Payroll Software is an application that allows users to track, manage and organize payments of employees in an organization. Payroll software helps an organization to integrate all the activities conducted by the payroll team in one place to ensure the process is smooth and efficient.
Payroll generation is one of the most critical aspects of the Human Resource department and needs to be managed with minimum room for errors. Having a robust Payroll Software enables an organization to ensure minimum employee grievance. It also helps in monitoring other functions such as tax payments, time and attendance monitoring.
Top Vendors in the Payroll Software Market include –
1.Paylocity – Paylocity is an HR software that offers payroll, workforce management, human resource, talent management, benefits and engagements. Their payroll software features include –
- Expense Management–With Paylocity expense feature, users can manage expenses of various team spending activities and requirements with no hassle of spreadsheets and calculators.
- Tax Services– Paylocity isa Registered Reporting Agent with the IRS. Organization taxes can be filed on time with no liability to the organization.
- Garnishment Managed Services – The software offers wage garnishment services to ensure no hassle during the proceses
2.Paychex Flex – Paychex Flex offers payroll services for small and mid-size enterprises. Below are some of the features of their services –
- Quick Processing – The software providers users with an easy to use interface that allows users to process payroll quickly online.
- Minimizes Mistakes – The software offers built-in safeguards that ensure payroll is calculated smoothly. It provides users with notification alerts on potential issues that might arise during the process or that are existing in the calculation.
- Employee Access – Employees can view all details of their payroll online thus resulting in minimum queries from their end.
3. UltiPro – UltiProprovides a cloud-based solution for managing the payment cycles in an organization. The comprehensive software is designed to handle complex payroll with efficiency. The features of UltiPro are –
- Customization – The software allows users to customize their requirements to adapt and cater to their business needs.
- One Stop Shop – The software stores all payroll information in one place to ensure no hassle during the payroll process.
- Tax Tool – The software offers a unique tax tool that automatically recommends the correct federal, state, and local payroll tax based on where an employee lives and works.
4. Gusto Payroll – Gusto is the all in one platform for human resource and payroll benefits. Features of Gusto Payroll include –
- Tax Support – Gusto payroll helps an organization to calculate and files their taxes automatically reducing stress on the company during tax filing month.
- Benefits and Time Tracking–The software provides users with benefits and time monitoring and tracking for the team.
- Employee Access –The software allows the employee to access the platform between paydays.
5. Paycom – Paycom provides automation of processes with their single software enabling users to eliminate the frustration of manually entering data. It also offers integration of multiple systems. The main features of Paycom include –
- Online Payroll – Online payroll makes processing more flexible. It offers a repeatable, error-free process and provides a dedicated specialist for ongoing assistance and queries.
- Paycom Pay – Paycom Pay tracks all the data within one place and ensure that issuing paychecks are done on time and accurately.
- Expense Management–The expense management tool in Paycom allows employees to upload photos of receipts for reimbursement and many other features. All approved expenses automatically flow to payroll saving time in the calculations.
6. Workday HCM–Workday HCM offers services for small and mid-sized businesses. The features of their payroll management software include –
- Inter-Department Connection – The software allows users to easily manage HR transactions that have an impact on payroll such as new compensation plans etc.
- Tax Updates –The users can get tax and regulatory updates automatically via the cloud.
- Speed –It speeds up year-end reporting and financial planning with always-current data.
Other Payroll Software’s include ADP, APS Payroll Solutions, Cascade, Ceridian Dayforce, Epay, Heartland Payroll, Justworks, KPI, Kronos, Namely, Opfin, Patriot Payroll, Paybooks, Paycheck, Paycor, Payday, Paymate, Payroll Manager, Perk Payroll, Pocket HCM, PRIS, Rippling, Rise, SurePayroll, TriNet etc.
Advantages of having a Payroll Software
Payroll software makes the process of calculating payroll much easier. The organization, be it small or giant enterprises, must invest in a good payroll software depending on their size. This will save the organization valuable time and they can also identify areas of improvement in expense management. It is also a very crucial factor that indirectly has an impact on employee satisfaction.
Some of the major benefits of using a payroll software include – it minimum human errors and is more reliable, it allows HR to track time and attendances, it saves a significant amount of time which leads to less employee stress during payroll cycle for both the employees and HR, it provides automation in multiple calculations such as deduction, adding of benefits, reimbursements, and overtime pay, it provides high accuracy and is cost-effective.