Mismanagement of cash flow is one of the most common pitfalls for a business. To avoid succumbing to this fate, consider implementing automated accounting solutions into your business’ systems. For example, automating payroll is an easy way to improve the accuracy of your accounting practices.
Countless services will completely automate all your payroll functions, from calculating deductions to cutting paychecks, freeing you up to worry about the areas of your business that will bring growth.
However, because there are so many different payroll services out there, it’s nearly impossible to tell which one is the best. Each one claims to be better than the competition. But how do you really know?
In truth, you don’t, which is why we’ve spent the time putting together a comprehensive review of all the different payroll services on the market.
Overall, we consider Intuit Payroll to be the best option. It manages all your payroll activities easily, automatically and accurately, and its easy-to-use platform means you can manage things from anywhere.
Read on for the full review of Intuit Payroll and also to find out which other services made the list of 5 best payroll services.
#1 Intuit Payroll – Best Payroll Service of 2020
If you’re looking for a quality, fully-automatic payroll service, then Intuit Payroll is a great option. From the makers of world-famous software packages, Quick Books and Turbo Tax, Intuit Payroll is a great option for those looking to fully automate their payroll operation.
Regarding functionality, Intuit Payroll does everything you would expect from a payroll service. It calculates taxes and liabilities, and it allows you to generate unlimited paychecks. However, one small downside of Intuit Payroll is that it is strictly a payroll service. If you’re looking for a more comprehensive accounting service, then you’ll need to get QuickBooks as well.
You can get an Intuit+QuickBooks package, and the two services integrate nicely, but this is something to keep in mind. Still, Intuit Payroll is one of the premier payroll services out there that will help you optimize your payroll operation.
Perhaps the greatest risk in payroll management is compliance. When you hire employees, you are obligated to pay taxes, and often times you are also required to prove you’re providing certain benefits, such as health insurance. Keeping track of all of this can be a nightmare to do on your own. But if you use Gusto, then you don’t have to worry about anything at all.
Gusto was designed to help companies deal with compliance issues. It will make sure your payroll operation follows all HIPPA, ACA and ERISA standards. Furthermore, it’s automated verification system will let you know when there are any issues so that you can address it before it has the chance to affect your business.
On top of this, Gusto will fully automate all your payroll functions, making sure everything works seamlessly and accurately. And if you so desire, you can set Gusto up to manage other employee benefits, such as 401(k)s, making it far easier to manage your entire accounting and HR operation. For an easy-to-use payroll service that pays special attention to compliance, consider using Gusto for your company.
#3 Zoho Books
Zoho Books is an easy-to-use and comprehensive payroll service that automates the entire payroll process. Once you set it up, you can essentially forget about it and turn your attention to other aspects of your business.
However, Zoho Books also integrates with other services, making it easy for you to automate and optimize your entire HR and financial operations. For example, additional services will allow you to send invoices, receive payments, separate expenses by project and also manage compliance. Furthermore, you can set Zoho Books up to import credit card information, entirely eliminating the need for data entry. You can save time and energy by keeping all this information within one platform, instead of having to switch between different services and worry about redundancies.
Another nice feature of Zoho Books is its mobile app. Download it to your phone and you can monitor the financial status of your business whenever and wherever you want.
Overall, Zoho Books is a top-of-the-line payroll service that also gives you the chance to completely optimize your entire accounting and HR departments, saving you time, money and headaches down the road, and giving your business a far better chance of succeeding.
Cybercrime is on the rise and it’s unlikely to go anywhere anytime soon. Xero is a fully-automated payroll service that goes further than the competition to ensure your payroll data is protected from hackers and other cybercriminals.
For example, Xero uses multiple approvals and two-factor authentication to minimize the risk of hackers getting a hold of passwords and other data. Since your payrolls hold information valuable to the financial security of both your business and employees, it’s essential you take the necessary steps to protect it.
Xero does more, though. It’s a great service for businesses that operate internationally. They have offices all around the world, and they are able to help you manage compliance with different governments, as well as perform transactions with multiple currencies. However, their payroll services are only available in the US and Australia, so if you need payroll help in another country, you may not be able to use all of what Xero has to offer.
#5 Sage Intacct
The merger of Sage Group and Intacct has produced a payroll service giant that is an industry leader in providing optimized accounting and HR solutions. Sage Intacct can help you with nearly all of your accounting needs, from payroll and cash flow management to purchasing, vendor management and fund accounting. And you can monitor all of these aspects of your business from one integrated platform.
At this point, you may be wonder then why Sage Intacct is only number five on this list. It would be higher, but because it’s such a highly-functional service, it comes with a hefty price tag. The lowest pricing plan is $400/month. For those simply looking for payroll management, this might be overkill. However, the nearly unlimited features of Sage Intacct still make it a great option for those looking for a premier payroll service to help improve the efficiency of their business.
Optimize Your Payroll
Automating your payroll through a payroll service is a great way to optimize your business, improve efficiency and expand profitability. But there are thousands of payroll services to choose from. Overall, Intuit Payroll is the best on the market, but this list outlines four other great options. Give one a shot and optimize your payroll today.