Having your own payroll is a popular choice amongst UK small businesses, especially when taking on your first few employees. However, it is also important you get payroll right – and for that you will need the right software.
When looking for a payroll solution, whether it is paid-for or free, you need to make sure that it is capable of reporting to HMRC in real-time, every time you pay an employee. This is known as being Real-Time Information (RTI) compliant. HMRC regularly checks payroll software to evaluate whether they are RTI compliant and it keeps a list of approved software suppliers.
Payroll Software for Large Companies Uk, being a relatively nascent industry in India is becoming increasingly popular. Its the need of the hour and most of your large corporate firms are adopting it quickly to exploit the benefits and savings that it brings in.
This is because payroll software for large companies uk is necessary for the smooth operations of any company. And when we say that such software does the job in a matter of seconds or minutes, it refers to the fact that the time taken to reconstruct and analyze payroll data diminishes.
People know about payroll and other finance-related software services because they have been in the market even before the advent of computers and the Internet. Hence, it is safe to say that there are many options available to handle payroll and effective management of finances. However, have you asked yourself why you need them? Some people think that a computer system can do everything for them and this is not true. There is a lot more you need to take into consideration when choosing your payroll software for large companies uk.
Every business will have different requirements, but you will need payroll software that:
- Records employee details
- Calculates statutory pay
- Calculates pay and deductions
- Reports in real-time to HMRC
- Calculates how much you need to pay HMRC
Some software packages have comparatively limited features, and this is particularly common for free options so make sure you properly evaluate your options before deciding.
What is Payroll Software ?
Payroll software is an application used to manage, organize and automate the employee payment. The software tracks all payments and maintains all payment records. Payroll software varies in price and features and can be used by small business as well as large corporations.
Effective payroll software will allow management to monitor time and attendance, tax information and pay structure. The software will integrate easily into existing company procedures.
Payroll software is created by third party human resources technology companies that aims to enhance the operations of businesses that utilize their software.
Why Use Payroll Software?
Your employees work hard for you and for your customers. Let’s face it: your people keep your business running.
Of course, you want to pay your people their deserved wages, and you want to pay them on a consistent basis. But managing your workforce’s compensation isn’t always easy. In fact, sometimes it can be downright complicated.
That’s why many companies rely on payroll software, an on-premises or cloud-based system that helps ensure proper processing and payment of company payroll without problems. If you’re still completing your payroll by hand and/or on paper, you’re keeping yourself open to making costly mistakes. Investing in payroll software can save you time, stress, and, yes, even money.
Top 9 Payroll Software UK for 2021
1. Sage Business Cloud Payroll
Sage payroll software for UK businesses has an extensive set of features. This system is HMRC compliant and is one of the easiest to use for in-house payroll control. Sage Payroll has the latest payroll features such as RTI, automatic enrolment and adjustment, full compliance, and many more. Full Review
- User-friendly
- Robust reporting
- Built-in payslip printer
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2. KashFlow Payroll
KashFlow payroll is a simple cloud-based platform that has everything you need to manage your payments efficiently. A simple click will have you managing everything from employee pensions to payslips. Some of this software’s features include reports, automatic enrolment, employee self-service, RTIs, holiday pay, and so much more. Full Review
- Robust reporting
- Customisable software
- Payment alerts
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3. Intuit Payroll
Intuit payroll software is a UK platform that will give you peace of mind and a happy workforce all while saving you time and money. This software tool offers you access to powerful features such as; HMRC submissions, payslip printing, CIS, automatic enrolment, video support amongst many others. Full Review
- Video call support
- Quick and easy set up
- 24/7 support
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4. Xero Payroll
Xero payroll for the UK is a flexible cloud-based solution that is ideal for you if you’re looking for a scalable option. This platform provides a single place for you to manage your payroll, finances, and pension. Some of Xero’s features include; automatic account updates, HMRC submissions, auto pension enrolment, leave management and working hours tracking. Full Review
- Real-time bank feeds
- Account advisors
- Constant upgrades
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5. HMRC Basic PAYE Tools
HMRC Basic PAYE Tools is a free payroll software for UK organizations from HMRC. This solution’s features include National Insurance number verification, full payment summary, employer payment summary, amongst others. Full Review
- Free tool
- HMRC compliant
- Calculates apprenticeship levy
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6. IRIS Payroll
IRIS payroll for business is perfect for you if you want to reduce your administration time. This software automates your payments so that you can always pay your workforce on your time. Some IRIS features include payslip printing, HMRC compliant, job retention scheme, absence holiday diary, and auto-enrolment. Full Review
- Plenty of options
- Easy to use
- Excellent telephone support
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7. FreeAgent
FreeAgent is one of the best accounting and payroll software in the UK. With this software, there is no need for your businesses to use multiple systems, i.e. accounting and payroll. Some of this platform’s features include payslip and P60 generation, HMRC compliance, furlough calculator, RTI support, employment allowance and many more. Full Review
- Easy to use
- Constant updates
- Easy to learn
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8. Moneysoft
Moneysoft is one of the best payroll software in the UK if you’re looking for a platform that offers the best value for money. Some of this software’s features include HMRC and RTI compliance, automatic enrolment, holiday pay, flexible payslips, and online filing. Full Review
- Flexible payslips
- User-friendly
- Multiple employers
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9. BrightPay
BrightPay is a simple UK payroll software that’s easy to use. Despite its simplicity, it has comprehensive payroll functionality. Some of this platform’s features include automatic pension enrolment, payslips, annual leave management, HMRC payments, flexible report builder, and employee calendar amongst many others. Full Review
- Reliable customer support
- Affordable pricing
- Robust features
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Best Payroll Software in 2021
These softwares are different in their own ways, hop in to find out which one is best for you and your business.
- Sage Business Cloud Payroll – Best for small businesses.
- KashFlow Payroll – Best for paying furlough staff.
- Intuit Payroll – Best for Construction Industry Scheme (CIS).
- Xero Payroll – Best for fast-growing businesses.
- HMRC Basic PAYE Tools – Best free payroll software.
- IRIS Payroll – Best for organizations of any size.
- FreeAgent – Best payroll and accounting fusion software.
- MoneySoft – Best payroll software for medium business in the UK.
- BrightPay – Best for Mac and Windows.
SUMARRY
If you are not familiar with all the payroll providers featured in our review, here is a quick overview of each:
QuickBooksis an accounting software package developed and marketed by Intuit. QuickBooks products are geared mainly toward small and medium-sized businesses managing payslips, pensions and statutory pay, then making real-time submissions to HMRC. Your payroll data is connected to your other accounts, so you get the complete picture of your business – anytime, anywhere. There is one interface to understand and pay just one bill.
QuickBooks has three payroll products: Simple, Essentials & Plus with prices currently ranging from £6-15 per month.
Xero, our second contender and probably the best-known supplier in our list, has been around since 2006 and its SaaS accounting software has over 2 million subscribers. Like QuickBooks, you can subscribe for a Xero payroll only plan if you are using different accounting software.
Xero allows you to enter a pay run, make bulk payments and email or print pay slips for employees in line with government legislation. Web access (or via the Xero Me mobile app) gives employees self-service options, making their life and yours, so much easier.
Xero has three different plans to choose from: starter, standard or premium with prices currently ranging from £10 – £30 per month
FreeAgent payroll is our third option. Its easy-to-use HMRC-recognised payroll software allows you to run your monthly payroll and file the PAYE and National Insurance contributions that have also been calculated directly to HMRC.
FreeAgent automatically generates payslips for all your employees each month which you can view and edit online and print them off as PDFs. At the end of the tax year, you can generate P60s for all your staff members too.
CONCLUSION
Need payroll software for large companies? You must be looking for a convenient way to manage staff and payroll without having to hire an in-house HR specialist. Choosing the best payroll software for large companies is not as easy a task you would expect, especially when there are so many options available and so many providers claiming to have the best solutions for your needs.
The best way to keep track of payroll is with a payroll software. It keeps track of the time worked as well as holiday, sickness and other leave taken. You can download it on your computer, set up suppliers and then schedule payrolls to run instantly or customise so you pay employees on a regular schedule. When finishing a financial year, you can prepare end-of-year reports immediately. With a Payroll House system, there’s no need to hunt around for the right forms or worry about IT glitches. Everything runs smoothly and if an error occurs it’s easily fixed.
In the past few years, companies of all sizes have started switching from traditional paper-based paychecks to automated computer-based payroll systems. The reason for such a shift is that these new automated systems give companies access to business reports that can help them make constructive decisions about their finances.