Payroll processing services are the most mundane and time-consuming accounting services. It chunks out a major portion of a bookkeeper’s time. According to one small business report, 11% of businesses spend over 80 hours on payroll management. That’s a lot of time!
Now, companies are unnecessarily wasting their precious time on payroll management when payroll services for small business can be easily automated. With the right payroll software, small businesses can easily save lots of time and focus on other pressing matters.
You can’t avoid payroll management or move your business ahead without it. So, it is ideal for businesses to pick the perfect payroll solution and keep on moving ahead.
How to Pick the Suitable Payroll Software for your Business? – 5 Quick Tips
There is an array of different payroll management software available in the market—from free to paid. So, finding suitable software that can smooth out your payroll processing services is very hard but not impossible. If you follow the right direction while selecting your payroll software, you can quickly find the perfect solution for your business.
Tip 1. What Do you Need?
Before providing the payroll outsourcing services to our clients, at CapActix, we always ask them to define their needs. Once our clients define their payroll management needs based on costs, size, reporting requirements and other features, we easily help them in finding the perfect payroll solution. Usually, we recommend defining the following points –
- Number of employees
- Size of business
- Payroll budget
- Employee benefits, etc.
Tip 2. What features do you want?
Payroll software comes in a variety of different features and functions. Some software even offers an add on feature facility to increase the power of your payroll system. It is a very important tip to consider because features influence the accuracy and usability of the software. To run an effective payroll system, you might need the following features –
- Compliance Management
- Check Printing
- Mobile Access
- Easy user interface
- Paperless Payroll System
- Comprehensive reports, etc.
Tip 3. What’s your Budget?
You can’t select the correct payroll software without determining your budget. There are various payroll solutions available under different price ranges—from a few hundred to thousands of payroll software. Additionally, there are some free and open-source tools also available. Since payroll services for small businesses are tightly budgeted so you should look for the software only after defining your budget.
Tip 4. How Secure Is your Software?
Payroll management is a highly sensitive process. You are dealing with the confidential data of employees and the company in it. That’s why to look for software that offers the premium quality security features such as user access settings, password protection, two-factor authentication security, etc.
Tip 5. Do you Want On-premises or Cloud-Based Solution?
Payroll software is available in both on-premises and cloud-based structure. With on-premises software, you can achieve a high level of security, but it is costly for small businesses. On the contrary, cloud-based software is flexible, affordable, and fast but is less secure. So, you need to read the pros and cons of both systems before making your decision.
The Best 5 Payroll Software for your Business
Based on the selection tips and our real-time experience, we would like to suggest a few top-rated payroll management solutions.
#1. QuickBooks Online Payroll
QuickBooks Online Payroll, aka, QBOP is the most popular payroll software available in the market. This software is appreciated by accounting experts worldwide, including the US, UK, Australia, and New Zealand. The easy to use and multiple integrated features make QBOP the best payroll software available out there.
- Provides a complete payroll solution
- Easy to integrate with other business tools
- Adoptable by various industries
- Affordable for small businesses, etc.
Price -Approx. $26.95 per month
It is a refreshingly easy and revolutionary payroll solution for small businesses. It saves bookkeepers time and removes cumbersome errors created by manual data entry. The platform offers dynamic payroll management features along with an engaging interface and provides constant innovative solutions to the users.
- Easy to retrieve information
- Minimize errors
- End-to-end payroll automation
- Highly integrated, etc.
Price – Approx. $19 per month base price
#3. Sage Payroll
It is one of the cheapest payroll management solutions available out there. The software might not have many features, but it contains all the basic functions to run a smooth payroll system. It is an ideal software with high-end security features such as encrypted cloud, user access control, and many more for a small business.
- Affordable payroll solution
- Superb security
- Customize use control and access
- Powerful reporting system, etc.
Price – Approx. $229 per year
Xero isn’t just a payroll solution. It is a web-based accounting system developed to assist small businesses. Additional to payroll services, it is packed with asset management, inventory tracking, and many other services. Therefore, if you are looking for a complete accounting partner for your business, you just get Xero.
- Completely records all the transaction forms
- Easily customize reports
- Mobile app solution
- Facilitate data-driven decision making
- Free 30 days trial to test the software, etc.
Price – Approx. $9 per month for a basic pack
Wave is highly preferred by freelance accountants and some payroll outsourcing service providers. Most of the core payroll functions are offered for free. It is one tool to manage accounting and expenses related work. With Wave, users can adopt the standard payment models or can customize them as per their requirements. Additionally, the fast payment clearance method provided by Wave is amazing.
- Free payroll application without any hidden charges
- Quick payment clearance
- Easy fund transferring
- Adjustable as per business specifications, etc.
Price – Basic version is free
Payroll management is an unavoidable part of your business. If your payroll system isn’t fast, flawless, and furious, you can’t effectively run your business. Thus, it is recommended to pick the suitable payroll accounting software for your business and automate the mundane task.
However, if you don’t want to go through the hassle of finding a suitable payroll software, you can outsource payroll services from CapActix and stay focused on growing your business. To know more about our payroll outsourcing services, you can email at [email protected]. or can call on +201-778-0509.