Processing a payroll manually can be quite tiresome and complicated. Mainly in small businesses to save money manual payroll is still used. However, one needs to take into account the effort and time one spends in keeping track of staff information, files, calculation of salaries, taxes, bonuses, and deductions is quite a lot. So to be more time efficient in the area that is crucial in running a business payroll software should be the choice.
What is Payroll Software?
The automated process of paying salaried, hour and contingent employees is the purpose of payroll software. However, payroll software’s function is not limited to automated payment to people of a company only rather the system includes automatic calculation, deductions for withholdings like taxes, insurances and other contributions like provident fund, retirement benefits and such. They also do the processing of paycheck, generate tax forms and do the required deductions from the wage.
The self-serving capacity of most payroll software allows employees to see and download their payroll checks. Its software also offers the option of changing the deduction amount. Payroll software is easy to customize and speeds the payroll process while reducing errors.
In the market, there are quite a few payroll software available, but it is worthwhile to know which one to buy based on the features that each of these offers. Here is a list of 5 effective and efficient payroll software that will be beneficial for business.
Top 5 Payroll Software for Your Large & Medium Sized Business
In the HR sector in India for Indian businesses, one of the most preferred HR software that also works as payroll software is GreytHR. The key areas of HR, payroll, management, along with leave and attendance of employees are automated in this software. The features that GreytHR offers as payroll software are:
- Complete processing of payroll with one click. It uses guided payroll processing with a checklist, automatically compute accurate salaries and reconciliation tools are used extensively.
- Configure salary structures that are complex and also you can add any number of salary components.
- Payslips and inputs are automated hence reimbursements, loads and advances can be performed automatically. Payrolls can be processed with automated inputs, however, you can distribute customized payslips.
- The post-payroll process is comprehensive, i.e. statutory reports can be generated. Salaries can be disbursed without any difficulty and you can generate Accounts JV.
- It offers 100 per cent statutory compliance, meaning the payroll system automatically updates the latest laws and amendments related to statutory deductions like PF, ESI, Professional tax, income tax, and others.
- With this software, you can generate over 120 reports and it also offers multiple parameters to configure various other reports.
Price: Starts from $14 per month.
Keka HR payroll Platform
Keka is focussed on giving employees the best hassle-free experience in the payroll system. Specifically made for Indian business hence suits Indian companies and HR style to the T. The software is fully integrated and unified one that enables all the HR operations including the payroll system to be collated in one place so better HR activities can be performed without the stress of creating payroll. Keka HR payroll platform offers several features in their software some of them are:
- Easy to run: The payroll system that is offered by Keka is easy to run; it is user-friendly hence it is easy to understand and use. Thereby saving your payroll processing time and errors.
- A compact payroll: It does not matter how many people you are paying through the payroll it can be anything between 20 and 20,000. All the data like attendance, PF/ESI Calculation, Arrears calculation, TDS calculation, pay slip generation etc.
- Customize it: With the Keka HR payroll platform, you can fully customize the payroll as per the company’s requirement. Also, it is quite user-friendly hence easy to operate and work with.
- Migrate easily: At Keka HR payroll platform we provide the service that would allow you to migrate to our system from your existing system with ease and without any hassle. Generally, it can be done within a week.
- Statutory compliance: 100 percent compliance is provided that is simple to handle.
- Dedicated customer support: A great team is always at the client’s disposal to help them with any issues.
Price: Starts from $70
Intuit has a payroll system is from QuickBooks that allows you to integrate not only between you and your employee but also share the details with the accountant. This payroll software makes running a business efficiently and is a cloud-based payroll system that is integrated with a single login giving a consistent interface and user experience. Some of the features of Intuit payroll powered by QuickBooks are:
- Easy to set up and is intuitive.
- Time tracking integrated
- Run payroll from anywhere and it also has a mobile application
- All in one place, i.e. books and accounting
- Integrated with QuickBooks products.
- Options to explore different statutory compliances and other financial aspects related to employees and vendors.
- It updates and syncs automatically and on real time saving you time.
- You can share any accounting details with your accountant anytime from anywhere.
- Share real-time payroll with your accountant.
- Direct and faster deposits on the same day so you can submit payroll when you want and you are ready to.
- Automatic tax and other deductions can be done for up to 50 employees.
- Offers two types of services: Enhanced payroll and Full Service Payroll.
Pricing: Starts from $39 per month.
HRMantra: HR & Payroll software
HRMantra is an HR and Payroll software that has features that allow the company using the software to ease their HR and payroll process. HRMantra with its easy to use features can save 30 mins per employee in the processing time each day thereby saving 10 times ROI. The features that make HRMantra payroll software lucrative are:
- Voluntarily employees can contribute an additional amount to their PF.
- Automatically any loans and advances will be calculated and deducted.
- IT exemption limits can be redefined.
- HRMantra can be fully customised even for the most complicated calculation for a payment.
- Any kind of JV report can be created in text, excel, or dbase format based on any combination of pay heads.
- In various states, the profession tax table that is applicable is already created in the software.
- Employees have the option of investment declaration forms online and even do their tax calculation. They can view their salary slip, income tax deductions, loans and such with only a few clicks.
Pricing: As per the business requirement.
It is one of the easiest payroll software to use in the market. With this software, you can run your payroll in less than 10 minutes. There are several features that Gusto offers to the customers quite a lot of other features like:
- With Gusto links to the paystubs are immediately sent to the employees via email.
- All taxes are automatically paid by Gusto and filed.
- Payroll can be synced easily with time tracking, accounting software, workers’ comp, benefits, and HR.
- You can run payroll as many times as you want
- You also have the option of adding pre-tax deductions for benefits.
- With Gusto, you can pay both salaried and hourly employees and also contractors.
- Gusto also offers different rates for a single employee based on the work they perform.
- It syncs payroll with Google Calendar, Outlook or iCal.
- With Gusto, you can pay your employees weekly, bi-weekly, fortnightly or monthly as per your requirements.
- At the time of running the payroll, you reimburse your employee.
Pricing: $39 per month onwards
To run your business in a seamless manner with hassle and error-free payroll system you must consider purchasing payroll software. This not only speeds up the calculation and keep you on the top of your accounting but also avoids computing errors. Payroll software also offers easier tracking, accessibility from any place and has the ability to perform robust payrolls.