Every business needs robust payroll management regardless of its industry. Employees are connected with the organization through the money factor. Therefore, accurate pay should be generated to keep the workforce hooked.
Designing the payroll structure and performing salary generations every month manually can be tedious. Where businesses are getting larger in terms of employment generation, manual payroll practices may seem outdated and can take much time. Therefore, modern world managers leverage automated solutions to make the work easy.
An automated payroll system calculates and generates salaries in just half time in comparison to the manual procedure. Additionally, it delivers high accuracy by calculating the salaries based on the performance of employees and the time they have provided for their work. It saves valuable costs of the business and ultimately increases profitability. In addition, it enables advanced insights into the payroll data so that the organization can become data-driven and reports help to track every record effortlessly. Therefore, you should consider the benefits and implement an efficient system.
Prominent Tools To Look For
There are numerous software available in the market, so it might be confusing to choose. So, we have mentioned a list of most-used systems to help in your search:
1. Wagepoint
Wagepoint is a robust software that automates the payroll process and saves time. It is popular among small businesses and improves accuracy.
It allows managers to import work hours, generate salaries, and directly deposit them. In addition, it also enables reminders for particular salary dates. Wagepoint shows staff their current and past paychecks and allows for editing their personal or banking details.
Key Features:
- Integrations with attendance systems
- Connects the attendance data with salaries for higher accuracy
- Tax calculation, filing, and reporting
- Guide and support ticket
- Employee self-service
Pros:
- Easy setup and use
- Two-factor authentication
Cons:
- Increments and reimbursement have to be calculated manually or in other software.
2. Paycor
Paycor is another excellent solution for small and medium-sized businesses that streamline their payroll process.
The software is an all-in-one HRMS, so it helps to manage all the data in one place. As the system gives flexibility to managers, they can create custom pay stubs as per the requirement and run the salary process easily.
Key Features:
- Tax filings and reporting
- Integration with the attendance management system
- Includes an onboarding module
- Worker compensation management
- Expense management
Pros:
- The platform focuses on improving employee experience
- Unlimited payroll runs
Cons:
- Some modules are complicated to understand in the beginning.
3. factoHR
factoHR is a cloud-based payroll software for all-sized businesses that assists payroll executives from calculating salaries to generating them and keeping records. It provides managers with complete control over the salary generation process, where they can easily configure the payroll structure and generate the salaries in just minutes.
It improves accuracy by integrating attendance and performance data with salary calculations. It also manages different components affecting salaries such as reimbursements, arrears, bonuses, benefits, etc. In addition, it also streamlines compliance-related tasks and saves time.
Key Features:
- It helps to manage loans & advances given to employees
- Automatic payslip generation and 20 in-built formats
- Auto arrear calculations
- Employee self-service
- It manages PF, ESIC, TDS, and professional tax deductions and their reports.
Pros:
- Integration with accounting systems
- Frequent data backups
Cons:
- There are limited features in the mobile app
4. Civica
Civica is another efficient solution to consider for making the payroll process accurate. It handles employee benefits along with the salary generation process.
The system records comprehensive details of employees and their salaries. Once the rules and calculation formulas are defined, managers can generate multiple employees’ salaries in just minutes. Payslips can be designed and set to auto-generate mode. In addition, the dashboard provides a quick view of each pay group and RTI.
Key Features:
- Supports expense and benefits management
- Employee self-service
- Payslips and expense claims
- Automatic generation of costing for invoices
- Links attendance data and timesheets with salary calculations
Pros:
- Supports multiple currency payments
- Unlimited payroll runs
Cons:
- Tax administration is not included, so it has to be managed separately.
5. Eddy
Eddy solutionizes payroll errors and reduces the time consumed. It also assists managers in staying compliant with the law.
It automates salary calculations and provides multiple options to deposit the salaries; two major options are direct deposit and printed checks. The software also enables a staff database so that the managers can handle all the employee management tasks and salary generation processes in one place.
Key Features:
- Employee self-service
- Quarterly/annual tax filings and payments
- Multi-pay period support and reminders
- Supports linking of attendance and leave data with salaries
- New hire reporting and general ledger accounts
Pros:
- Simple-to-use and easy setup
- It provides a separate module to communicate and collaborate across teams and departments.
Cons:
- Limited options for integration
6. Paychex
Paychex offers efficient cloud solutions for HR managers to improve payroll accuracy and eliminates errors.
Along with salary generation, the software automates tax filings and payment tasks. Time and attendance data can be integrated with the system, making managers ensure that the employees are getting paid on the basis of their regularization.
Key Features:
- It offers garnishment pay services
- Workers’ compensation and benefits management
- Employee self-service
- Customizable salary components
- Customizable reporting capabilities
Pros:
- Supports multiple pay options
- Constantly updated tax laws
Cons:
- Complicated UI
7. Onpay
Onpay is another software on the list to consider for better payroll management. Not just payroll, but it also assists businesses in employee management and benefits-related tasks.
The software streamlines the salary generation process and makes it done in just half time. Furthermore, managers can handle workers’ compensation and benefits easily. It enables self-onboarding for employees, saving valuable time from manual data entries.
Key Features:
- Tax filings and payments
- Direct deposit, debit card, and printed check options for salary generation
- Payroll reporting
- Employee self-service
- Multiple pay rates and schedules
Pros:
- Accounting and time tracking tools integrations
- Supports garnishment management
Cons:
- A mobile app is not available
8. Quikchex
Quikchex is a prominent software for managing the payroll process and making it smoother. It reduces the time taken and eliminates human errors.
The system generates multiple salaries in just minutes, and it supports multiple ways to credit them. In addition, it gives managers complete control over many aspects like CTC structure, employee benefits, and reports. It also helps to keep track of the expenses and advances in real time.
Key Features:
- Automated payslip generation and customizable formats
- Auto-generate bank reports
- Investment declarations and proof submissions
- Employee self-service
- Links salaries with attendance and performance data
Pros:
- Simple-to-use and easy setup
- Unlimited payroll runs
Cons:
- Limited formats of reports
9. Paylocity
Paylocity is another famous cloud software used by mid-sized businesses and enterprises. It provides efficient features that managers can rely on.
The system assists managers in making an automated workflow of the salary process. They can define the calculation formulas and CTC structures and customize the reports. It allows recording expenses and adding reimbursements. Additionally, it also offers tax filings and payments so that everything can be managed in one space.
Key Features:
- Wage garnishments
- Employee self-service
- Tax calculation, filing, and payments
- General ledgers and custom reports
- Employee benefits administration
Pros:
- Supports multiple pay options
- Frequent data backups
Cons:
- Complicated implementation process
Summary
Payroll software does all the work on behalf of managers and saves their precious time. Thanks to the automation capabilities of modern cloud systems. Numerous systems have been introduced that assists business managers in their day-to-day activities and technology trends will dominate the next decade also, for sure. Therefore, businesses should consider tech assistance an essential part for achieving expected benchmarks.
All the software mentioned above are efficient and used by prominent businesses; therefore, you should try one of them after doing a proper evaluation.
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