For many small businesses, having HR or accounting departments is not a luxury they can afford. For those companies, manually managing all the processes associated with payroll–paychecks, W2s, time off allotment, etc.–can take up valuable time that could be better spent elsewhere. To better manage those processes, companies can elect to use payroll software.
Payroll products for small businesses cost more than managing payroll in-house, but managing payroll in-house is time consuming and has the potential for inaccuracies in your finances or tax documents. Outsourcing your payroll to an accountant saves time, but it can be more expensive than a software and it allows you less control of your payroll and can make it harder to access your information or payroll history.
For a small business electing to use a payroll software, it is important to find a product that has all the functionality you require. Do you simply need to automate your payroll and tax filings, or do you need in-depth reporting? Does your company require time clock management, and will you want HR functionalities as well? There are many different payroll options for small businesses, so you should be able to find a software that fits all your needs.
In G2 Crowd’s Fall 2015 Payroll Grid℠ Report, 10 of the 17 products received at least 50% of their reviews from small-business employees–SurePayroll, QuickBooks Desktop, Intuit, Gusto, APS Payroll Solution, WagePoint, Patriot PAY, Fuse Workforce Management, Paysavvy, and QuickBooks Online. Users of each product wrote in the short-response answers about the advantages of adopting payroll software.
“I can get my payroll done in about 10-15 minutes, a bonus when I have a full-time job and a small business,” a user of SurePayroll wrote.
QuickBooks Desktop: “I like that it takes the guesswork out of the laws and taxes for the small business owners. Considering that they don’t always have someone on hand who is considered a payroll professional,” a QuickBooks Desktop user wrote.
“The reporting functions available help to eliminate time spent on payroll tax calculations and verifications,” a user of Intuit wrote.
“Payroll is an antiquated beast. I appreciate what [Gusto] has done, which is take a paperwork nightmare and reduced it to an incredibly easy web app,” a Gusto user wrote.
“The time spent managing payroll has decreased drastically,” an APS Payroll Solution user wrote.
“Wagepoint handles everything for me so I don’t even have to think about payroll. I only have to log in to add or remove an employee, which takes about 6 or 7 minutes, then I’m done; government remittances, direct deposit payments, employee paystubs, and everything else is just taken care of,” a WagePoint user wrote.
“Its [sic] very convenient and time saving. One can do it by himself without any training. Just a click of a button and all done,” a user of Patriot PAY wrote.
“I love that I can log in and submit payroll in less than one minute,” a Fuse Workforce Management user wrote.
“Quick and easy payroll and this saves me time to do other tasks,” a user of Paysavvy wrote.
“The Payroll functionality is smooth and quick, and rarely takes longer than 15 minutes to complete the payroll process,” a user of QuickBooks Online wrote.
Small business payroll software offer a variety of benefits to companies looking to automate their payroll and tax processes. By spending less time managing these tasks, small companies can spend more of their valuable time on their actual business.