Payroll software helps small businesses calculate logged hours for every employee and calculate paychecks. Taxes and deductions can also be managed efficiently with payroll software. You can take payroll software as an independent application or incorporate this as a module with your HRMS software.
Last Updated on : 18 Sep, 2021
Found our list of Payroll Management Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!
Payroll software helps small businesses track logged hours for every employee and calculate paychecks. Taxes and deductions can also be managed efficiently with payroll software. You can take payroll management software as an independent application or incorporate this as a module with your HRMS software.
By easily calculating paychecks with payroll management software, your accounts professionals can quickly deposit funds into employee accounts as per their pay structure and ensure that they are remunerated on time. This is the ideal software to ease your payroll burden in a few clicks. From calculating accurate salaries to reimbursements, advances and loans, all can be managed with payroll software.
Payroll system software helps organizations manage compensation and other employee payment related details accurately and automatically. HR & payroll software can be integrated with leave & attendance system to track working days, overtimes of employees at the time of salary processing.
Payroll management system supports employee compensation in multiple ways, such as, cheque, bank deposit, payment card, etc. The software also provides insights about employee earnings and expenses across different departments. Such insights help the management take informed decisions to stay in control of their finances.
Overall, payroll systems make the entire payroll flow simple to help businesses manage tax and compliance for different branches across different locations. Employees can use payroll HRMS software to manage their personal information, reimbursements, tax declarations and other details.
All kinds of businesses, having twenty or two thousand employees, require payroll systems software to take care of their payroll needs. The essential purpose of any payroll solution is to process employee salaries on time without any hassle. The software helps manage all types of payment records related to your employees.
Payroll is an integral function for any growing business, whether it is a small business or a large enterprise. To rack and manage employee payments, it’s better to invest in a payroll systems software. Taxation is also simplified as the HRIS and payroll software helps manage tax related details as per the pay structure of every employee.
Payroll management software helps accounting professionals save time and money in tax preparation, payroll processing, rewards and remunerations. Most importantly, payroll systems software is critical for accountants and small business owners who otherwise spend a lot of time in manually calculating wages and benefits.
With the use of payroll processing software, businesses can stay up to date with tax rules and compliance tools. Above all, the software is secure to use and keeps the data of your employee salary confidential.
Payroll management system is equally preferred by employees, who can access all their salary, loans and advance related details at a single portal. They can also access their pay slips and update important tax related documents.
Here are the reasons why organizations use payroll software:
Here are the reasons why employees prefer payroll software for organizations:
You can access and print all important tax and salary related forms. Employees can also access forms at ease and ensure updated tax-related records.
Payroll software helps accounting professionals and business owners streamline all the processes related to regulatory compliance, employee salary processing and taxation. It helps with tax calculations based on the salary structure of every employee and bonus, and ensures timely tax filing based on pre-set timelines.
With the help of payroll management software, accounting professionals and auditors can track any discrepancy in taxation and salary processing. This way, all data related to employee benefits, company expenses and earnings are maintained accurately for audit purposes.
Top payroll software solutions offer quite a few benefits to businesses and help bring a level of efficiency, efficacy, and order to the organization. Some of the benefits of payroll software system are:
If you’re looking to buy offline or online payroll system software, there are certain criteria that you may need to evaluate first before taking the leap. Let’s find out what you need to keep in mind before investing in a payroll management solution:
|Payroll Management Software Cost|
|Best Payroll Management Software||Price||Ratings|
|OfficeKit HR||₹1770 /Month||4.7|
|Employee Vibes||₹130 /User/Month||4.8|
|Keka HRMS||₹8259 /Month||4.8|
|Perk Payroll||₹1764 /30 Users||4.4|
|Marg Payroll Software||₹14868||4.1|
|GEN Payroll||₹17700 /Year||4.9|
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Q1 - Do I need to purchase new IT infrastructure to use payroll online software?
No, you don’t have to. You simply need a computer device whether it may be tablet, mobile, laptop or desktop with a good internet connectivity and you’re good to go.
Q2 - My company has 25 employees. Do I still need to buy payroll management software?
If you believe the expense management module of the payroll solution would help you better take care of company’s daily expenses, go for it. If you accidentally processed wrong salary, payroll management is what you’re looking for.
So, coming back to the question, do you still need to buy payroll software? I guess you know the answer.
Q3 - Should I purchase on-premise software or cloud payroll management software?
On-premise is best suited for companies having their own IT team and dedicated infrastructure for IT applications. On the other hand, online HRMS & payroll software is ideal for firms who do not have a dedicated IT resource team. Plus, on-premise payroll salary software requires considerable investment vis-à-vis license purchase, annual maintenance cost, etc. Cloud payroll solution offers the freedom to pay on a monthly/yearly basis and even pay by use model.
Q4 - Does any annual maintenance fee have to be paid?
Annual maintenance fees is applicable only for on-premise software licences purchased by the company. If you’re paying subscription fees for cloud payroll solution, you do not have to pay annual subscription fees on them.
Q5 - Employee payroll software have multiple modules. But I don’t need all of them. Can modules be purchased separately?
Yes, you can purchase modules as per your company requirements. If your primary need is to process employee salaries, choose payroll management module. Keep track of employee punch ins/outs with time and attendance management module. Basically, you can pick and choose which module you want and build from there or buy the employee payroll software complete with all the glitz and glamour!
Q6 - How does payroll management software help organizations?
Payroll management software helps organizations with accurate payroll calculation processing, resulting in satisfied employees and zero revenue loss. Also, businesses can track expenses by employees and ensure reimbursements in real time. Tax and benefits are calculated automatically to ensure that your business comply with the policies of your state.
Payroll software further helps with deep business insights for budgeting and forecasting. Such insights help businesses control costs across different departments.
Q7 - How does payroll management software help employees?
Payroll software is a winning deal for employees, as it ensures that they get their salary on time without any discrepancy. The software brings transparency to the payroll process with pay slips shared over email. Also, payroll management software provides access to the self service portal where employees can track the status of reimbursement claim status, manage tax declaration, download pay slips and more.