Managing payroll is one of the most important tasks for any business. Not only must you be sure you’re paying your employees the right amount at the right time, but there are also a whole host of rules and regulations you need to follow to remain compliant with the government. That’s right. We’re talking about taxes.
However, managing payroll can be complicated, especially as your business grows. And mistakes can be costly. Using a payroll software is a great way to easily and accurately manage your payroll so that you can keep your business humming and in line with the law. But you may be wondering: What is the best payroll software?
Good payroll software is easy-to-use, accurate and can be easily integrated into the rest of your HR software. There are a lot of choices out there, and while some of them are fantastic, many are not. It’s critical you find something that meets both your needs and your budget.
To help you do this, we’ve compiled a list of the five best payroll software options on the market. Overall, Intuit Payroll ranks as number one. It’s simple, easy-to-use design guarantees you’ll be able to manage payroll accurately and keep yourself compliant. And because Intuit Payroll has so many other HR software options, it’s easy to optimize your entire HR operation and make everything more streamlined and efficient.
Read on to learn more about why we like Intuit Payroll as the best payroll software, and also to find out which other options made it onto the list.
Many of you are familiar with Turbo Tax and QuickBooks. The widespread use of these products speaks to their quality, so it makes sense that sister software Intuit Payroll, which is made by the same software developer, would make it onto the list of best payroll software.
Intuit Payroll is designed to be nearly entirely automatic. It will calculate taxes for you, and depending on how you set it up, it will also generate unlimited paychecks. If you use QuickBooks, or would like to use it, then you can sign up for an Intuit+QuickBooks plan that will allow you to manage even more of your company’s finances using in an integrated, easy-to-use platform.
Some people find it’s difficult to scale with Intuit and QuickBooks, as these software are designed for a wide range of businesses and can’t always keep up with the expanding complexity of a growing business, but they are still highly functional and worth a shot if you are looking for a quality payroll software.
One of the biggest challenges for any payroll manager is compliance. When you add people to your payroll, you need to be sure you’re paying all the necessary taxes and also following all relevant rules and regulations. Sometimes, there are so many of these that it can be impossible for any one person or team to keep up with everything. But enter Gusto to save the day.
Gusto is fully compliant with HIPPA, ACA and ERISA standards, making use of automatic checks that can alert you of any potential issues before they become too serious. And it will automatically calculate all federal, state and local taxes, guaranteeing compliance with all year end forms. Gusto will also make it much easier for you to manage employee benefits, giving you the tools you need to monitor workers’ comp insurance and also set up and manage 401(k) plans.
Another benefit of Gusto is that there is no long-term commitment required. You pay monthly and can suspend your account when you see fit. However, the ease and convenience of Gusto makes this unlikely. Give it a shot today and start streamlining your payroll.
#3 Zoho Books
Zoho Books makes it easy for you to manage your payroll, but it does so much more. When paired with other Zoho software, it turns into a full-service HR software package that will help make your business run faster and more smoothly.
With Zoho Books, you can manage finances by each individual project, and it also gives you the option of importing all bank and credit card transactions, meaning you don’t need to worry about data entry ever again. You can also send professional invoices, receive online payments, control expenses, manage compliance and organize all types of other transactions in one platform. And because Zoho Books also has a mobile app, you can check to make sure things are running smoothly wherever you are.
Zoho has a long history of producing high-quality software for small to mid-size businesses, and things are no different with their original product, Zoho Books. If you’re looking for an all-in-one payroll software that is accurate and will help make your business better, then consider giving Zoho Books a try today.
In today’s digital age, one of your top concerns should always be cybersecurity, especially when dealing with financial information. Your payrolls contain valuable data that if lost could bring financial ruin to your company and your employees. Xero is an all-in-one and easy-to-use payroll software that also pays special attention to security and fraud prevention. It uses multiple approvals and two-factor authentication to make sure all your data is secure as possible.
Xero is also a great option for companies with international operations. With offices in the US, Australia, UK, Singapore, Hong Kong, Philippines and Malaysia, Xero can help you manage your finances wherever you are. However, it can only offer payroll support to businesses in the US and Australia. But this does not stop Xero from being one of the best payroll software packages available.
#5 Sage Intacct
Last but not least is Sage Intacct. This is a great option for larger companies, or for businesses poised for high growth. Sage Intacct came into existence as a result of a merger in which Sage Group (one of the world’s largest ERP providers) bought out Intacct for $850 million. This combination of industry leaders has resulted in a world-class payroll and financial management system that can help your company streamline its accounting processes.
It’s hard to find something you cannot do with Sage Intacct. Whether it’s payroll management, cash flow management, purchasing, vendor management, project accounting, fund accounting, inventory management or financial reporting, you can do it all in one easy-to-use platform.
However, there are some downsides to Sage Intacct. First, because it can do so much, the software can at times be difficult to use. There will be a steep learning curve for most new users, but once you get past this, the functionality is hard to beat. And second, because of its countless features, the lowest pricing plans begin at $400/month. This is quite a bit more than many of the other options designed for small businesses. But again, the amount of things you can do with Sage Intacct is unparalleled, making it an easy choice for one of the best payroll software packages available on today’s market.
Start Streamlining Payroll Today
Using a payroll software is a great way to make your business faster, more efficient and more profitable. However, with countless options available, it can be nearly impossible to find the best payroll software for your company. We’ve reviewed all the top options on the market and consider Intuit Payroll to be the best.
It’s easy-to-use, accurate, and it integrates well into other Intuit Payroll software to help you manage multiple processes all in one place. If you’re looking for a payroll solution to help take your company to the next level, then consider trying Intuit Payroll today.