It’s no secret that small businesses spend over 10 hours a month just on payroll management. It’s also not a shock that practically no one looks forward to the countless hours spent calculating employee wages, PTO, benefits, federal employment taxes, and so on. All the more reason why investing in making sure you get this part right for your business is the best choice you could ever make.
To help shave time off in the area of payroll in your business, consider a payroll system that will house all your needs in one place. Here are a few to look into for your small business.
Wave Payroll
This is a simplified payroll software that can run payroll in minutes. In addition to being 100% accurate you will also find the following perks:
- Pay independent contractors and employees, and generate W2 and 1099 forms for tax season.
- Deposit payments directly into your employees’ bank accounts, quickly and reliably.
- Automatically pay and file your state and federal payroll taxes for businesses in AZ, CA, FL, GA, IL, IN, MN, NY, NC, TN, TX, VA, WA, and WI.
- Employees can log into Wave securely to access their pay stubs and W2s, and manage their contact and banking information.
You can start a free 30-day trial of this software and if you like it, it’s reasonably priced starting at $20 per month + $6 per active employee and $6 per active independent contractor paid.
Gusto
If you’re looking for a software that takes care of hiring and onboarding, full-service payroll, insurances (medical, dental, and vision), time tracking, and support – Gusto is worth a try. They offer customizable onboarding checklists that are built to keep you organized. You can send offer letters, e-sign and store new-hire paperwork, and set up software in just a few clicks.
A few more perks include:
- Send customized offer letters that reflect your brand.
- Checklists with must-haves tasks with ability to add your own items and even delegate tasks.
- Share documents and request electronic signatures instantly, from anywhere.
- create (or remove) accounts for your favorite tools with just a click (G Suite, Microsoft 365, Slack, Zoom, Dropbox, and more).
- Create anonymous surveys to understand your team’s needs.
- Get organized with visual org charts and employee directories.
When it comes to price points, their most highly recommended plan is the Complete, which comes with just about everything they offer. It’s slightly more expensive (but worth it) at $39 a month + $12 a month per person.
Square Payroll
Square Payroll offers full-service payroll, automated tax filings, and employee benefits all in one place. With small businesses in mind, you can track employee hours easily with payroll software that syncs directly to your timecards and point of sale. From payroll software to payment processing and appointments to invoices, Square has tools to help you run your entire business, and the best part is they’re all integrated together.
You can skip waiting on banks with this system by using funds from your Square balance to pay employees faster. You’ll be able to calculate and send payroll in just five steps:
- Choose a payment method.
- Check hours and earnings.
- Edit adjustments.
- Review.
- Send Payroll.
Boom, done. You’ll also have several other features all just a click away no additional fees. Their price point $29 per month + $ per person paid.
Quickbooks
One of the oldest and most used programs, Quickbooks help you easily pay your team and access powerful tools, employee benefits, and supportive experts. It’s no wonder why it’s rated the #1 online payroll service provider. Just to give you an idea of what they can do for your small business:
- You can pay your team automatically once your payroll setup is complete.
- They will calculate, file, and pay your payroll taxes automatically.
- You can keep cash longer with free same-day direct deposit.
- Conveniently manage benefits and employee services from your payroll account.
They have three main price plans – core, premium, and elite – that are packed with just the tools you need based on your unique business needs. One of their biggest perks is the fact that they will pay up to $25,000 if you receive a payroll tax penalty no matter who made the error. That is huge!
Although they are considered more expensive, they are the most trusted. With plans starting at $45 + $4 per person (currently half off), you’ll be getting a service you can trust.
OnPay
No two businesses are alike, so they designed OnPay to be the most flexible and complete payroll service in the cloud. What this means for your small business is:
- They work with you to make sure you’re set up right.
- Running payroll online is easy and intuitive.
- You’ll get reminders and their error-free guarantee.
- OnPay is even mobile friendly.
- Easily sync with QuickBooks, Xero, and other top software.
- OnPay always runs payroll fast.
- Easy custom reports, a consolidated dashboard, and six permission levels.
They also take care of more than just payroll with services branching to PTO tracking, 401(K) plans, worker’s comp, health benefits, HR software, and more. You can enjoy one low monthly price of $36 + $4 per person for all of their services.
As you shop around for the best payroll system for your small business, keep your bookkeeper and accountant in mind. However, don’t hesitate to invest in something completely new to make sure the job gets done effectively and efficiently.
