How Payroll Software Will Benefit Your Business
Running a business of any size or kind is bound to put a heavy load of responsibilities, paperwork, and time-consuming tasks on you. Plus, having a number of employees and managing their tax files, salaries, and benefits is no easy feat without professional help. Nowadays, professional help does not mean hiring a team of accountants to manage these tasks. Instead, business owners are leveraging the power of payroll software that can do wonders for their business and keep their minds at ease.
Payroll software is now packed with tons of business solutions that surpass basic payroll duties, and such solutions include HR and team management platforms, time tracking and attendance tools, and, last but least, benefits administration platforms. Here is how payroll software will benefit your business.
Zero Human Error
Payroll software will take calculation duties of your back, as it can automatically calculate:
- Working hours
- Wages for all types of employees
- Tax payments
- Garnishments and deductibles
With zero chances of human error in any calculation, you will rest assured that you will not face any law violations, keep your data mistake-free, and meet minimum wage requirements.
Payroll software will save you an undeniable amount of time from performing manual tasks, as it can automate most processes and basically run itself so you can focus on what really matters. Payroll software can automate the following:
- Payroll runs
- Salary distribution
- Tax filing and payments
- Sending paystub emails
- Employee onboarding
- Employee screening
Payroll software is cloud-based software that stores all your business’s data on secured cloud storage that is constantly backed up. Therefore, all your payroll files and sensitive employee data will be protected from theft or corruption. The best payroll software also integrates the highest security standards with their platforms to ensure maximum protection.
Easy to Use
The beauty of payroll software is that they are easy to use and allows anyone with no prior payroll or accounting experience to perform its tasks. Its user-friendly and intuitive interface will surely take the stress off anyone using it.
As we mentioned earlier, payroll software can automatically calculate your tax payments and automate your tax filing and payments. You will always be updated on tax laws, and as tax seasons come in, you will have no issues or worries regarding any of your taxes.
Suppose you are a new business owner or have an established business of any size. In that case, you will need to stay up to date on all local, state, and federal laws and regulations in order to stay compliant. Violating compliance regulations or state and federal laws can result in financial hardships, as you will be fined large amounts of money.
Payroll software will take this worry away, as they promise to keep you updated and compliant at all times. Some of the best payroll software offers to provide you with poster kits to display in your workspace, and some even go the extra mile to reimburse you in full if your business is fined for violating compliance rules while using its software.
As many business solutions and systems have gone mobile, payroll software did the same. Most payroll software provides you with a mobile application of their payroll software that allows you to perform all processes at any time from anywhere, without needing to be in the office.
Payroll software can benefit your business in so many other ways, so we will leave it to you to try it out and get the full experience yourself. For now, let us present you with our top three payroll software recommendations.
Our first recommendation for one of the best payroll software goes for Paychex. It offers an inclusive all-in-one platform that your business will immensely benefit from. In addition to payroll services, Paychex provides you with:
- Time tracking software
- Employee Benefits Administration
- Reporting and Analytics
- Employee Screening
- Employee Onboarding
- Employee Handbook Builder
- Learning Management System
- Mobile Application
As for its plans, Paychex offers you the following:
Paychex Flex Essentials - $39/month, + $5 per employee
Paychex Flex Select – Quote-based
Paychex Flex Pro – Quote-based
Each plan comes with a set of features, and you will need to contact Paychex’s team to get a price for the last two plans, which will be tailored to your business’s size and needs.
2. Intuit QuickBooks
QuickBooks payroll is our second recommendation for one of the best payroll software. QuickBooks is one of the top-rated and marketing-leading accounting software that seamlessly integrates with many business applications and systems.
QuickBooks payroll’s top features include:
- Mobile payroll application
- Automated payroll runs
- Automated federal and state tax filing and payment
- Time tracking software
- Project management tools
- HR solutions
- Compliancy alerts and law updates
As for its subscription plans, QuickBooks tailors its accounting software with payroll:
Payroll Core + QuickBooks Simple Start - $70/month + $4/month/employee
Payroll Core + QuickBooks Essentials - $95/month + $4/month/employee
Payroll Premium + QuickBooks Plus - $155/month + $8/month/employee
3. Toast Payroll
For our third recommendation, we present you with Toast. Toast is a market-leading point of sale system provider for restaurant-type businesses, and it offers its own payroll services with its POS. Toast payroll can automate your payroll runs, tax filing and payments, and working hours calculations. It will ensure your business stays compliant with federal and state labor laws and regulations.
Toast offers two point of sale system plans that come with team management tools and payroll software:
Essentials Plan - $165 per month
This plan includes:
- Cloud-based Point of Sale System
- Payment Processing
- Customer Care
- Real-time Fraud Monitoring
- Online Ordering & Delivery
- Toast Takeout App
- Restaurant Grade Hardware
- Payroll and Team Management
Custom Plan - Quote-based
The Growth Plan packs all the previously mentioned features, plus:
- Gift Cards
- Loyalty Program
- Marketing Tools
New Restaurant Basics - $110 /month + $4 per employee/month
This plan is a new special offer from Toast to new restaurants, it packs the following features:
- Order & Table Management
- Reporting & Analytics
- Menu Management
- Payment Processing - flat rate with real-time fraud monitoring
- 24/7/365 Customer Care
- Installation & Network Configuration
- Automatic Software & Feature Updates
- Scheduling - LITE
- Payroll and Team Management - LITE
- Toast Paycard
- Vestwell 401k
- Business Insurance, powered by NEXT