Full access to the best payroll software is one of the latest and greatest innovations in the small business marketplace. Small business payroll software is essential to running a seamless modern workplace. This makes finding the best payroll software for your small business an essential part of investing in your company’s foundations.
The best payroll software is no longer accessible only to the biggest corporations with the largest operating budgets. Now small businesses have access to the best payroll software with as much ease as larger companies. Thanks to the digital revolution, these technologies are available almost everywhere.
However, picking the best payroll software from the plethora of options can seem daunting!
We have compiled some vital tips to help you pick the right software for your company.
If you don’t know the value of payroll software or how it can empower your business, we’ll cover that too.
We will also give you our recommendation for the best payroll software for most small businesses. This recommendation is a great baseline. But if it does not fit your business quite right, don’t be afraid to keep looking for a better one.
Payroll for Small Businesses
Payroll can be one of the more exhausting parts of running a small business. That’s because payroll tends to be complicated and information-intensive. You need to put a lot of effort into it if you manually take care of payroll.
Payroll is probably the most critical part of running a business. If you mismanage it, employees may come to see you as untrustworthy. They may also become frustrated with inaccurate or late payments.
Additionally, mismanaged payroll means your business will continue to operate less and less efficiently.
Payroll is what makes your business keep moving.
This is true both practically and for employee morale. Professional businesses need to have solid reputations for making payments on time, every time.
Automated payroll makes this easier than ever.
Enter: Payroll Software
Part of running a modern business is having the best possible payroll software. Precisely what that means differs a little for each small business. Modern payroll software has numerous advantages for small companies that need to make accurate, on-time payment schedules.
The Importance of Payroll Software
If you are new to payroll software or new to managing your own business, you may wonder why it’s so beneficial.
If your payroll system is not efficient and accurate, you will be late or miss payments.
You may pay employees the wrong amounts.
You could have inaccurate financial reports.
You could disrupt yours and your employees’ lives.
And, if something serious occurs, you could face legal or tax issues.
The best payroll software options are all designed to solve these problems intuitively. Each of the top payroll software options can prevent these issues from ever arising and resolve them if they do. Without the right payroll software or services, you are left totally on your own to deal with mishaps.
The Benefits of Payroll Software
Payroll software has innumerable advantages, but they all tend to boil down to preventing errors, ensuring legal and tax compliance, and preventing payroll issues. If you use the payroll tools available to you through software packages and services, you can avoid many or all of these issues.
Unfortunately, manual payroll leaves you far more vulnerable to errors. It also takes a lot more time than automated payroll software. If you do payroll manually, you must calculate taxes, bonuses, deductions, raises, and every other facet of data.
Payroll software takes care of all this automatically.
Your payroll process also needs to be cost-efficient. Automated payroll software easily makes the process more efficient and inexpensive. Using payroll software gives you far more time and attention to other tasks that make your business more profitable.
According to the American Payroll Association, automating your payroll can reduce costs of the process by as much as 80 percent!
Reasons to Use Payroll Software
If you’re not convinced yet, here are a couple more reasons:
- Payroll software can automate the entire payroll process
- With the best payroll software, you know that your payroll is legally compliant
- Guaranteed error-free payroll—and dispute resolution tools if errors ever occur
- Added security, privacy, and customization
- Instant digital access to employee and payroll data
- Planning and projection tools for future payroll costs
Finding the Best Payroll Software for Your Small Business
There is no shortage of excellent payroll software available today. Lots of software comes with additional or even complementary services that make them even better. Depending on your business’s exact needs, one may be better than another.
Picking the best payroll software for your business starts by knowing what modern products and services are out there. You also need to ask yourself what your business needs. Finally, you need to know what your priorities are with how you run your payroll.
The Best Payroll Software
In our opinion, the best payroll software overall you can choose for your small business is Gusto.
Gusto has a lot of added functions, is designed with an intuitive interface and offers 401(k), tax calculation, compensation insurance, and direct deposit.
Gusto also includes:
- Automated tax filing services for state, local, and federal levels.
- Automatically generated W-2 and 1099 forms.
- Automated employee tax document distribution.
- Automated new employee filing procedures for state taxes.
- Automatic wage garnishment and child support deductions in 49 states (South Carolina excepted).
- Easily integrates with top-tier accounting software products, like QuickBooks or Xero.
- Track paid time off (PTO) hours.
- Digital W-2, 1099, and paystub access for employees.
- Automated workers compensation.
Many of these features often cost extra with other payroll software and services. However, the above are all part of Gusto’s basic plan.
More advanced Gusto plans mostly give your business more administrative and HR tools. You can approve time-off requests in addition to tracking paid-time-off hours. And Gusto will automatically sync your approved PTO hours to each employee’s pay schedule. This means you never have to make PTO adjustments to schedules yourself.
Gusto basic: $39 per month + $6 per additional employee.
Gusto Complete: $39 per month + $12 per additional employee.
This pricing easily makes Gusto one of the more affordable top-tier payroll software options. Gusto also offers you a free trial that makes it pretty tough to turn down.
Are You Ready to Improve Your Payroll Process?
Payroll software is vital for any small business. Unless you are willing or able to hire a full-time bookkeeper, you should have your payroll services taken care of using this software.
Having the best payroll software at your service takes the complexity and labor out of payroll. Using it lets you focus on growing profits and improving your business.
At Camino Financial, “No Business Left Behind” is more than a motto. It’s a way of life. Camino Financial was born out of a desire to help every small business owner succeed. Our goal is to give every small business the tools, knowledge, and resources it needs to thrive.
We offer tons of great industry insights in all our business resources. We also offer financing and financial advising services. Everything we do is designed to make starting and growing your business as simple as possible.