In simple terms, payroll is a process of paying an organization’s employees and managing expense-related records. It is a fundamental and essential part of any business regardless of its type and size.
Business owners usually spend a lot of money on employee recruiting, training, and compensating for their work. Generally, for startup owners, it is a complicated and time-consuming task as they have multiple responsibilities and limited resources in hand.
Favourably, many payroll software is available now in the market to streamline this process and maintain accuracy. However, from so many options available it can be difficult to find the right software for your organization.
To make it easy for you, in this article, we have listed the top 10 payroll systems that startup owners should note. Each of them offers varied features, which can easily meet the needs of your business.
Understand the pros and cons of each system and make an informed decision about which one is the right fit for your startup.
Top 10 Popular Payroll Systems
1. Eddy
Eddy is a cloud-based solution for businesses to manage their payroll process. Its interface is easy-to-use and effectively handles all the tasks.
Furthermore, the platform equips the users with numerous functionalities and reports. In addition, attendance data can be linked to the system to generate accurate salaries.
Pros:
- Multiple pay period
- Direct deposit in the bank account or printed checks
- Tax filing quarterly or annually
- General ledger and other reports
Cons:
- Limited features
- Outdated system
2. OnPay
OnPay streamlines the payroll process by automating salary payments and tax filing. Work hours, reimbursements, tips, bonuses, and salaries are managed with the platform. In addition, employee benefits, compensations, and insurance can also be handled.
Furthermore, it lets the employers deposit the salaries in employees’ accounts directly. The company’s accounting software can also be integrated into the system so the data can be exported easily.
Pros:
- Unlimited and flexible frequency of salaries
- Customizable forms and fields
- Reporting
- Multiple level access permissions
Cons:
- Lacks some features in the mobile version compared to the web version
- Frequent bugs
3. factoHR
factoHR is an easy-to-use software managing and improving businesses’ payroll activities. The system comes with numerous features that automate the process and ensure that errors are eliminated. Employees’ attendance and performance data are integrated into the salaries, generating accurate salaries. Managers can choose or change the time of paying the employees, whether the company wants to pay hourly, weekly, or monthly. In addition, transactions are recorded and kept, so they can be tracked when needed.
Pros:
- Reporting & analytics
- Customizations
- Integrations
- Automatic calculation of arrears
- Statutory compliance
- Employee advances & loan management
Cons:
- UX can be improved
- The IOS version works slowly
4. Namely
Namely is a comprehensive platform for companies to manage their payroll-related functions. It handles all the tasks a manager has to do, from keeping employee information to calculating the pay. It also organizes the salary and tax deductions and handles the benefits such as insurance. In addition, namely assists the managers in various activities such as time-off tracking, tax filing, and setting an effective workflow.
Pros:
- Reporting
- Integration
- Reimbursement management
- Salary and increment management
- Statutory management
Cons:
- High prices compared to others
- Complicated UI
5. Rippling
Rippling is robust software with efficient features that helps managers automate and enhance the payroll process. For example, the SaaS-based system lets managers deposit their salaries directly or supports paychecks. It even handles workers’ compensations, bonuses, and garnishments and accommodates federal, state, or local automatic tax filings. In addition, its global services facilitate employers to pay their employees regardless of the country.
Pros:
- Integrations
- PTO-based salaries
- Customizable reports
- Employee insurances, reimbursements, and deductions
Cons:
- Complicated to use
- Customer service is not available (only emails)
6. SyncHR
SyncHR is an accurate platform for all the functions related to payroll. It helps businesses to eliminate manual salary processing errors and ensures accurate results. Its system is efficient at handling the salary generation process and accommodates different tax rates and laws across different locations. The software lets managers add mid-period pay changes so the paychecks remain up-to-date with the current CTC. And over time, bonuses or leave balances are automatically calculated.
Pros:
- Organizational charts
- Statutory compliance
- Payroll history and auditing
- Increment and reimbursement management
- Reporting & analytics
Cons:
- Outdated system
- The system doesn’t have features to manage expenses
7. Wagepoint
Wagepoint is an online system assisting managers in improving the payroll process’s accuracy. It lets users import the work hours, calculate salaries, and directly deposit them. In addition, it also allows setting reminders for particular salary dates. The system shows employees their current and past paychecks and lets them edit their personal or banking details. The built-in guide helps the users in managing the payroll process with the help of its system.
Pros:
- Integrations
- Statutory holiday pay
- Customizable income and deductions
- Reporting
- Two-factor authentication
Cons:
- Complexity in some functions
- It doesn’t provide reimbursement and increment management
8. Paycom
Paycom is a web-based system handling core and additional payroll functions of organizations. It automates the process and delivers the true value of salaries to the workforce. The software also handles tax completion, filing, and paying taxes and even supports expense reimbursements. Employees can access their pay stubs anytime and check their earnings and deductions.
Pros:
- Reports & analytics
- Expense and compensation management
- Customization
- Accounting integration
Cons:
- Limited integration
- Long time in loading
9. Paycor
Paycor is an efficient system managing a company’s payroll-related functions such as salary generation, tax compliance, and reporting. It integrates employees’ attendance with the salary process, so accurate salaries are generated. The dashboard gives a holistic overview of the organization, and features can be tailored according to the company’s requirements.
Pros:
- Real-time analytics
- Customizations
- Credit/debit card integration
- Statutory compliance
Cons:
- Limited integrations
- Higher prices than other systems
10. Gusto
Gusto is a robust cloud solution for organizations to manage their payroll process efficiently. It streamlines the workflow by automating salary calculations, payments, and filing taxes. It supports different types of salary calculation methods, whether the business pays its employees hourly, weekly, or monthly. In addition, the platform keeps a record of past transactions and helps managers to track them. Gusto integrates well with the company’s accounting systems so that accounting and payroll both needs are fulfilled.
Pros:
- PTO tracking
- Reporting & analytics
- Intuitive dashboard
- Integrations
- Reimbursements and expense management
Cons:
- Limited functionalities in the mobile version
- No free trial
Summary
As mentioned earlier, payroll does not only revolve around salary generation and record-keeping but also holds much more importance. Therefore, choosing the right payroll system is vital for any startup’s success and ensuring the process’s accuracy.
HR professionals have to handle the hiring process, onboarding, training, employee relations, and performance evaluations. So in a frenetic workflow, it becomes harder to evaluate the payroll process’s efficiency; therefore, companies can rely on automated systems for some work ease.
