Yes
• Free Plan: No

Website: SurePayroll

10. Rippling

Rippling is a full-service payroll software for companies that target making payroll processing quick and dependable. Payroll for Rippling is said to be processed in 90 seconds.

The payroll software syncs all your business’s HR facts with payroll, permitting you to skip manual calculations and record entries. It also affords automatic compliance and automatic submission of tax paperwork.

Rippling payroll software for companies allows users to create reviews from pre-constructed templates or completely customizable templates. Lastly, Rippling’s payroll app for organizations integrates with over 400 apps to simplify your payroll and HR processes.

Features:

• Check printing
• Compensation management
• Deduction management
• Life insurance management

Company: Rippling

Pricing:

• It starts at $8 per user per month.
• Trial: Yes
• Free Plan: No

Website: Rippling

Conclusion

If you run a business and have employees, then excellent, high-quality, strong payroll software is invaluable for letting you finish the task. Processing payroll doesn’t just consist of generating checks and direct deposits, either because you will want to have payroll software that can help you calculate taxes efficiently and stay on top of different accounting tasks.

The number of capabilities and features you’ll need from your payroll software largely depends on how big your business is. While larger manufacturers such as Sage and QuickBooks can regularly be scaled up without difficulty as you need extra capability, it may be a concept to stick with a smaller, more affordable option. After all, there is no point in purchasing high-quality payroll software if it contains more features than you really want.

Given that payroll software can often have complicated parts, you must usually make a point of checking the customer support side too. This must preferably encompass phone, e-mail, and chat options, supplemented by lots of documentation and training where possible.

10 Best Payroll Software for Companies – FAQs

1. Can payroll software assist with troubles like tax compliance and worker reimbursement?

Answer:

Yes, Strong payroll software is able to calculate payroll while concurrently calculating taxes, employee compensation, salary garnishments, PTO, and more. Not all payroll software services offer this, so make sure that the payroll software you select supports those features.

2. Is payroll software hard to use?

Answer:

That depends on which payroll software you choose for your business. Not all payroll software is straightforward to use. Some of the payroll software listed above can let you request a guided tour with a customer service agent who can help you learn more about their software. After a demo, you’ll have a better idea of whether or not it will be easy for you and your HR supervisor to use.

3. How can payroll software help me with payroll taxes?

Answer:

Payroll software automatically calculates and deducts both state and federal taxes from your worker’s wages. It also handles payroll tax assistance and bills to the government.

4. Is payroll an HR or finance feature?

Answer:

Payroll functions each have HR and finance potential. It entails finance because payroll is one of your business’s overhead charges. Payroll is likewise a feature of HR because it involves tracking employees’ hours, time-off requests, and benefits.