Payroll software is ideal for small businesses. Using these programs allows them to resolve many internal payroll issues.
For one, it’s much easier to withhold and accurately pay federal, state, and local taxes and deductions using payroll software. More importantly, these payroll solutions make it much easier to update constantly changing tax laws.
If you are not yet using one with your business, the following five would be a great choice for your small business payroll needs.
Gusto is a full-service online payroll processing solution that supports employee income tax, health benefits, and retirement plans. It also has unique features to facilitate remote hiring and onboarding. For example, employers can create onboarding checklists and remotely send invitations to new employees.
Prices start from $ 6 / employee per month. However, the Core plan, priced at $ 39 / month + $ 12 / employee, is considered the best option for full-service payroll.
• Unlimited pay runs
• Possibility to follow paid leave
• Available in all states
• Basic reports at all levels
• Dedicated support missing in lower levels
• Next day deposit is not available in lower levels
You are probably familiar with QuickBooks, the accounting software, if you’ve been in business for more than a few years. Well, QuickBooks now offers a payroll solution known as QuickBooks Payroll.
The best thing about QuickBooks Payroll is the ease of setup. The program installs seamlessly if you are already using QuickBooks accounting software. Best of all, once installed, QuickBooks Payroll lets you consolidate payroll, invoicing, cash flow, and expenses in one place. It all syncs and updates automatically. Prices start at $ 22.50 per month.
• Unlimited pay runs
• Automated payments after the first execution
• Direct deposit the next day
• 24/7 live assistance
• It may seem expensive combined with Quickbooks
• Track missing time in lower level plans
Paychex is considered the best payroll solution for reporting and automation. It automatically classifies payroll taxes, ensures compliance, and integrates with several critical software solutions. Including, but not limited to, accounting and benefits applications.
The software is also incredibly versatile. You have a dedicated customer service representative and this allows employers to enroll their employees in a wide variety of plans. The best part is that registered employers can check their status and contributions from their phone and calculate their savings using the calculator built into the platform. Plans start at $ 45 per month.
• Support for recruitment and integration
• Take advantage of powerful real-time analyzes
• Supports direct deposits, paper checks and payment cards
• PTO and social benefits management
• Hidden installation costs
• Questionable quality of assistance
A common challenge with payroll software is cost. Some can be extremely expensive, especially when you level up.
OnPay solves this problem with a single pricing plan with no tiers. Subscribers have access to all payroll features at a monthly rate of $ 36 + $ 4 / employee. The only downside is that you have to understand the basics of accounting to properly configure the software.
• Unlimited monthly payroll treatments
• Capacities W-2 and 1099
• Automated tax calculations / declarations
• Integrated work supplement, insurance, retirement
• No automatic payroll submission
• No direct deposit option same day or next day
Finally, ADP makes another great choice when looking for a payroll solution. It currently serves over 700,000 businesses in over 140 countries.
The solution is cheaper than alternatives of the same rating, including Gusto. Plus, it’s available in all states. ADP manages many payroll and HR requirements, including retirement packages and paid vacation packages. You need to fill out a form to get a quote for the prices. However, generally prices start at around $ 150 / month.
• Scalable with several packages
• Supports many HR add-ons
• Robust reporting and customization
• Manages workers’ compensation
• Lack of price transparency
• Several unexplained fees – be sure to ask for additional fees when registering
Other great payroll solutions missing from the list are Payroll4Free, Ripppling, and Workful. The choice is yours, however, be sure to check out the hidden charges. After all, you want to make sure your payroll solution saves you time and money.
Mike Gingerich is President of Digital Hill Multimedia (www.DigitalHill.com), a web design, web software and social media marketing company from Goshen. He is also a business blogger on technology, marketing and growth. Learn more about www.MikeGingerich.com/blog/.