Best and Cheapest Payroll Software
With countless payroll software providers out in the industry, it could be difficult to find the cheapest one, since many also have quote-based pricing. It is worth noting, however, that the cheapest payroll software does not necessarily mean the lowest in price value, but actually the best price value for the features and tools you get associated with your payroll software.
The best payroll software in the market usually comes bundled with HR and time tracking software, to say the least. So when you look for the cheapest payroll software, you should know what to expect to be offered.
First of all, we recommend finding a payroll software that can schedule and automate your payroll runs, in addition to filing your federal, state, and local taxes. These two basic features have become sort of an industry standard. However, you will still find payroll software that will charge you extra to handle your tax filing.
Flexible payment methods have become another industry standard; most payroll software vendors provide business owners the ability to pay their employees with direct deposits, physical checks, and some even offer on-demand payment that allows your employees to have a cut of their salaries before payday.
Moreover, you should expect to find time-tracking software at no extra cost. Modern payroll software provides such software that can track your employees' working hours as they clock in and out using either the web or their phones through a mobile application. Time tracking software also allows you to schedule and manage your staffs' shifts and allow them to request time offs and vacations and have them accepted or denied simultaneously.
Furthermore, HR tools should provide you with a streamlined view of your employees' data and profiles while offering them a self-service platform where they can retrieve their documents and paystubs by themselves.
A benefits administration platform should also be expected, where employees can access open enrollment and your payroll software vendor can connect you with insurance carriers. The most common benefits plans provided that you could manage for your employees are 401 (k) retirement plans, workers' compensation, and health insurance. In addition, sophisticated payroll software could also automatically deduct garnishments and benefit fees from your employee's salaries, and some can also allow your employees to adjust their deductions themselves.
Last but not least, it's beneficial you find payroll software that can integrate with any third-party business because as your business grows, you may want more features and capabilities without having to switch your whole payroll software. Some third-party application that offers integrations with payroll software is accounting software like QuickBooks, and more sophisticated time and attendance software like Sling, for example. You should note that third-party integrations have their own subscription pricing that you will have to pay separately than to your payroll software vendor.
Enough said now, let us present you with the best and cheapest payroll software that packs all the necessary features your business and employees will be grateful for.
Best and Cheapest Payroll Software
1. Gusto
Gusto is our top pick for the best and cheapest payroll software. Gusto packs all the tools and solutions you may need in user-friendly cloud-based software that you can access anywhere and at any time.
Gusto offers a full-service payroll that can be processed with a few clicks, and it can handle and calculate all your taxes with compliance. Gusto allows you to pay your employees with direct deposits, and it also offers you and them its Gusto Wallet app at no extra cost. The Gusto Wallet apps give your employees full control over their paychecks.
Gusto packs time and attendance software that calculates your staffs' working hours, holidays, and paid time off. It comes as a mobile application as well to allow your employees to clock in and out while using it. Moreover, your employees can easily use the mobile application to request time-offs and get overtime alerts when they work after hours.
More offered solutions include talent management tools where you can automate feedback requests, have personalized employee reporting, use learning and development tools, and finally create performance reviews and reports from pre-built-in templates.
Speaking of reports, Gusto presents you with automatic custom reports and tax credit identification. It also allows you to analyze your project goals and costs in graphical visualizations.
As for compliance, Gusto will alert you to any new labor laws and regulations, in addition to a compliance checklist to follow through, so your business does not get any costly fines. Lastly, Gusto will connect you with HR experts to consult regarding any inquiry or issue you may face along the way.
Gusto offers three plans for its payroll services:
- The Core plan – $39/month + $6 per employee per month.
- The Complete plan - $39/month + $12 per employee per month.
- The Concierge plan - $149/month + $12 per employee per month.
- Select plan- Quote-based.
Your best option is perhaps to go with the Select plan and give Gusto's team a call to provide you with a package and prices that suit your business the most.
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2. SurePayroll
SurePayroll is our second pick for the best and cheapest payroll software. SurePayroll provides industry-based payroll solutions to businesses of any size; it supports household payrolls, restaurants, non-profit organizations, and churches or clergy.
SurePayroll can schedule and automate your payroll runs; it supports all kinds of workers and will help you file and pay your taxes. SurePayroll also promises to pay on your behalf any fines you may get charged from the IRS while using its software. In addition, you can use its free mobile application to run your payrolls in 15 seconds, from anywhere.
One great feature that other payroll software vendors perhaps charge for is pre-employment screening services. SurePayroll presents you with this tool to keep your workspace safe; with it, you can perform background checks, drug screening, behavioral assessments, skills testing, and personal development inventories.
A benefits administration platform is also included with SurePayrolls payroll software, where it will aid you in employee benefits such as retirement plans, workers' compensations, and more. SurePayroll will act as your broker and connect you with the top insurance carriers in the US.
SurePayroll offers two plans for its payroll software:
- Self-Service plan – starts at $19.99 per month + $4 per employee
- Full-Service plan – starts at $29.99 per month + $5 per employee
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3. OnPay
OnPay is our third choice for the best and cheapest payroll software. It provides you with all the necessary payroll solutions you need and then some more. For starters, OnPay can schedule and automate an unlimited number of payroll runs for different employees and can file all your taxes for you while staying compliant. In addition, OnPay can handle tax filing in more than one state at no extra cost.
OnPay provides your employees with a self-service platform where they can create their own profiles and sign and fill any documents digitally. They also have access to retrieve their documents, such as pay stubs and tax forms.
You are also provided with a benefits administration platform where you can build your own benefits packages from a number of licensed insurance companies as it promises to be your broker. You can set up benefits for life and disability, liability insurance, HSA, FSA, commuter benefits, and many more.
Lastly, OnPay integrates with a ton of third-party software for accounting, time tracking, onboarding and recruiting, and much more, and your data will seamlessly sync with the payroll software, so any double-data entry is eliminated.
OnPay charges a fixed fee for its payroll software of $36 per month plus $4 per employee, and you get your first month for free.