For any business, payroll is an essential process as paying your staff on time and following employment laws is important. You can automate some processes using payroll software. The best payroll software will save you valuable time and money. However, with so many options available, it might be difficult for any business to choose the right payroll software. To help you choose the best software, we’ve listed the top 10 payroll software.
Understanding Payroll Software
Before we showcase you a list of payroll software, it is important to understand a few things about payroll software. Payroll software is an online tool used to automate and manage the process of making calculations and distributing employee taxes, wages, and benefits, making sure that you follow Australian payroll regulations. With payroll software, it will become easy to manage employees’ salaries and pay them on time. Here is the list of best payroll software that can be used for your small business:
1. Xero
One of the most commonly used payroll software is Xero. If you want payroll and accounting in one software, then Xero would be the best option. It offers several reports and projections, such as automated calculations, expenses, taxes, and outgoing bills. It is suitable for small businesses and sole traders that can manage payroll and accounting in one platform. You can seek help from small business accountants when using Xero.
2. Employment Hero
Employment Hero is considered the best payroll software used for merging payroll, employee benefits, and HR management into a single platform. They also have AI features that can help save time while automating processes. It offers numerous features, such as:
- payroll reporting
- Automatic pay runs
- Payroll reporting
- Timesheet tracking
- Leave management
- Employee onboarding
- Compliance management
3. MYOB
MYOB is another best payroll software used for all businesses. With MYOB’s personalised feature, you can customise the software according to your specific payroll requirements, making it an efficient and reliable choice for managing payroll effectively. It is best for growing businesses that have many employees. It has features:
- Automated pay runs
- Tax and superannuation calculations
- Real-time expense reports and budgets
- Timesheet management
- STP reporting
4. Deel
Deel is one of the best payroll software used for businesses with remote teams and contractors. It can handle payments for contractors in different currencies and countries. It has the following features:
- Automated onboarding
- Time tracking
- HR management
- Contractor management
- Compliance reporting
- Deduction management
5. Gusto
Being a small business owner, it is suggested to use Gusto as it is an all-in-one HR and payroll software. It streamlines employee onboarding, automatic tax filing, and time tracking. The best thing about Gusto is its flexibility. It can manage payroll for part-time, full-time, and contract workers. It has basic reports in all tiers. It is easy to use for employees and employers. You can opt for bookkeeping services in Australia as bookkeepers know what software your company needs.
6. Quickbooks Payroll
Quickbooks is a cloud-based and popular software used for small and medium-size businesses. You can send personalised invoices, and manage accounts payable, inventory, and accounts receivables. Basically, it is an accounting software. It is best for small businesses and sole traders with limited payroll needs.
7. Paytron
Paytron is a bill payment and payroll software used in 180 countries and can help you make payments globally within the same day. It can help you manage accounts receivables and accounts payables with workflow automation and approval tools. The features include:
- Automated invoice management
- Batch payments for vendors and employees
- Virtual card management for expenses
8. ELMO
ELMO offers payroll and HR software solutions for medium and large businesses. Its payroll system is cloud-based which allows your company to simplify payroll processes, enhancing efficiency and accuracy.
9. Papaya Global
Papaya Global is one of the best global payroll software used by many companies. It takes care of everything, gathering secure payroll data and other important information. Its features are listed below:
- accounting and payroll software
- data collection and analytics
- embedded payments
- employee onboarding
10. Access Micropay
It is an Australian-based company that offers HR management and payroll
software features for all types of businesses. It is suitable for all types of businesses and supports API-based integrations.
Conclusion
If your company is searching for the best payroll software, the first step is knowing your overall needs. You can take an idea from the above-mentioned software to choose the right one for your company. For more details, you can also ask the Reliable Bookkeeping Services provider.
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