From delivering your company’s services to managing its staff – running a small business is hard work. There’s one aspect in particular that’s both stressful and essential, and that’s payroll. Handling payroll manually can be exceptionally complex and time-consuming, and a simple mistake can cost big bucks in penalties and the numerous hours needed to fix the error.
Under or overpaying an employee has dramatic consequences for not only their pay but their benefits, taxes, and pension – to name just a few. Furthermore, missing tax deadlines or having incomplete records can result in hefty fines. But there’s a way to avoid these headaches, and that is to invest in payroll software. These platforms simplify filling out forms for new hires and help with employee benefits, tax declarations, and regulatory compliance.
Benefits of Using Payroll Software
Avoiding the stress of verifying every single wage slip is valuable for a business of any size. But time is even more previous for a small company. For a relatively low cost, payroll software reduces the possibility of human error and helps your company stay up to date with national and local laws.
In addition to keeping a record of all information, payroll software also ensures the data remains confidential and secure. Plus, the cost of signing up is quickly compensated by the software’s tools. These neat additions save money by making payment distribution more efficient and ensuring everyone gets their normal salary but is taxed less.
Many mistakes made by small businesses are due to a lack of experience or knowledge. With payroll software, not only do you have a program that experts have perfected, but you also get the support of a customer service team trained to solve any problem and answer any question.
Recommended Payroll Software for Small Businesses in 2024
QuickBooks Payroll
But the service really hits it out of the park with its extensive list of third-party integrations, supporting several project managers, HR platforms, and more. QuickBooks Payroll also comes with numerous business management tools, such as built-in invoicing and expenses, as well as thorough reports.
Its mobile app is equally easy to use, and some of its best features are its payment app and mobile card reader, where all payments made and received can be calculated directly into a report. The company provides full access with its 30-day free trial and offers 50% off the first three months if you decide to take the plunge.
Deluxe Payroll
Its mobile apps, while a little limited, are perfect for organizing employee schedules, time tracking, and reports. The service even syncs with existing payroll systems and provides endless integration options, such as LinkedIn, Microsoft, and QuickBooks.
Although Deluxe Payroll has numerous tutorials and FAQs, its customer service is not particularly hands on, implying this product is best suited for established businesses. It doesn’t offer a free trial either, but the company does provide a 90-day satisfaction guarantee, which is essentially a window of time to get a complete refund if you’re unsatisfied.
ADP
Payment contributions are easily managed and include a myriad of options, such as alimony, student loans, and healthcare. Plus, the list of integrations is endless. The company prides itself on constantly updating its rules and regulations and continuously double-checking everything to avoid possible errors.
Anyone can use the helpful mobile app, which lets employees check their pay, retirement accounts, and more. While the company doesn’t provide a free trial, it does offer an online demo. Smaller companies of up to 50 employees can also benefit from three months of use for free.
What To Look for in Payroll Software
When browsing the varied payroll management services, the aspects to prioritize are comprehensive pay management, automated tax filing, and help with maintaining regulatory compliance. These tools can save small businesses time, stress, and costly errors.
Moreover, some smaller companies can benefit the most from having attentive customer service, as they may need the guidance and assistance. Some payroll software providers also offer useful extra features, such as the extremely helpful HR support.
But an extensive list of integrations is one of the most valuable features to have in any payroll platform. Many platforms connect with a long list of handy apps to help with recruitment, time tracking, project management, and more, extending the service beyond just payroll.
When it comes to prices, some services have a user-based cost, which may suit a small company to a T. However, the best way to ensure you don’t get stuck with a dud is to choose software that’s simple to use and has a good reputation.
Additional Finance Software for SMBs
Time is short when you’re running a company, and this is certainly the case for businesses with just a few employees. Aside from payroll software, there are many ways to automate a company’s work processes, saving vital time and resources.
Online accounting and invoicing services help keep track of invoices and clients, while tax software is essential for avoiding penalties and fines for missing. Correctly classifying a worker, preventing data-entry errors on essential forms, and successful onboarding can all be attained with the right combination of software. However, the most important advice of all when choosing finance software will always be to do your research thoroughly.