Best Payroll Software for Small Business
Finding the best payroll software for small business can get confusing. With so many payroll software options and tax compliance things to think about, it can get overwhelming fast. So in this article, we take a look at the best payroll software available for small business owners, so you can focus on growing your business, not filing your W3 at the end of the year.
Are you calculating your payroll taxes correctly in accordance to the State & Federal government regulations? Do you pay hefty fees to your accountant to maintain records and file taxes? A small business payroll software can save you all the time and headaches from running your small business payroll.
Say goodbye to such large expenses and opt for payroll software. A standard payroll software processes paycheck deposits, calculates taxes, insurance, and other deductions. Highly accurate payroll software is a boon for small businesses. Payroll software can not only pay your employees but can handle taxes and benefits easily and save loads of time. Any delay and mistakes can cause huge problems for your business. The payroll software reduces these mistakes.
Well-chosen payroll software can unburden you of handling payroll and can save your time and energy. The software comes with a small fee but it worth the investment.
We have compiled a list of the best payroll software for small businesses that are cost-effective, user-friendly and hassle-free.
Gusto Review – Payroll Software for Small Business
The aptly named payroll software is a sheer pleasure to use! It is a complete payroll package with HR services.
The basic Gusto monthly plan Core offers remarkable automatic services like filing of local, state and federal income tax and insurance tax, generation and distribution of W-2 and 1099 forms. It handles wage garnishment deductions and worker’s compensation as well. These kinds of service are charged extra by other software providers. It also has PTO (paid time off) tracking service; however, PTO integration is unavailable with the basic plan. Employees can access Paystub and W-2. It can be integrated with other accounting software like Xero, Quickbooks and more.
Gusto payroll also handles employment taxes, handles worker’s compensation insurance, create a new hire list for reporting, and manages retirement plans for your employees. All this, making administration work simpler.
The users like the software’s design, the set of functions it has and its dynamic pricing. The online ratings for this software are excellent.
All these features can be availed at price starting from $39 per month. The employee fee starts at $6 per month. You can also opt for a 1-month free trial. Since there is no binding contract, the subscription can be terminated any time.
In case you want to sync PTO to pay schedule then you can choose the monthly plan “Complete” for $39/month with $12 per month per employee.
Quickbooks Payroll Review
Quickbooks is a company that is best know for providing world class small business accounting software. Known for its interface that is simple and easy to use, Quickbooks also has two payroll options for small businesses. It easily integrates with their accounting software online. Quickbooks helps you calculate employee hours and run payroll in under 5 minutes.
The Self-service plan is best suitable for very small businesses that have 2-3 employees. As the name suggests you would enter and execute all payroll functions including filing of taxes by you. The monthly charges are $35 plus $4/employee.
Quickbooks subscription can be terminated with ease as there are no annual contracts.
The second plan i.e. the Full-Service plan, offers automated services for payroll, tax filing, and W-2. The employees can access pay checks online. It also offers the support of an off-site team who takes care of payroll-related services. It provides a no-penalty guarantee. This ideally means that the professional team will look into any tax-related errors and deal with the IRS on behalf of the client. This service starts at a monthly cost of $80/month plus $4/employee. Quickbooks offers a 1-month free trial or you can get a discount of 50% for the initial 3 months.
Square Payroll Review – Easy Payroll Software For Small Business
Square is payroll software that is compatible with every business and one of the best for small businesses. It has this unique plan for contractors or freelancers who need to be paid. They just need to enter details online for the payment to be made. The cost for such a standalone transaction per person is $5/month. Monthly fees are $0
The basic plan is priced at $29/month and $5/employee. The full-service plan starts at $34/month. This plan offers automated filing of taxes; employee hours can be tracked and gives online accounts to your employees. You have the option to pay both salaried and employees that you hire on an hourly basis. If you want to switch from another provider to Square then all related paperwork will be handled by the Square team. You can easily sync it with timecards and the POS app. Square offers employee benefits like health insurance, worker’s compensation, and retirement plans as per your business needs and budget. This software can be accessed through the mobile app as well.
Conclusion – What’s the Best Payroll Software for Small Business?
Apart from the above, there are many payroll software available. Wave is the best affordable software for $20/month. Likewise, if you want HR functions with payroll then choose ADP payroll software. If your business has many reports then choose Paychex as it is one of the best reporting software.
The task of choosing the right payroll software for small businesses isn’t complicated. You need to understand your company’s payroll processing so that you can choose the best option available. Also remember that the cheapest software may not be the best option for you. You need to have software that can manage your unique processes and should be upgradable in accordance to your booming business needs. A few pointers you can keep in mind are tax management as per your location, automation of payroll calculation, tracking of hours and daily attendance, online Fund transfer facility and hassle-free integrations.