Payroll software is a great tool for efficiently managing the time of your employees. Using a payroll software you can get rid of the burden of preparing and calculating dozens of checks manually.
In this article, we will give you some tips on how to choose a good payroll software that will help you save money and time.
Payroll4Free: Best Overall Free Payroll Software
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Best for smaller businesses that need the tools to do direct deposits and tax calculations by themselves, free of charge.
True to its name, Payroll4Free is a handy tool for completing payroll for free. If you are paying 25 or fewer people, your small business is eligible to access its basic services for free.
Even at its most stripped-down level, Payroll4Free still packs a comprehensive array of features that can take the hassle out of completing payroll. For starters, it allows users to pay both W2 and 1099 employees. The software also can print checks and calculate federal, state, and local taxes. Furthermore, users can export their payroll data to be integrated with accounting and banking software like QuickBooks.
Payroll4Free’s portal and reporting features let employers and employees alike keep track of sick days, vacation, and other PTO. Additionally, employees can print out their pay stubs and W2 forms off the platform, saving small business owners time and resources.
The platform is able to offer free service through paid advertising, which users will encounter periodically while using the software.
Pros
- Direct deposit and tax calculations are available as free basic services
- Basic service includes unlimited customer support by phone, email, and online chat if you hit any roadblocks.
- Customer data and information is encrypted.
- Provides preset tax forms for submission.
Cons
- Mac users will need to use Windows operating software since iOS isn’t compatible.
- Direct deposit through Payroll4Free’s own bank is not free
Payroll4Free Features & Pricing
Payroll4Free offers all of its basic services free of charge, which it achieves by hosting advertisements within its software for companies who pay them for their exposure. The free version of Payroll4Free places no limits on payroll or direct deposit processing and doesn’t require that you upgrade to a higher-tier plan to enjoy its basic features. Features that Payroll4Free offers at no additional cost include:
- Direct deposits and paper checks
- Tax calculations and required forms
- Time tracking for vacation and time off
- Employee dashboard portal
- Customer service
- Employee enrollment
The above basic services are for free for clients who staff 25 or fewer employees, although not all of Payroll4Free’s benefits are free.
Despite its name, Payroll4Free places two optional services behind a paywall. Employers that don’t want to deal with depositing and filling out payroll taxes themselves need to pay a $15/month fee for Payroll4Free to take care of it for them. However, Payroll4Free does offer free tools as a basic service that you can use to make this process easier.
If you don’t want to rely on your own bank to transfer direct deposit funds to your employees, you will need to pay another $15 dollars per month for Payroll4Free to complete these transfers using their bank. So, if you decide to opt-in for all paid services that Payroll4Free offers, you’ll be paying $30 every month at the very most.
Payroll4Free Summary
Payroll4Free is the best choice for small businesses with fewer than 25 employees that want an easy-to-use payroll application that gives them the tools they need to succeed. Free features like direct deposit and a self-service portal are absolute must-haves for small companies that need to invest in other areas of their business. Payroll4Free is the best overall payroll software choice for businesses that need basic features with a simple, easy-to-use interface.
Gusto
Easy to use and compatible with requirements in all 50 states, Gusto makes payroll management easy. This software for payroll comes fully loaded with a number of important features. It can handle benefits, healthcare plans, taxes, 401(k) plans, and time tracking. It’s also fully compatible with most accounting software platforms, including the big names like FreshBooks, QuickBooks, and Xero. Small businesses can opt for the most basic Core plan when just starting off, levelling up to the more full-service options as your business grows. At the higher Concierge level, Gusto’s plan includes HR features including onboarding and surveys.
Wagepoint
If you’re looking for the best-rated service and support, you should really check out what Wagepoint’s offering. And since they’re Canadian, you can probably trust their claim to have the friendliest support and service staff around. In addition to clear and affordable pricing, Wagepoint offers a free trial period to let you try before you buy.
Key Features:
Direct deposit
Tax compliance
W-2 preparation
Wage garnishment
Pros & Cons
Superb customer service
Easy to use
Users remark that the reporting feature is weak
Only desktop access
Pricing:
Pricing includes a $20 base fee and an additional $2/user.
Free trial: No
Free plan: No
Square
You might associate Square with the portable square-shaped credit card reader, but this company has grown to include full-service payroll software as well. Like Gusto, Square’s services are customizable so you can adapt the plan to suit your company’s needs. The software can accommodate full-time employees as well as part-time workers and freelance contractors, paying both hourly rates and monthly salaries. It can also manage health benefits, which employees can see when they log in to their own Square accounts.
ExcelPayroll: Best For Spreadsheet-Based Bookkeeping
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Best for businesses that have access to a version of Microsoft Office Suite and want a payroll solution that behaves with a spreadsheet format.
Spreadsheets are a helpful and time-tested tool for creating budgets and making calculations. If you’re already using spreadsheets or Microsoft Excel to handle payroll, ExcelPayroll can simplify the process for no extra cost.
After entering employee information, along with their earnings and deductions, ExcelPayroll can run the payroll calculations from there. Users can also print checks and tax forms, see workers’ compensation reports, and record payroll deductions, such as 401k contributions.
Pros
- Whereas Microsoft Excel charges a subscription fee, ExcelPayroll is free.
- Easily translatable for anyone savvy in Microsoft Excel.
- Customized withholding and timecard options are available.
Cons
- More manual entry involved than other payroll software.
- Does not handle tax or benefits administration.
- Not ideal for employers with 50 or more employees because Affordable Care Act compliance isn’t programmed in.
ExcelPayroll Features & Pricing
According to its program mission, ExcelPayroll strives to create a Microsoft Excel-based payroll application that includes no monthly fees and zero costs attached to using it. Installation is also free of charge, so you don’t need to pay anything extra to get your software set up and running smoothly. Best of all, ExcelPayroll offers a full set of reliable payroll tools for free including:
- Prints tax forms including W2s, W3s, 940, 941, DE9 & taxes liabilities
- Vacation accrual
- 401(K), garnishment, and other payroll deductions
- Print checks
- Time-tracking
- Bookkeeping entries
ExcelPayroll itself is free to download, and you don’t need to pay any fees to use its features. Technically speaking, though, ExcelPayroll isn’t completely free, since it requires that you purchase a licensed version of Microsoft Office Suite to run Excel.
Microsoft’s 365 Business Standard plan is the cheapest of its cloud-enabled plans that offer the Microsoft Excel application, which charges a monthly fee of $12.50 per user. Keep in mind that you also need to pay an annual commitment fee to retain access to your Office 365 applications, including Excel.
ExcelPayroll Summary
ExcelPayroll makes sense for small businesses that are already comfortable with using Excel spreadsheets and want to use core payroll features such as W2 form and check printing in a spreadsheet format. ExcelPayroll directly syncs up with the Excel app, so you don’t need to worry about creating a spreadsheet from scratch — ExcelPayroll can do that for you. So long as your business either currently has access to a licensed version of Office 365 or doesn’t mind subscribing to a new plan, ExcelPayroll is a robust spreadsheet-based solution that still behaves like payroll software.
HR.my: Best for Multinational Businesses
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Best for companies that largely do their business overseas or staff many multilingual employees.
Managing employees is a major task for any business. When employees are spread across multiple locations, or even countries, there may be language barriers and added steps for completing payroll taxes to account for. Boasting support for a whopping 65 languages, HR.my is perfect for multinational teams that also need access to basic payroll processing features and human resource management tools.
HR.my is able to support payment by direct deposit, check, or even cash. A business can also designate multiple managers in the system through a role-based user access control feature to divide payroll responsibilities. Additionally, employees can use the platform to input hours worked, request PTO, print their pay stubs, and check their vacation accrual among other tasks. Users can also import timesheets, expense reports, and share documents via the software’s workflow function.
Pros
- The software supports a total of 65 languages.
- Businesses with any number of employees may utilize HR.my.
- The flexible payment schedule lets you cut checks monthly, semi-monthly, biweekly, and weekly.
- Data is encrypted and secured daily with off-site backup.
Cons
- Does not incorporate U.S. labor law compliance.
- Customer support is handled through a crowd-sourced online forum.
HR.my Features & Pricing
HR.my offers free access to one-hundred-percent of its features and doesn’t require that you subscribe to any plans to unlock extra benefits. It accomplishes its free service through crowdfunding from its user community, so you just need to sign up to start using it. HR.my’s free features include:
- Payroll processing that supports multiple pay periods
- Attendance management & time-tracking
- Employee self-service portal
- Print & export payroll results, leave transactions, and time clock records
- Regular software updates that introduce new free features
For the number of features it offers for free, HR.my is a contender not to be taken lightly when compared to other ostensibly free payroll software solutions, which sometimes gate certain features behind monthly fees and annual renewals. HR.my is “Free! Forever.” according to their home page, so what you see with them is what you get when you sign up: support for unlimited user accounts, time management, multiple pay schedules, a self-service portal, and much more.
HR.my Summary
Small business owners and HR managers who need multi-lingual payroll software will be pleased with HR.my’s support for literally dozens of languages. The software offers payroll features such as online HR and payroll, leave management, and expense reporting that are essential to businesses that don’t yet have mature payroll processes set up. And, since HR.my supports an unlimited amount of user accounts, it’s a feasible payroll solution for businesses that want to increase their number of employees in the near future.
Conclusion
Payroll software programs for small business does not have to be expensive, Gusto payroll is completely free if your company is just you. If you have employees, then the fee is $39.99 per month. I have seen payroll software that cost several hundred dollars a month!?! This is an enormous cost for small businesses who do not have a lot of revenue. It’s okay because there are many other options for great payroll software, but the details are below.