Defining a payroll software
More process is involved in payroll processing apart from calculating and paying the paycheck. An HR or a payroll professional needs to enroll employees in the organization and also should maintain their payroll records till the date of their exit. Many other repetitive tasks are to be followed and monitored every month. This whole tedious process is made simple with the help of payroll software.
The key functions of the payroll software
- Automating payroll process with online salary payments
- Tracking the payroll expenses
- Making accurate tax deductions
- Integrating with third-party business apps
- Confidentially securing all employee personal data
Leading payroll software with its features and pricing
QuickBooks Payroll – reliable payroll software
QuickBooks software helps you to get your payroll reports at your fingertips. Every small to mid-sized business can make use of this payroll software and get their works done easily. The software will support you to cater to dynamic employee scenarios.
- Employees can be benefited from same-day direct deposits.
- Can be integrated with more than 700 business apps
- The dedicated mobile app will allow employees to access their payslip and even can request leave through the app.
- The time tracking feature will let you approve timesheets and create an invoice from your phone.
- QuickBooks takes responsibility for the payroll tax penalty.
- Employee benefits are calculated and it will be deducted automatically.
Pricing: Starts from £48 / year
Bright Pay payroll software – Prominent payroll software
Bright Pay is a perfect software for any startup and it will forecast and will update you about the cash-flow, create and monitor your invoices, reduces manual data entry errors, and supports you to understand your business with real-time reporting.
- Can easily create quotes, estimates, and also invoices.
- Can have automated cloud back-up and employees can access the self-service portal from anywhere.
- Can be integrated with all leading accounting software.
- Perfect user interface and gives a user-friendly experience to the users.
- API integration with Pension service providers.
- Easy monitoring of payroll register filtered by location, pay period, and cost center.
- Accounting features like billing, tracking outstanding are also included
Pricing: £49/year excluding VAT.
MoneySoft – Comprehensive payroll software
MoneySoft payroll software is trustworthy RTI compliant payroll software. Specifically designed to handle complex payroll and to experience hassle-free payroll processing. You can easily manage your tax information and also your pay structure. This payroll software will save you time by making things happen under automation and will reduce your stress that arises due to payroll processing.
- The dedicated ‘Pay Details’ screen will give a complete picture of the pay history of your organization year-wise.
- Extensive features like RTI filing, automatic calculation of statutory sick pay, child care vouchers are added.
- Auto-enrollment pension calculations and records bank and pension fund details
- Data back-up facilities with exclusive cloud storage.
- Records all P11D expenses and calculates the benefits.
- Easy export in CSV files to other accounting software.
- Quite customizable and gives a modular approach to the users.
Pricing: £72 / year
Xero – ultimate payroll software
Xero is a complete and easy-to-organize payroll software that provides your business information accurately. It also empowers your employees to have direct access to the payroll portal and they can check their payslip and can also calculate their taxes and deductions using the paycheck calculator. Xero payroll software will help to eliminate errors and miscalculations.
- Easy tracking of working hours, manage the leave and processes pay accordingly.
- Exclusive mobile app for android and IOS platform users.
- Flexible pay calendar to calculate the weekly, monthly wages for the employees.
- Easy tracking and managing employee leave and employee
- Encrypted e-slips that provide high security to employees’ payslip access.
- Simple reimbursement process for the expenses made by the employees.
- Supports unlimited users.
Pricing: £60 / year
KashFlow – impressive payroll software
KashFlow allows you to assess your employees and find them the most qualifying scheme they will be eligible for. Documentation of employees’ work records is made simple with this payroll software. The enriched UI/UX of this software has attracted more customers and they have a successful testimony of using KashFlow.
- Automated payroll approval will get you a fast way to pay your team.
- A secure cloud storage system will let you work anywhere online.
- Cuts down the admin time by providing direct access to employees who want to access their payslips and want to know about their benefits as well as their deductions.
- Automated submission of RTI.
- Easy transferring of payment details between the accounting software that is integrated with the system.
- Combines payroll, finance management, and tax calculation under one-roof.
Pricing: £240 / year.
HMRC Basic PAYE tools – aggressive payroll software
You can frame your business and run an un-interrupted payroll process with HMRC payroll software. The software comes with certified HR expert support. And this software is considered to be the best payroll software for small business and start-ups. It is completely flexible as well as scalable software. The software ensures the accuracy of data and builds a strong link between the Finance and the HR department.
- Feedbacks on daily, weekly, and monthly payslips will be submitted to the management through emails.
- Provides access to taxation specialists who can guide you in settling the taxes properly.
- Has customizable business forms that include I-9s, applications for job postings, and also interview checklists.
- Integrates well with the time clock and acts as an attendance monitoring application.
- All core HR features are well integrated that complies with local laws and regulations.
- Includes employee benefits services like retirement plans, insurance schemes, and many more.
- Provides a detailed insight into every employee and their performance with proper reports.
Pricing: £72 / year.
Understand your business needs and analyze all the above-mentioned payroll software. Get the one that suits you the most. Run your business effectively and make greater returns.