Why Payroll Automation Creates the Perfect Pay Stub
Payroll software has revolutionized payroll processes with its hefty features and automation capabilities. HR professionals leverage payroll software to provide employees with timely payments, accurate pay stubs, streamlined services, and overall maximized organizational efficiencies.
Payroll software can, of course so, do so much more than just automate your payroll runs; it will help your business stay compliant with local, state, and federal laws and keep you updated on any new regulations. It can also keep you compliant with automating your tax filing and payments, so you will not have to hassle between paper forms and incorrect tax payments.
Payroll automation is the most popular trend in payroll software. It automates several processes, such as time recording and collection, expense calculations, tax form filing, garnishment deductions, and much more.
Payroll automation will save you from the burden and time-consuming hassle of spreadsheets, filling out government forms, miscalculations, and splitting checks or depositing into various accounts. Most importantly, as we mentioned earlier, you will not have to break a sweat worrying about compliancy and minimum wage requirements.
Now that we have established what payroll automation is and what it can do for your HR processes let us further demonstrate its benefits.
1. Perfect Accuracy
As every calculation within the payroll software is automatically processed, there is zero chance of any human error. Most payroll software will provide you with time and attendance tools that your employees can use to clock in and out, and the system will automatically calculate their working hours and pay rates.
Therefore, your paystubs will accurately reflect your employees’ working hours and their overtime payments correctly, depending on their residing state regulations.
2. Streamlined Tax Filing
Payroll automation will streamline your tax filing and payments, and will continually update you on tax laws, so your business stays compliant without you worrying about a thing. Some payroll software providers will also fully reimburse you for any tax violation penalties while using their software or will pay on your behalf themselves.
3. Organized 401K Process
Your 401K process for every employee will be automated and organized. The system will track your employee 401K information and ensure the right amount is deducted from their paychecks and vendor liabilities are correctly paid.
4. Simplified Wage Garnishments & Employee Benefits
Wage garnishments are a crucial process that, if done incorrectly, can lead to legal ramifications. Payroll software will simplify and automate your garnishment processes; it allows you to set up and track garnishments and directly pay garnishment creditors. In addition, you can also generate reports over garnishment amounts and the paid employees.
As for employee benefits, payroll software usually provides a benefits platform. Employees can get all the information they need about their plans and enroll in them independently. They can also adjust their deductions without the need to contact their HR professional.
5. Easy Payroll Updates
With your payroll software set up and configured, it becomes easier to add new employee records, make salary adjustments, or terminate an employee’s benefits as they leave the company.
We will now present you with our top four payroll software recommendations on that market, so you save yourself the time of researching hundreds, if not thousands of software.
Paychex is our top payroll software recommendation, simply because of its feature-rich solutions and efficient process automation, which includes payroll, tax filing, and payments. More of Paychex’s features include the following:
- Time tracking software
- Employee Benefits Administration
- Reporting and Analytics
- Employee Screening
- Employee Onboarding
- Employee Handbook Builder
- Learning Management System
- Mobile Application
Paychex offers your three subscription plans, two of which are quote-based. So we recommend you reach out to their team, so they tailor you a package that fits your business most.
The plans are:
Paychex Flex Essentials - $39/month, + $5 per employee
Paychex Flex Select – Quote-based
Paychex Flex Pro – Quote-based
2. Intuit QuickBooks
QuickBooks is our second pick for one of the best payroll software. QuickBooks is market-leading accounting software that is used by and trusted by countless businesses. QuickBooks bundles its payroll software with its accounting software, as they both seamlessly integrate and work flawlessly in any business system environment.
QuickBooks’s payroll 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 offers you the following:
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
For our third recommendation, we present you with Paycom. Paycom is another payroll giant, highly rated by several reviewing sites, as it offers fully inclusive human capital management solutions and all the process automation you need.
Some of Paycom’s top features include:
- Time and Labor Management tools
- Human Resource Management Tools
- Optimum User Experience
- Payroll Automation and direct deposit
- Self Service App
- Human Capital Management platform
Paycom does not advertise any plans or prices for its payroll software; it will rather tailor your business a customized quote depending on its size and needs. We recommend you reach out to their team to get your right package, and you can also request a live demo to see its payroll software in action.
Read our full Paycom review to know more about its features.
Lastly, we offer your Toast. Not the actual bread, but the point-of-sale system giant that benefits countless restaurant-type businesses. Toast bundles its payroll software with its point-of-sale system and offers team management tools.
Toast promises to keep your restaurant-type business to stay compliant with all laws and regulations, as it will automate your payroll runs, payments, and tax filings. You can get Toast’s payroll software with the following POS plans:
Essentials Plan - $165 per month
New Restaurant Basics - $110 /month + $4 per employee/month
Custom Plan - Quote-based