When you are a CPA firm it’s important to be on top of your accounting needed. Sure, most of the time you can keep up with payroll with spreadsheets, but is this getting you any closer to getting all of that money into your business? If it’s not then you should check out some payroll software for accountants.
There are many different types of payroll software for accountants, and I’ve consolidated the best ones into one list for you.
ZohoBooks
ZohoBooks is online accounting software for managing your finances and keeping your business running smoothly. ZohoBooks is designed with Mac operating systems in mind, and has a number of features that can be used exclusively on a MacBook, such as specialised keyboard shortcuts, context menus and spotlight searches. The ZohoBooks mobile app is also available on the App store to download to your Apple devices, including your Apple watch so that you can view outstanding invoices and send payment reminders while on the move. A ZohoBooks subscription can be paid monthly or yearly, and there are three package options, depending on your needs. A ZohoBooks Standard plan is $19.80 per month and includes:
- Up to two three (additional users charge a fee per person)
- Multiple customers or vendors, additional customers and vendors can be added for a fee
- Manage up to 5,000 invoices
- Bank reconciliation
- Custom invoices
- Projects and timesheets
- Recurring transactions and expenses
- Sales approval
- Budgeting
FreeAgent
FreeAgent is an online accounting software which says it’s made specifically for freelancers, small business owners and their accountants. FreeAgent has a web application which can be accessed via an internet browser, meaning that it is compatible with Mac computers, with an app available for Apple devices, which is free to download. A Universal FreeAgent account is $10USD per month for six months and then $20USD each month after that, but includes the following features:
- Unlimited users, clients and projects at no extra cost
- Set up recurring invoices and automatic reminders for clients
- Track and record receipts from your phone
- Manage invoices, estimates, expenses, tasks and time
- No contract or setup fees
- UK-based support
Kashoo
Kashoo provides simple online accounting and bookkeeping software that is compatible with a Mac computer and can be accessed in a web-browser. The is also a free application that is designed specifically for iPads and other iOS devices, which offers free support, and can be downloaded from the App Store. A Kashoo account costs $20 per month and includes:
- Automatic reconciliation
- Income and expenses tracking
- Creation of digital copies of receipts
- Get paid directly from invoices
- Receive reports and insights in real time
Xero
Xero is one of the market leaders when it comes to financial collaboration apps. This system is designed to meet the requirements of small businesses regardless of the type of business or industry.
Xero has been often been recognized by accountants as the “handiest asset for managing financial activities.” But even for non-accountant users, they will find Xero easy to manage, as it transforms some of the most standardized and complex financial concepts into simplified functions, making its usability one of the software’s many strong points. So far, nearly half a million business and sole accountants have taken advantage of Xero’s enterprise-grade features that can manage invoicing, inventory, bills payment, bank reconciliation, cash flow, expense claims, POs, time tracking, and payroll, among others. It supports financial reporting, online payment, multi-currency, business performance dashboard, sales tax calculation, and more.
What is unique about Xero?
- Payroll performer. Important functionalities are bundled in the Settings tab where you enter corporate information and adjust financial settings. One of those tabs is the Accounts menu, where you can find and alter checks, bank accounts, and expense claims and create records for your payroll needs. Currently, Xero processes and runs payrolls, and automatically adjusts taxes for more than 20 states.
- Security-focused. Transactions in Xero utilize multiple-approval model and two-factor authentication to minimize financial fraud. For every transaction, there will be a detailed list of performed actions, including dates, users, and manual notes. In sales, the method makes it possible to control purchase orders, and categorize invoices as drafted, awaiting approval, awaiting payment, or delayed.
- It provides an overview of your finances. The app provides feedback on your company’s financial operations through its reporting feature which can summarize the effects of all your activities, by simply filling the filters you’d like to see included. You can make basic reports or advanced ones based on your parameters.
- Robust record keeper. Xero allows you to create and keep detailed possession records to use automatically in your transactions. All of these records are robust and contain details such as tax status, purchase costs, committed quotes, and relevant descriptions.
Detailed Xero ReviewREAD MORE
QuickBooks Payroll
QuickBooks Payroll is one of the leading payroll software for payroll service providers and accountants for it has an easy-to-use interface that allows for unlimited payment schedules and 24-hour direct deposits. Its advanced tools make it easy for payroll service providers and accountants to attend to numerous client needs and requests.
QuickBooks Payroll has top of the line automation-ready tools that can track inventory, manage more than a thousand contractors, customize user permission, track income and expenses, maximize tax deductions, create invoices, and accept payments. All its tools are one-click solutions that require no advanced technical skills from its users. Hence, payroll service providers and accountants can easily delegate tasks and still secure accurate and updated data.
Try out QuickBooks Payroll with their free trialVISIT WEBSITEFREE TRIAL
QuickBooks Payroll outshines all current software for payroll service providers and accountants with its monitoring tools. Its monitoring tools can handle multiple projects with easy-to-understand and clear periodical reports. All users can instantly see profitability data transposed with payroll costs.
Payroll software providers and accountants have the option to choose between a Self Service or Full Service payroll plan. QuickBooks Payroll is cost-efficient as pricing is scalable and based on the number of employees enrolled for payroll.
What is unique about QuickBooks Payroll?
- Clean User Interface. QuickBooks Payroll is a popular payroll software among service providers for its user-friendly interface that does not intimidate non-technical users. Users can take full advantage of its cost-efficient Self Service Payroll Plan, since all tools can be managed and operated by users with no advanced accounting and bookkeeping skills.
- Instant Payment. QuickBooks Payroll provides a feature that allows for funds to be transferred within 24 hours. This advanced tool effectively prevents delays in payroll.
- Project Profitability Tracker. Users can utilize QuickBook Pro’s patented Project Profitability Tracker to maximize profit and minimize expenses through real-time monitoring and analytics.
- Inventory Tracker. QuickBooks Payroll offers an inventory tracker for accountants that handle expanded bookkeeping tools for retail shops, restaurants, cafes, and merchandisers.
- Tax compliance. A dedicated group of tax experts provides updated tax compliance tools for maximum utilization of deductions. Forms for W2s are also accessible and print-ready.
Detailed QuickBooks Payroll ReviewREAD MORE
QuickBooks Online Payroll
One of the biggest things to consider when choosing a payroll service or software is whether it will integrate with your accounting software. If you’re using QuickBooks Online, that’s one less thing to worry about.
The Review and Submit screen provides an overview of total payroll cost each pay period. Source: QuickBooks Online Payroll software.
Designed for up to 50 employees, QuickBooks Online Payroll makes life a lot easier for your accountant (or you). It offers complete integration with QuickBooks Online Accounting, which updates your G/L with payroll-related expenses, eliminating the need to post entries manually.
Another advantage of using QuickBooks Online Payroll is that it calculates, processes, and files all payroll tax forms, including tax deposits for all the necessary states, saving you or your accountant a lot of time. It also processes year-end forms for your employees such as W-2s and 1099s.
QuickBooks Online Payroll offers three plans, starting at $22.50/month for the first three months, with all three plans offering full-service payroll.
Patriot Payroll
If you use or plan to use Patriot Accounting, why not couple it with Patriot Payroll? Patriot Payroll offers two plans, Basic and Full Service. You’ll want to choose the latter in order to reap the benefits garnered by using both applications.
Patriot Payroll offers free product setup, as well as free product support. In addition, the application handles all filing and depositing of federal, state, and local payroll taxes, and processes year-end employee tax forms such as W-2s and 1099s.
Patriot Payroll offers an easily navigated interface for managing both accounting and payroll. Source: Patriot Payroll software.
Patriot Payroll’s Full Service plan currently runs $30/month + a $4 charge per employee.
Best for smaller businesses with a limited number of employees to pay, Patriot Payroll used with Patriot Accounting will definitely save accountants a significant amount of time.
Gusto
Gusto offers three plans for small businesses, with all plans offering full-service payroll. Gusto takes care of everything from new hire reporting to supporting unlimited payroll runs along with multi-state payroll capability.
Gusto lets you easily add integration with your current accounting software. Source: Gusto software.
Gusto currently integrates with popular accounting applications such as Xero, FreshBooks, and QuickBooks Online, so you’ll be able to import your payroll transactions into your accounting software. This will eliminate the need to enter payroll transactions separately.
In addition, Gusto handles all tax filing including creating reports, filling out forms, and submitting tax payments. Gusto also handles year-end filing of Form 940 and 941 as well as employee year-end forms such as W-2’s and 1099s.
Gusto’s Basic plan runs $19.99/month for a team of two, and the Core plan is $39/month. Both plans have a $6 per-employee charge.
SurePayroll
Of all of the stand-alone payroll software and services, SurePayroll offers the best integration with third-party accounting applications.
Sure Payroll’s mobile app lets you do payroll on your iOS or Android smartphone. Source: SurePayroll software.
SurePayroll integrates with software applications such as AccountEdge, QuickBooks Desktop, QuickBooks Online, Sage 50, and Xero, eliminating the need to manually post payroll entries.
The Payroll Preview report provides you or your accountant with payroll liability including Gross Pay, Employee Deductions, Employee Taxes, Net Pay, and Employer Taxes, with this information easily exported to your accounting software application, eliminating the need to enter payroll details manually.
SurePayroll handles all payroll taxes, from initial report preparation and form filing to payment remittance. SurePayroll also prepares year-end forms such as W-2s and 1099s.
SurePayroll pricing starts at $29.99/month, plus a $4 per employee charge.
Conclusion
One of the most commonly asked questions we get asked about Payroll Software is “which payroll software should I use for my CPA firm.” While there are tons and tons of different payroll software solutions available on the market (some free, some paid, some more robust than others), keeping it to a small set of payroll solutions that we recommend can save you some time and trouble.