The term payroll stand for the number of employees a company have and the amount of money payable to them in term of salary, wages, commission, bonus, etc. In the world of dynamic business, there are number of methods for payroll system are being used. Some common methods usually adopted by any company to calculate and report their payroll taxes are manual system, payroll software, payroll & accounting software together, payroll system by accountant and full service payroll. All methods are being used subject to the scope and requirement of the organizations. In recent year, payroll software and payroll & accounting software together have earned a lot of fame because of delivering an easy method for taking into account all factors related to payroll system. Manual payroll system is still in existence in small to medium size organizations. The main advantages of using payroll software is that it deliver the more control because it is being done by the companies. It is possible to get the calculations within few clicks. Moreover, this system for payroll is many a time faster than manual payroll methods. The payroll & accounting software together delivers the more advanced features and functions in which payroll expense update automatically, automatic transaction of payroll in financial data, and automatic double entry system are most highlighted.
4 Best Payroll Software
#1 Sage Payroll
Sage Payroll is the payroll management system by the leading account and finance management system Sage. It is available for large enterprises to fully manage their payroll and salary systems in a more systemized way. The best thing about it is that the HMRC approves it, and it is fully compliant with the modern-day payroll legislation, including automatic enrolment and RTI.
If you don’t want to run a custom-made payroll system then, it will be a great help for you to manage the entire payroll system of your company on your behalf. Some of its features and functions include flexible payroll management solution based on the modern-day management requirements, keep the data up to date according to the industry legislation requirement, submit the payroll data online to HMRC, keep an updated record of all employees, create payslips, and P60 for the employees, affordable monthly payment system and much more.
The Sage Payroll is suitable for every organization, either if they have fifteen or thousands of employees. This payroll management system is the expert in dealing with all payroll management challenges and makes the companies able to easily manage employees’ taxable benefits like cars, medical insurance, and much more per month salary. Sage Payroll supports the automatic calculation system so that the payroll will be directly submitted to the HMRC.
#2 EasyPAY
EasyPAY is an advanced and simple yet powerful payroll management software designed for businesses of all types. It is user-friendly payroll software that will allow you to customize it according to the need of your own business and organization requirements. It will manage all of your payroll system and requirements relating to the accounting and management of employees. This versatile, user-friendly payroll management system provides the users with user-defined earning, deduction, load heads, and calculation formulas and tables. It is also capable of generating all the outputs and statutory reports required by the payroll application.
The main highlighted features and functions of the EasyPAY are user-defined earning/deductions system, leave/attendance management, loan & advance management, payroll processing, salary reports, bank transfer system, reimbursement management, income tax management, user-defined report generating system, period-end reporting system, and much more. In terms of dashboard simplicity, it is very flexible that it contains a flexible structure building capability of earning and deductions. The user-defined entry field will allow you to enjoy the unmatched flexibility of the formula, the percentage for customized calculation. Payroll processing, salary reports, bank transfer, reimbursement management, arrears calculation, other payments, PF calculation & reports, ESIS calculation & reports, professional tax, and income tax management are a few other features and functions of this tool.
#3 greytHR
GreytHR is a collection of built-in modules that permit HR and finance groups to work together seamlessly. This payroll software covers all payroll management features, leading to much less work and peace of intellect. By using this, you can now ensure a full level of accuracy, big-time financial savings, and extremely convinced employees.
This tool offers comprehensive coverage of every aspect of payroll administration, including statutory compliance, rapid payroll processing, audit, and evaluation before payroll. A single button will control every aspect of your business, computes the salary for all employees, including Statutory Deductions (PF/PT/ESI/TDS), loan deductions, fringe benefits payments, revisions, lack of pay, pro-rata earnings, earnings tax computation, and so on.
#4 Saral PayPack
Saral PayPack offers you a comprehensive answer for your whole payroll wants. It is a one-stop solution for your search because it possesses the most sought specifications. It is a proper choice for automating your payroll. It is a simple yet distinct package for maintaining and calculating workers’ salaries at distinctive levels of exceptional organizations.
Saral PayPack is constructed with state-of-the-art technology to make it powerful yet handy to use. It is a perfect platform for HR managers of huge firms to easily manage the salaries of the employees in a short time.