Best Payroll Software
Everyone loves being paid on time, but business owners likely don’t like the process of paying people. Ensuring each employee gets the correct pay every pay period can be time-consuming. This is especially true when you factor in taxes, vacation time, breaks, and more. Every member of your team will be receiving different pay as well, making the process even more complicated.
This is why payroll software was created, such as the ones Wagepoint and QuickBooks offer. Payroll software can be used to manage, organize and automate payroll every pay period. The software can also help with tax deductions and tracking time. You can even integrate it with your accounting, scheduling, or invoicing software to have all your finances in one place. This kind of system is great for any sized business, no matter how big or small!
In this article, we’re going to take a look at two of the best systems available right now. If you are interested in making your payroll process as smooth and easy as possible, keep reading!
Wagepoint
Starting off our list of the best payroll software is Wagepoint. Wagepoint is a web-based payroll solution perfect for small businesses. On Wagepoint, users can manage payroll to quickly and efficiently pay their employees. Wagepoint can also be used for direct deposit, year-end reporting, and government reporting. As it is a web-based payroll management software, users can access it from anywhere.
Let’s take a look at some of the pros and cons of using Wagepoint.
Pros
- Wagepoint is one of the best payroll software options because of how easy it is to use and set up. As it is web-based, no software needs to be downloaded on your Mac or PC.
- Payroll processing for all employees can be done at once.
- Employees can use Wagepoint to access their self-service personal information, such as payslips.
- Wagepoint has an auto-approve feature where the user can set up a recurrent payroll. This is useful if the person who does payroll/ HR goes on holiday.
- The software servers are cloud-based as they are hosted by Amazon cloud. This means your data is easily backed up and available.
- Your data is also secured by 256-bit SSL encryption.
- Wagepoint can be used for year-end reports (T4s) for your employees.
- A free trial is available before you start paying per month.
Cons
- Wagepoint works best for small businesses or medium-sized businesses.
- Customer support can be lacking as you typically have to create a ticket first for any issues you have.
- Reporting is limited as it cannot be customized.
- The price is based per payroll rather than per month.
Summary
Wagepoint is one of the best options for payroll software for any small business. The payroll services Wagepoint offers has all the features you could possibly need to ensure each employee is paid on time. If you’re not sure whether this software is the best choice for your small business or not, try the free trial!
Wagepoint is also completely compliant with tax laws in Canada, so you don’t need to worry about any accidental tax fraud. Employees can easily access their self-service personal information, such as T4s, on the online payroll software.
If you are a small business looking for an efficient way to complete your payroll, Wagepoint is a great option.
QuickBooks
You have probably heard of the next software on our list, QuickBooks. QuickBooks was created by Intuit in 1998 and has since made a name for itself as one of the best options of accounting software. Intuit has since released QuickBooks payroll software, which integrates the QuickBooks accounting platform.
QuickBooks Payroll is a web-based payroll software. It is perfect for small businesses to manage their accounting and payroll in one place.
If you are an avid QuickBooks fan, this is the best software for payroll available. Even if you aren’t, it’s objectively a great payroll software. Here are the pros and cons of using QuickBook’s payroll services.
Pros
- QuickBooks Payroll can be used as a standalone payroll software or can be integrated with QuickBooks accounting software.
- Auto-payroll solutions are available for recurring payroll to ensure every employee is paid on time.
- Setup is quick and easy, especially if you have used QuickBooks before. There is a setup wizard available to help you through all the steps.
- HR tools can be integrated into QuickBooks from third-party providers.
- Three subscription levels are available depending on your needs and how many employees you have.
- You can store employee records on QuickBooks. This includes their name, contact information, hire date, and information about their pay.
- QuickBooks Payroll is available via a mobile app.
- Nineteen different reports are available, such as employee compensation, total payroll, employee details, and more.
- Next day direct deposit is available.
- Employees can use QuickBooks for time tracking. This ensures the time tracking is accurate and will help payroll be quicker.
Cons
- The cheapest subscription level is still $45 per month plus $4 per employee.
- The mobile app is not as comprehensive as the desktop software.
- Reports lack the ability to be customized.
Summary
QuickBooks has been one of the best accounting software options for years, and QuickBooks Payroll does not disappoint. You can seamlessly integrate the two platforms to ensure all of your accounting and payroll information is organized in one place. This is great for small businesses who tend to only have one person doing their accounting and payroll.
If you have never used QuickBooks before, the learning curve may be a bit steep, but it’s worth it. Once you learn how to use the software, you will think it’s the best software for payroll out there. If you don’t believe us, try out QuickBooks Payroll with a free trial.
How Does Payroll Software Work?
Payroll software is one of the best ways small businesses can complete their payroll. Businesses can use payroll software to organize, manage, and automate payment for each employee. It can also be used to track time to make payroll even easier. The software can also manage tax information and pay structure to ensure every employee is receiving their unique pay.
The software will only work properly if you input all the pertinent information. Things such as how much an employee gets paid, what taxes need to be deducted, and what additions (like holiday time, paid breaks, etc.) need to be added. The software will then take all of this information and automate a paycheque for each employee at your business every pay period.
Payroll software can also be used by large corporations, but the software has to be best suited for large-scale use. Thankfully, the software is typically available in different plans at different price points based on what features you need. Cloud-based payroll software tends to be the best option for bigger businesses. Having all of your business data being cloud-based means any of your employees can access it from any device.
How to Pick The Right Payroll Software For You
Although we’ve covered two of the best options of payroll software for your business, there are still plenty of others. Thus, choosing the right one that suits your business can be confusing. When choosing, here are some of the factors you should consider.
First, you need to look at the features offered compared to what your business needs. Do you want a system that can handle the taxes for you? Do you want it to be used for time tracking as well as payroll? Do you want it to print paycheques or complete direct deposits? Whatever your business needs, you need to ensure the system offers it.
Then, look at the cost based on how often you do payroll. Most systems charge either monthly or by payroll. If you do payroll weekly, for example, it would be more cost-efficient to go with a system that charges monthly. It’s often true that you get what you pay for. But, you shouldn’t have to pay an extortionate amount for a good system.
Lastly, consider the difficulty level of the system. You are likely getting this software to help you spend less time doing payroll. If it’s too complicated to learn, you will waste more time trying to figure it out every time payroll comes around. Most systems offer a free trial. Test out the software before you commit to it to ensure it will suit the needs of your businesses.
The Bottom Line
Businesses run smoothly because of their employees. So, making sure your employees know they are valued by paying them correctly and on time is important. Unfortunately, completing payroll can take up a lot of time, and mistakes can be made due to human error. To make the process smoother and more efficient, many businesses have turned to use payroll software.
This software can be used to manage, organize, and automate pay so your team will always be paid correctly and on time. It takes out the need for constant calculations and double-checking. Simply input the financial information of your team, when and how you want them to get paid, and the system will do the rest!
We’ve discussed two of the best systems available right now, but there are plenty of others as well! Most have a free trial for you to take advantage of. This is a great way to test out the software to see if you can easily get the hang of it. Head over to the Wagepoint or QuickBooks website now to test the software out for yourself for free!
