Payroll software is needed in almost every major business. It should be able to take care of the payroll management to the hourly employee. With an easy interface, this payroll software for small business will make it easier for you to manage both your payroll and human resource system.
The software should allow the user to track the hours worked, overtime hours, any deductions made from the employees’ pay checks.
Payroll Mate
Payroll Mate from Real Business Solutions offers an affordably priced payroll application ideally suited for small businesses that prefer an on-premise application. Payroll Mate can only be used on Windows operating systems, and does not offer online access, though the product can be hosted on a remote server if desired.
You can set up vacation and sick hour settings in Payroll Mate. Source: Payroll Mate software.
Payroll Mate is designed for businesses with less than 75 employees, and is also a good option for accountants that process payroll for their clients. A good choice for small businesses with multiple locations, Payroll Mate also supports multiple pay frequencies, unlimited payroll runs, and multistate payroll.
The application also completes all required tax forms, but does not handle filing or tax remittance.
A new employee wizard is available to guide you through the process of entering a new employee, with an easily navigated tax setup page available as well. Direct deposit is available in Payroll Mate, though it’s priced separately.
Payroll Mate is best suited for those comfortable enough to file their own tax forms. The application runs $139/year, and includes all related tax tables, while the Direct Deposit module is available for $95 annually.
Read The Blueprint’s full Payroll Mate review
Wave
Wave is free software that offers accounting, invoicing, receipts, and payments services. However, they do charge for allowing businesses to accept payments online which may be required in order for invoices to be paid faster or for payroll considerations. Each transaction is paid when it’s charged and you only need to pay for what you use. Perfect for small businesses.
Why choose Wave?
Wave is perfect for you if… you’re a small business and you have business with EU and non-EU customers.
Pricing: Free!
Bookkeeping on your own
If you would rather not use any online accountancy software, don’t worry, you can still run a fully operational business. Here’s how:
- Check your cash situation dailyWhen you’re starting out, it’s best practice to open a business bank account. Keeping your business money separate from your personal money enables you to see your company cash flow clearly and make projections for the upcoming year.
- Organise your paper receiptsEven if you don’t want to store them all on software, at least keep a digital copy of each receipt on Google Drive or Dropbox (Both Free). This makes it easier to search for old receipts and takes up much less space. Keep records of bank statements and invoices so you can easily find them for your accountant when requested.
- Keep customer and supplier billings recordsUse your preferred method of bookkeeping (i.e. notebook or ideally Google Drive Sheets or Excel) and record any outbound customer invoices, inbound payments, supplier invoices received and supplier invoices paid.
- Talk to your accountantYour accountant may offer a different way of doing bookkeeping that matches your business type and best suits your needs.
Features of online accounting software
Start by thinking about what you want from your online accounting software. Choose a package that makes your life easier, helps you to make better business decisions, and gives you more time to focus on growing your business.
Here are some examples of what you may require from your chosen cloud accounting software:
- Gives you access to your finances anywhereAll the software on this list can be accessed through a laptop or phone. Users should consider how easy the system is to use – talk to us if you want our advice.
- Handles multi-currency businessesIf your business deals with multiple currencies, you’ll need software that is capable of handling different currencies with no extra work for you. Dealing with Foreign Exchange can be difficult.
- Automates admin tasksKeeping track of your receipts, invoices, bank statements and expenses is very easy with online accounting software. Pick a software that is easy to use so you don’t have to spend too much time setting it up.
- Reporting functionsAll the software on this list will offer some level of reporting. Users should consider what they need to know about their business to ensure the software can cater to their needs.
- Connect to your bankSome of the packages can connect directly with your bank so you get live bank feeds and easier bank reconciliation. Users should consider whether this is this something they need.
- Integrates with other appsAre you currently using apps for receipt or expense tracking? Check if it will connect with your chosen cloud accounting software.
BEST OVERALLGusto
Gusto offers three thoughtful tiers for small to midsize companies that need payroll with a few helpings of human resources (HR) features, making it the best overall choice. Each plan includes full-service automated payroll that’s suitable for almost any business, depending on needs.Pros
- Affordable, but good value
- Unlimited payroll runs
- Paid time off (PTO) tracking available
- Full-service payroll available in all states
- Basic reports included at all tiers
Cons
- Next day direct deposit available only in the Complete and Concierge plans
- Dedicated support only for Concierge subscribers
Gusto is similar to other payroll software solutions in that it offers direct deposit or checks to pay your employees. It also tracks and files federal, state, and local taxes automatically. What sets Gusto apart from the other options is that it offers a better plan for each tier that you go up. Rather than removing direct deposit for the low-priced plan, Gusto increases the convenience of direct deposit the more expensive your plan. For example, direct deposit takes up to four days to clear for the lowest plan, but the high-tier plans get next-day direct deposit.
The Core plan from Gusto costs $39 per month, and $6 per employee per month, making it one of the most affordable choices for a full-service payroll plan. The Complete plan is also $39 per month, but the cost per employee is $12, and you’ll be able to offer next-day direct deposit. The Concierge plan is $149 per month and $12 per person and offers dedicated support and compliance alerts.
Payment Rails
Payment Rails is a payout platform that helps businesses send payouts to any country and ensure tax compliance. With Payment Rails, businesses can send mass payouts in various countries without navigating complex corporate structures or setting up local bank accounts.
Payment Rails can be used by growing businesses that aim to penetrate new international markets. They can also be utilized by businesses paying freelancers, independent contractors, advertisers, affiliates on online marketplaces and platforms.
Try out Payment Rails with their free trialVISIT WEBSITEFREE TRIAL
With Payment Rails, businesses have a convenient way to send payouts on-demand to over 220 countries in over 135 local currencies. This well-rounded payout platform allows the sender to track payments in real-time and the recipient to validate their bank account and to automate returned payments. Payment Rails also helps organizations digitize their tax compliance processes so tax season will be less of a burden for them.
Payment Rails features live payment tracking which enables the sender to see every step of the transaction in the payment status view. On the other hand, a recipient widget can be set up which makes it easier to capture and validate bank account details. Meanwhile, the tax compliance component hosts a variety of features, from digital tax form collection to TIN matching and IRS E-FILE reporting.
To extend its functionality, Payment Rails can be integrated with various apps, including Quickbooks, Xero, Slack, and Salesforce.
Key Features of Payment Rails
- Live payment tracking
- Payment approval workflow
- Instant payments
- Live foreign exchange rates
- Recipient widget
- Returned payment handling
- Bank account validation
- Tax form collection
- E-FILE reporting
- End-of-year reporting
- TIN matching
- Foreign TIN validation
- Dynamic tax withholding
Detailed Payment Rails ReviewREAD MORE
Toast Payroll
Designed for restaurants, the Toast Payroll helps restaurateurs and managers streamline their labor and payroll processes. The software also offers features that ensure compliance with government regulations.
The software ensures that you and your team can maintain accurate timesheets even without manual calculations. Toast Payroll seamlessly syncs information between Payroll to POS, ensuring the accuracy of data.
Toast Payroll also offers powerful calculation tools for the computation of different pay rates, even with taxes and overtime considered. This way, you can be sure that your staff’s payments are always accurate. For added convenience, the platform can also file tax returns on your behalf.
Moreover, Toast HR consultants can assist you with the complex processes associated with state and federal labor regulation compliance.
Key Features of Toast Payroll
- Automatic syncing between POS and Payroll
- State and federal compliance tools
- Multiple pay rates
- Benefits administration
- Integrated dashboards and reporting
Detailed Toast Payroll ReviewREAD MORE
ADP Workforce Now
ADP Workforce Now is a cloud-based HR solution for midsize businesses. It comes with good payroll and benefits management modules. Also, these are tied up with other core HR functions such as time and attendance tracking and onboarding. Furthermore, it has a benefits plan creation wizard.
Aside from the advantages of cloud-based payroll processing, the solution also offers a COBRA events module that notifies employees on how they can meet requirements under COBRA. Also, it makes compliance easy by having IRS forms ready. Additionally, the solution can generate useful reports for you to get actionable insights. These are easily seen in a well-designed dashboard.
Also, the platform allows you to get status and confirmation reports regarding deductions, premiums, beneficiaries, dependents, enrollments, and coverage levels. Furthermore, there is a self-service application for employees. They can access information like pay and benefits from their PCs or on mobile apps for Android or iOS.
It seamlessly integrates with Cronforce, Performance Pro, and iCIMS, among others. Lastly, ADP Workforce Now is only offered by a tailor-made quote by the vendor.
Detailed ADP Workforce Now ReviewREAD MORE
Key Features of ADP Workforce Now
- Possess a single database for all data including HR, benefits, and time tracking
- New hires reports are automatically forwarded to state agencies
- Web-based payroll, including real-time gross-to-net calculations for every submission
- Automated tax filing and deductions with built-in error detection
Conclusion
There are many types of payroll software that are being used by different businesses in the industry. If you are looking for the best payroll software then it is essential that you watch out for the features that are offered by these systems. The point of interest here is to find out if the system has all the features that could facilitate your processes flawlessly. With all these in mind, it is better to look up different systems because you wouldn’t want to struggle along with a system which lacks the features you need. It makes no sense to buy a software which isn‟t capable of doing everything you need it to do.