Tech advancements are getting widespread and evolving various operations. Digital transformation is the buzzword for modern businesses and is driving effective results. It enables considerable growth in profit and brings innovation to conventional methods. Therefore, business managers are leveraging tech assistance to get great results in less time.
Tech advancements not only improve the efficiency of external business functions and assist in internal management. They optimize the internal processes and enable great employee productivity, as human resources are key drivers of business growth.
Employees’ work efficiency and job satisfaction are the most influencing things managers should focus on. Nowadays, managers offer numerous benefits to the staff to keep them satisfied and hooked to the business. However, financial aspects stay on top of every other benefit as money is the most common motive for any person’s efforts. Therefore, HR professionals tend to achieve higher efficiency in the payroll process; however, it can be complex and tedious to handle manually. Tech advancements solve this concern also as managers use automated payroll software to generate accurate salaries.
What Is Payroll Software?
Payroll software streamlines the manual salary process and helps to enable excellent accuracy. Salary calculations, payment deposits, slip generation, and tax forms – can all be tedious and time-consuming, and the system does it in just half time. It also eliminates manual human errors, so the calculated amount doesn’t need to be re-checked.
The system enables direct depositing of salaries to employees’ bank accounts, so executives do not need to spare time for bank deposits. Some systems also offer tax forms and submissions, saving time dedicated to compliance-related tasks.
There are various systems managers can consider, but only a few are efficient enough. So, choosing the best option can be confusing; that’s why here we have mentioned a list of best systems with essential features:
List Of Best Payroll Software
Eddy is a prominent name among payroll software vendors; it offers an efficient system with powerful features and an intuitive layout. Some of its major features are direct salary deposits, e-signature for checks, tax compliance, and employee self-service.
- It automates the quarterly and annual tax filings, and all taxes are collected within one working day of salary generations.
- Managers can run multiple pay cycles in the system to generate salaries for different departments.
- Eddy chat functionalities enable excellent communication between payroll executives and other departments, solving every concern quickly. The accounting department can also contact the managers for any query regarding salary payments.
factoHR is one of the leading payroll software that assists HR managers and accountants both. It simplifies employee records and centralizes all the information in a single space. Its main features include direct salary deposits, pay cycle records, salary slips, statutory compliance, and employee self-service.
- The system lets managers configure the salary process according to the business needs. They can define various criteria and conditions to get control over the process.
- It allows to manage the loans and advances given to employees, and all the equipment allotted to staff can be tracked easily.
- Reporting makes the managers stay on top of every critical data. 200+ pre-built reports are enabled to get efficient metrics, and one can also customize them.
Paycor is an end-to-end solution that optimizes payroll operations and also simplifies the human resource processes of small and medium-sized businesses. Automated calculations, tax compliance, employee self-service, and recordkeeping are its primary features.
- As an HCM system, it offers numerous features to manage employees and their tasks. It also enables benefits administration of employees, saving managers’ time.
- The dashboard gives a quick overview of cash requirements, tax liabilities, and reports so managers can track the process’s effectiveness.
- The compensation planning module assists HRs in determining and implementing pay increases and bonuses.
Civica is a web-based platform focused on streamlining the payroll process of small and medium-sized businesses. Its prime features are an employee directory, quick calculations, reporting, and expense management.
- It automatically files return, updates rates & values, and supports various statutory schemes.
- Managers can choose to pay workers in different ways, such as autopay, direct deposits, cheques, and cash.
- It offers a wide range of pre-built reports, and customizable reporting is also available. In addition, the dashboard gives a quick overview of pay groups, RTI, and other notifications.
Paylocity is a cloud-based system for payroll, employee management, tax compliance, analytics, benefits, document management, and HR management. It gives you real-time data metrics across different processes and functions to measure the effectiveness of efforts.
- Reimbursement requests get easy with the system, and expenses can be noted, eliminating the tedious paperwork.
- The software manages employee benefits schemes and automates administrative tasks so managers can eliminate repetitive work.
- It supports multiple payment options such as direct bank deposit, cash, and cheque. Employees can also request early wages from the system to manage their finances.
Namely is an effective software built to enhance the payroll processes and ease the workload of HR managers. The system simplifies employee records management and manages their salaries, benefits, and leaves.
- The platform updates the organization with the latest compliance laws and handles tax filings.
- Timesheets make it easy to track employees’ work hours and tasks in real time. And they can be imported into the salary process to generate the salaries based on workers’ attendance.
- Comprehensive reports help get every single insight on hand, and the dashboard helps to track the salary process’s status.
Sumopayroll is a popular payroll software offering various features to fit SMEs’ needs. As it is an HR software, it also offers employees’ time management, which helps to generate accurate salaries. Apart from that, it also streamlines expense management.
- Employees can make reimbursement requests quickly, and the amount can be paid with salaries, or off-cycle pay is also easy.
- The system handles critical data such as employees’ information, allowances, deductions, bonuses, and commissions. And reporting provides a wealth of information.
- Benefits deductions are effortlessly managed, and different tax forms can be generated for employees.
Paychex is an innovative solution in the cloud payroll management process and enables accurate salaries for employees. Workers’ compensation, compliance support, employee self-service, and reporting are the major offerings of its system.
- Managers are in charge of the payroll process as they can customize earning and deduction components as per the need.
- Employees themselves can update personal information and see their tax withholding.
- Payroll Journal, cash requirements, job costings, tax deposits, and many other reports are available to get insightful data.
Justworks is another prominent payroll software that helps small and medium-sized businesses in the salary process. Some of its major offerings are automated deposits, tax filings, and compensation management.
- The software supports direct deposits, and employees can split their pay into multiple bank accounts. In addition, off-cycle payments and wage garnishments get simplified with Justworks.
- Once the data is entered into the system, it handles the entire taxation process – calculation, filing, and payment.
- Employee benefits management is just a matter of minutes as the system automates the entire process. It enables various plans for staff, provides them with details, and manages all the documents.
Rippling handles the entire payroll process and improves accuracy. Time & attendance integrations, automated compliance & filings, employee management, and reporting are its most useful functionalities. In addition, global pay support helps to pay the employees, regardless of their location.
- Workflow Automator assists managers in setting an effective workflow for the payroll process, and it doesn’t require any coding skills, either.
- It automatically calculates, files, and pays all the payroll taxes. Employee tax forms are generated and distributed to employees at the year-end.
- The platform automatically generates salary slips once the salaries are generated, and triggered emails can be set for employees whenever their pay stubs are available in the system.
As said previously, tech advancements are the need of the hour. Automation technology is continuously developing opportunities for managers to enable excellent results. However, business automation has its own benefits and limitations; any process cannot be automated entirely, and human intervention is necessary to ensure that the results meet expectations. The payroll process also cannot be automated fully but eliminating some repetitive tasks can help managers spare their time for other essential work.
Above mentioned software are efficient at streamlining the salary process; and comes with budget-friendly plans, so managers should give them a chance.