Have you ever heard of any business owner eagerly looking forward to payroll time? Well, it is highly unlikely to find company owners enjoying that part of the month where they have to calculate the wages of their employees, taxes, PTO, and benefits. Here is where the best payroll software for small business comes to play.
Considering that 11% of small businesses spend more than 10 hours each month on payroll management, it is shocking to see the amount of time small business owners spend on payroll. Since there is so much time being spent on payroll, you would think that they have no mistakes. But that is not the case. As per the American Payroll Association, an error rate of between 1-8% is seen in the payroll in firms that use traditional timecards. Moreover, approximately 40% of small firms are charged penalties of an average of $845 a year owing to the errors made in the payroll processes. A payroll software can eliminate these manual errors. Here is a list of 5 best payroll software for small business.
QuickBooks Online Payroll (QBOP)
QBOP is one of the most popular and widely used payroll software solutions in North America. It is also coming to be known in New Zealand, Australia and UK.
QBOP, which is used for inventory management, general accounting, and invoices has several available integrations. It also provides a self-service portal for employees and has great versatility for various industries.
The basic payroll service that QBOP provides will cost you $20 per month plus $2 per employee per month. The enhanced and full service costs more.
ZenPayroll, which is now known as Gusto, offers a vast array of features for payroll automation. The most popular feature of Gusto is employee self-onboarding. New employees can log in to Gusto and enter all their personal details including bank information so that their salary will be transferred directly into their bank account. All new employees are reported automatically to the government, and pay slips are emailed directly to employees.
Moreover, all your taxes which include local, federal and state are automatically filed. With Gusto, a free direct deposit is also possible. Gusto can also integrate with your existing accounting software, such as FreshBooks, Xero, and QuickBooks.
Gusto, which offers a free one-month trial period, can cater to businesses from one to even hundred employees. After the trial period, the cost will move to a base price of $39 + $6 per person. This is certainly one of the best payroll software for small business.
Intuit Online Payroll
Intuit is another leading payroll software company that offers three tiers of service. While the most low-cost service is a paycheck-only service, the top tier service includes electronic tax filing, direct deposit, and also the freedom to run payroll from iPhone and Android devices.
The various attributes of Intuit online payroll include calculation of payroll taxes automatically and creating unlimited paychecks immediately. It also offers a free paycheck calculator and a world-class customer support. Intuit Online Payroll will cost you around $20-$99/month + $2 per employee.
Founded in the year 2006 in New Zealand, Xero is a cloud-based accounting software. Xero has now moved on to becoming a multi-awarded product used in more than 180 countries. It has offices in UK, US, Singapore, Australia, Philippines, Hong Kong and Malaysia.
Apart from being a complete payroll performer, Xero provides a secured platform to minimize financial fraud. Xero’s reporting feature will provide details of all your financial activities by just filling the filters that you want to see.
The price offered by Xero differs from region to region and country to country. However, in the US, it begins at $9/month. Xero, without doubt, is one among the best payroll software for small business.
OnPay is an ideal cloud-based payroll software option for companies that have up to 10 employees. With Onpay, you can avail automatic payroll deductions and payroll tax payments. You are also guaranteed accurate payments and timely tax filings.
The software also allows you to manage your payroll from anywhere using a desktop, laptop, or smartphone. Customer support via phone, live chat and email are also available on Onpay.
The base price provided by Onpay does not include payment to employees through direct deposit. Besides, it also charges for printed and mailed W-2 forms by year-end.
While it might sometimes seem a better idea to use your own accounting software, using a payroll software will help you in the long run in saving money and time. A good and effective payroll system, tailor-made to meet your specific needs is very essential for the success of your venture.
Depending on your business requirement, and affordable price, you need to choose the best payroll software for small business so that you and your employees can be stress-free as far as payroll is concerned and work on growing your small business.