A medium business is considered a company with a number of employees larger than a small business but below the number mandated to be considered a large corporation. In other words, a medium-sized business has between 20 and 200 employees. Considering the world population is 7.6 billion people, this is a significant segment in any economy. Payroll management for a medium-sized company is, therefore, a major challenge.
Payroll software is designed to automate payroll processes such as managing salaries, wages, deductions, bonuses, and taxes. It is also capable of tracking time off, employee benefits, vacation accrual, and much more.
It helps in many ways, including the following.
Saves time ⏱️
As you don’t have to spend your time working on repetitive tasks such as generating slips and distributing them, bookkeeping, maintaining employee details manually, etc., you can save a lot of your time.
No need for outsourcing
With the intuitive software in hand, you don’t have to outsource payroll services. It helps you save your money and eliminates the probability of confidential data leaks to a third party. Hence, your financial data stays safe and confidential within the premises of your organization.
Better transparency
Your employees can help themselves, fill-in, their details, and access accurate payroll information such as salary, deductions, and taxes. This way, it increases transparency with your employees and fosters mutual trust.
Improved accuracies
As the software handles critical processes like tax calculations and filing, insights and report generation, and so on, you run no risk of inaccuracies. All the data it provides will be accurate and useful in real-time.
Ensures compliance
Tax regulations and rules change frequently. Any deviation from compliance or missing a deadline may cost your business heavy penalties.
For this, payroll software maintains current federal, state, and local laws updated. And it also notifies you of compliance requirements and tax deadlines, ensuring you stay compliant always.
Paylocity
Our all-in-one software platform gives HR pros a way to easily manage daily tasks in payroll, benefits, talent, and workforce management. But what makes us different is that our technology is backed by a culture that truly cares about our clients’ success. Providers will merely sell you a product. But a partner actually cares about you and your business. A partner takes the time to get to know you and understand your needs. We work with you to identify the best solutions that will benefit your business today, while paving the way to a better tomorrow. And tomorrow is all about your team. Everything we do is designed to support you in reaching your goals. Together, we tackle your day-to-day work so you can spend more time building the culture you and your employees crave. For professionals who crave true partnership, Paylocity is the HR & Payroll company that frees you from the tasks of today, so together, we can spend more time focused on the promise of tomorrow. Let’s go forward together.
Ceridian Dayforce
Ceridian is a global human capital management (HCM) company headquartered in Toronto, Ontario, and Minneapolis, Minnesota, with operations across North America, Europe, and Asia Pacific Japan. Our brand promise –Makes Work-Life Better™ –is the commitment we make to our employees, our customers, their employees, and to the communities, we operate in around the world. Our modern technologies help our customers adapt, evolve, and win as we reimagine the future of work. Our award-winning Dayforce platform is a single solution for HCM that helps HR and business leaders make smart decisions that create quantifiable value for their companies. It simplifies the extremely complex HR and operational processes faced by companies and applies modern technology that creates experiences employees love to use.
greytHR
The greytHR Platform is a suite of cloud HR solutions for small and medium enterprises (SMEs). It offers productivity tools for better people management, simpler HR processes, and professional delivery of HR services. The Employee Portal for the manager and employee self-service leads to better employee engagement and all-around time savings. The greytHR software is used by 10,000+ customers and 1.3 million users in India and the Middle East. Salient Features: ● Core HR ● Onboarding software ● Employee lifecycle management ● Leave & Attendance management ● Payroll management (for India and the Middle East) ● 100% HR Compliances (for India & Middle East) ● Document management ● HR Reports and Analytics ● Employee Portal and mobile app ● Integrations & REST API. greytHR is much more than just great software. We take pride in our passionate service, a vibrant HR community, and helpful learning resources.
isolved
isolved is an employee experience leader, providing intuitive, people-first HCM technology. Our solutions are delivered directly or through our partner network to more than five million employees and 145,000 employers — who use them every day to boost performance, increase productivity, and accelerate results while reducing risk. Our HCM platform, isolved People Cloud, seamlessly connects and manages the employee journey across talent management, HR & payroll, workforce management, and engagement management functions. No matter the industry, we help high-growth organizations employ, enable and empower their workforce by transforming employee experience for a better today and a better tomorrow.
Gusto
The smart and easy-to-use payroll system of Gusto can be your next payroll software no matter what your business size is. Process payments manually or schedule them through Autopilot mode in a few clicks.
They calculate all the federal, state, and local payroll taxes accurately through e-sign, e-tax, and e-file technologies and pay them automatically. Gusto also helps in reporting new employees to the government, so you stay compliant with the laws. They also offer child-support garnishments and can adjust wages automatically to stay compliant with FLSA Tip credits.
Gusto offers flexible features such as Gusto debit card to access money easily and net-to-gross calculations (which makes it easy for bonuses). Go paperless with direct deposits, customize pay schedules according to your team members’ needs, and run unlimited payrolls. You can also add pre-tax deductions for benefits or go for post-tax for garnishments.
Use the software to support both salaried and hourly employees, pay your contractors through Gusto, and let it file and automatically send the taxes. Perform easy cancellations, reimbursements, and process flexible payment frequencies monthly, bi-monthly, or bi-weekly.
Gusto offers advanced payroll features such as payroll reports, including payroll history, contractor payments, bank transactions, tax payments, and more, and allows you to download them. Integrate Gusto with time-tracking software like Xero and FreshBooks, accounting software, and sync expenses automatically.
Perform effortless employee management with direct deposits, conduct charitable donations where deductions will be made directly, and organize your employees and contractors well. Let employees access their paystubs easily in their Gusto account, payday emails, or Gusto’s Wallet app.
You can also add digital signatures, including your bookkeeper, accountant, and other team members. Run payroll anywhere using their user-friendly app, and you can also sync birthdays, payroll deadlines, and anniversaries in Outlook, Google Calendar, or iCal.
PrimePay
PrimePay is an efficient solution to all your payroll, tax, and HR activities so you can manage your team well and focus on growing your business more.
Their Starter bundle includes key functionalities that address your payroll needs, HR, tax, and reporting requirements. PrimePay’s payroll solution helps you improve your business efficiency with easy payroll processing and handling local, state, and federal taxes on time.
This online payroll processing system has strong security with 2-factor authentication, options like direct deposit and pay cards (electronically or printing checks), and payroll delivery options. Employees can access pay statements, view, save, download their data, and get automated emails to view pay stubs.
Free client data recovery and backup, in addition to monitoring and detection of payroll service, are available to mitigate malware, hackers, and viruses. Conduct a smooth employee onboarding with this tool with state and federal documentation, employee handbook, tax documentation, direct deposit info, customized forms, and more.
You can also track applicants and file WOTC tax credits. PrimePay offers HR compliance and support with features such as automation services for employee verification, HR insights, limited employment and HR advice from attorneys, accessing employment law updates, checklists, and templates.
PrimePay offers reporting features such as unlimited online reports for payroll & timesheet journals, year-to-date master, tax, monthly summaries, deductions, labor distribution, workers’ compensation, etc. You can also access Report Center for custom reporting services, export capabilities, tax reports, online pay statements, and more.
Humi
Humi is not only Canada’s leading software for Human Resources, payroll processing, employee benefits, and insurance, it is also proudly made by Canadians for Canadian businesses. It offers employee management, time off and vacation tracking, employee onboarding, performance management, payroll information, recruiting, a training tracker, an asset tracker, and a Canadian tax engine.
Humi’s tax engine ensures your taxes are all compliant with Canadian regulations. It also automates the generation of T4 and the remittance of CRA. This feature makes running payroll for all your employees across Canada’s provinces and territories hassle-free. One thing other software options don’t offer that Humi does is multiple concurrent compensations.
While Humi is both powerful and quite easy to use, there are some features that seem to be hidden and can be found in odd, less intuitive places. And there are some important features that simply don’t exist within the Humi platform like a time tracking feature.
Humi integrates with Slack, Indeed, LinkedIn for Business, Greenhouse, Voila, and even Facebook.
Humi costs from $5/user/month for their core HR module and offers a free demo.
Wagepoint
Wagepoint offers its small business owners and bookkeepers simple solutions that promise to free them from payroll pain. Users will be able to pay employees and contractors, get online access to pay details, import approved hours, automate payroll, get access to support, make direct deposits, and get help with built-in tips and guides, as well as reminders.
One of the best things about Wagepoint is that despite being easy to use, there is always someone on the customer service team that’s ready to help you quickly resolve any issue. The payroll process is pretty straightforward and saves the HR department a significant amount of time.
Unfortunately for companies that have clients across different time zones, some cutoffs imposed by Wagepoint are hard to meet. There are also quite a few limitations on the payroll reports and certain reports may cost you up to $100.
Wagepoint integrates with QuickBooks Online, Xero, and Wagepoint’s own time and attendance tracker called Track, and paid time off software, Luna. You can also easily upload approved hourly work from 7Shifts, TSheets, Deputy, or any other popular time-tracking applications.
Conclusion
Paying your employees is one of the most important parts of running a business. From making accurate, timely payments to ensuring compliance with local, state, and federal rules, paying employees correctly is complicated. Payroll mistakes can be disastrous for your business, but fortunately, there are some incredible payroll software options available at an affordable price.