Payroll is one of the most critical functions for any business because as employees contribute their efforts towards the organization’s mission, they have to be paid accordingly and on time. When it is not performed in a proper manner, employees’ efficiency may be affected. All this may result in a greater loss to the organization.
Due to the rise in digital transformation, businesses have started leveraging cloud-based and automation tools to simplify and streamline their repetitive and tedious tasks. Calculating salaries with software is also one such automation. Read this article to know how an automated payroll solution benefits, along with some best payroll management solution picks for 2022.
How Does a Payroll Solution Benefit Small Businesses
Leveraging a digital solution for the payroll process can have many advantages. Here are the benefits that small businesses can get.
- With its cloud-based infrastructure, you get a single and secure source of truth for the payroll data.
- Payroll data remains secure as you don’t have to assign a third party to calculate it.
- You can control roles and rights for better access management and reduced data manipulation.
- Employees can generate their payslips at their convenience.
- It ensures that employees are not only paid but are paid accurately.
- As it automates payroll calculation, HR bandwidth can be saved. It also makes the processes quick and reduces overall labour and financial expenses.
Best Payroll Software of 2022
Here is a list of the 7 best software for the year 2022 to streamline salary management for your small business.
Zimyo is an automated software that enables businesses to simplify their payroll calculations. This process can be done in 3 steps, and that too with complete accuracy. In addition, the software also handles complex payroll structures and compliance with the latest laws so that you can worry less about it.
All these features ensure that month-end calculations are straightforward and quick so that employees’ will be satisfied with their accurate salaries. Apart from this, it also manages employee benefits and reimbursement, loans, travel advances, and customer invoices.
- Integrated attendance
- Tax calculation and payroll deductions
- FnF settlement
- Payslip generation and sharing
- Calculation of overtime and arrears
- Calculation of employee bonus & incentives
factoHR is an all-in-one HR platform that simplifies the payroll process. If you are looking for comprehensive and integrated software that can control every aspect of payroll management for your small business, then you can trust factoHR. It offers a cloud-based infrastructure to help you calculate payroll effortlessly in 4 quick steps; adding employees, collecting attendance and leave data, configuring unlimited salary components, and calculating salaries with a single click.
factoHR offers a wizard-driven approach that guides you through each calculation step. As compared to conventional methods, you can now process your employees’ payments for different CTC structures with reduced manual efforts. In addition, it integrates with other modules such as attendance, leave, performance, and core HR to ensure seamless data flow through the whole system.
- Rest-easy payroll compliance
- Automated report generation
- Multilingual payslip support
- Bank integration for direct salary payments from factoHR
- Loans and advance management
- Mobile app support
- Integration with third-party applications like ERPs, accounting, etc.
- Performance-linked payroll calculation
Paylocity is an easy-to-use platform that offers payroll management so organizations can invent a modern workplace with improved employee engagement. With this tool, you can streamline payroll workflows and ensure tax compliance. If you are a small business, Paylocity makes sure that your employee payroll is reliable, accurate, quick, and scalable.
It has an excellent user interface and provides delightful customer support whenever needed. You will be confident in providing accurate and timely payslips to your workforce. You can also set up ledgers and accruals and generate reports to improve decision-making.
- Add reimbursement or other expenses to the payroll easily
- Accurate tax filing
- Pay instantly without disturbing the pay cycle
- Manage garnishes peacefully
- Download custom reports
- Integrate with your favourite applications
Paycom is a comprehensive employee-driven payroll solution that reduces the stress of managing payroll and paying precise salaries to your workforce. With it, you can pay your employees efficiently, even if they are working across different countries.
It comes with an exceptional feature Beti that determines errors and enables employees to check and verify their own paycheque, PTO, benefits, etc., to reduce the burden on employers and post-payroll errors. Also, it manages garnishments and other lawful compliance so you can be free from the risk of any penalties or mistakes.
- Complete tax management with online filing
- General ledger configuration
- Alerts about data alteration
- Insightful analytics and reporting
- Reimbursement management
- Payroll reconciliation
- Simplified accounting
WebHR revolutionizes the way you process payroll with its automated calculations and deductions. It is suitable for small-scale businesses to enterprise-level ones. Once you have set up the rules and policies, it will easily calculate taxes, benefits, leaves, reimbursements, etc.
It offers incredible customer support during the implementation of the payroll module. Not only this, but employees get to access their salary-related information and payslips conveniently at their fingertips.
- Appealing dashboards for admins and employees
- Configuration of pay schedule
- Email reminder with payslip
- Payroll and compliance report generation
- Multiple currency options
- Multiple payroll structures
Rippling is a complete HR management tool that offers small businesses simplified payroll management so they can prioritize tasks effectively. With this, all your required data can be synced for payroll so you can run your employee salary calculation in a few minutes.
With its robust reporting, you can use pre-defined or build any kind of custom reports that you require. This empowers you to make data-driven and valuable business decisions. You can also monitor tasks, time, and total project costs, which can be used to define their payments. In addition, you can select any workflow templates that are relevant to your business process and get started.
- Automatic compliance and tax filing
- Pay employees across any location
- PTO and work hours tracking
- Integration with multiple apps
- Varied pay rates configuration
- Manage garnishments
- Connected mobile app
- Paystub generation
Wave offers an innovative solution to manage your organization’s finances and money. Although money management is mainstream, it focuses explicitly on streamlining employee payroll for organizations. Therefore, it is best suitable for small businesses who are willing to boost their growth using the right technology.
With Wave, you can process salaries, store accounting data, ensure compliance, and file taxes accurately and securely. Additionally, you can view the entire salary breakdown of each employee separately. Your workforce can also check their pay stubs and tax-related forms from their portal.
- Integration with internal modules like accounting, invoicing, and payments
- Leaves and accruals tracking
- Direct payment deposit to bank accounts
- Automated journal inputs for bookkeeping
- Workers’ compensation management
Summing It Up
Payroll is directly proportional to employees’ productivity and morale, so it should be accurate. But relying on manual methods can be error-prone, tedious, and time-consuming, due to which small businesses cannot focus on essential strategic tasks such as employee engagement and retention. If you are a small business, implementing an integrated and automated payroll solution will surely be beneficial to your workforce in improving their efficiency. These tools mentioned above have their own benefits for organizations. To choose the right one, you can check if it fulfills your unique business needs.