Top 6 Payroll Software To Evaluate Efficiency Of Your Payroll Process

Introduction

As a business owner, you often face various complexities and challenges, especially when running a startup. Managing all the operations on a limited budget is not as easy as it seems. You need to keep control over costs to improve the profit and gain success in the long run. You also need to evaluate different processes to measure their efficiency.

One of the most significant expenses of a business is payroll. Paying employees effectively is a must; however, it is tedious and time-consuming. To solve complex problems and reduce the administrative burden, managers utilize technology. Automated systems eliminate repetitive tasks and boost productivity; therefore, businesses must adopt them to cut various unnecessary costs.

Payroll software helps to evaluate the salary process, assists in improving accuracy, and enhances employee engagement. Below, we have mentioned some popular systems that you can try to get the most out of your payroll process:

6 Payroll Software To Consider

Paylocity

Paylocity is a robust software that streamlines the payroll software process and generates accurate salaries. It is a comprehensive platform that assists HR managers in almost every activity. In addition, it syncs the data across all modules and manages employee records.

The unique feature of the system is that it allows employees to access some of their earned wages before payday. So staff members can get certain funds if needed in an emergency. Managers can create custom rules to meet business requirements. They can also automate reimbursements and track expenses from the system or mobile app. The platform eases tax filings and helps to stay compliant with the latest regulations. Moreover, wage garnishments also get simplified.

Pros:

• All the HR activities and data management in one place
• Intuitive UI and easy-to-use functionalities
• Large range of integrations

Cons:

• Not suitable for small businesses
• Report builder is complicated

factoHR

factoHR is also an HR suite that assists managers in all functions, from hiring employees to their off-boarding. Apart from salary generation, employee database, performance metrics, attendance records, and time sheets are included in the system.

The software allows managers to set/customize the salary structure as per the organizational needs. It lets them set earning & deduction components, calculation methods, pay groups, and payslip format. In addition, it links the salaries with employees’ attendance and KPIs, increasing the process accuracy. Once the salaries are generated, salary slips get uploaded to the system, and staff can download them from the self-service portal. Loans and advances given to employees can be managed, and managers can easily set EMIs. Furthermore, it offers 200+ types of reports for payroll, providing critical insights into the data.

Pros:

• Scalable payroll software with a wide range of customization’s
• User-friendly interface
• Quick tax filings and compliance with the latest regulations

Cons:

• There are limited features in its mobile app than the web version
• It doesn’t offer on-demand pay

Onpay

Onpay eliminates the complications of the salary process and saves the time of executives. With the system, managers can reduce the burden of payroll software calculations and tax management so that they can focus on other activities.

It allows automatic salary calculations and unlimited payroll runs, so different pay cycles for each department can be managed. Tax filings and payments are streamlined, reducing complications. It allows multiple payment options, such as direct deposits, debit cards, and printed checks. Work hours, reimbursements, and bonuses are added into the system, which allows managing other processes such as compensation and employee insurance. One can set and manage custom payroll software reports to get the necessary insights into the data.

Pros:

• Accounting tools
• It manages workers’ compensations and benefits
• Efficient mobile app for employees

Cons:

• Complicated UI
• It lacks advanced reporting features

Paycom

Paycom is one of the best payroll software that manage salary generation, garnishments, and expense management – all in one place. It also offers HR management, performance metrics, and attendance management functionalities to establish a better workplace culture.

The platform eliminates paper-based checks and generates digital paychecks, which employers can use to manage salary payments. The reimbursements are easily managed, from submission to reporting.

Moreover, expenses are recorded and tracked in just clicks. Wage garnishments administration, calculation, payments, and records get managed, enabling time savings. Year-to-year tax calculations, filings, and payments are automated. It also updates the latest tax laws, keeping the business compliant with regulations.

Pros:

• Attentive customer support
• Various integration options
• High measures for data security

Cons:

• Poor customer support
• Complex features with outdated UI

Civica

Civica efficiently manages the payroll software process along with employee benefits and pensions management. Besides, it also offers services for HR administration, recruitment, attendance, and time sheets.

Once the salary groups are defined, the administrator can run separate pay cycles for different employees, teams, and departments. Moreover, businesses can choose their own calculation method and set rules for salary generations. Even payslips and checks can be customized as per the organizational requirements.

Expense and mileage claims are processed through direct entries or a self-service portal. It supports multiple payment options such as auto pay, cash, and check. Civica supports various pension schemes, helps to stay compliant, and automates monitoring. In addition, it offers a wide range of reports along with a drag-and-drop report builder that helps to create custom reports.

Pros:

• HMRC support
• It offers self-service expense claims
• Automated filings of returns

Cons:

• Limited third-party integrations
• It doesn’t manage wage garnishments

apsPayroll

apsPayroll is a prominent system streamlining the payroll software process along with tax and compliance. The software enables comprehensive features for HR professionals, such as an employee database, attendance records, recruitment, and onboarding. In addition, it includes reporting functionalities to help managers get critical insights into the data.

The configurable processing gives complete control to managers as they can set gross wage limits, make use of dual payroll release controls, and stop payroll checks. The system supports two methods of paying employees: direct deposits and paycards. Moreover, it also supports on-demand and off-cycle payments in real time. Automating payroll software reconciliation saves considerable time that managers can utilize for other essential work. Payroll tax filings and payments are done at the correct time, ensuring compliance. And wage garnishment services save the business from paying penalties. Payroll audit, workers’ compensation, salary allocation, and audit – different types of reports are available in the system to analyze trends, and they can be added to the dashboard for a quick overview.

Pros:

• Easy-to-understand functionalities
• Robust data security
• Automated tax filings

Cons:

• Limited integration options
• Not suitable for medium and large size businesses

Final Thoughts

Business owners can efficiently evaluate their salary expenses with the help of payroll software. Moreover, they can leverage reports to identify the salary earnings and deductions trends to monitor efficiency. The tedious manual process prevents managers from implementing new ideas and trends in the salary process, but automating the process can help them to work towards improvements constantly.

Along with the payroll process, HR managers need to automate some other functions. As business practices are evolving, the employees’ expectations are also changing. HR systems contribute to office culture and employee engagement so that organizations can get more efficient outputs.