There are two types of payroll service providers – internal groups who run payroll at companies and accountants who work as contractors for small businesses. The process of running payroll – tabulating hours, PTO, deductions, and then paying employees – is an important part of every business, particularly small businesses. Finances Online note that one in three businesses is punished by the IRS for payroll errors. Using payroll software helps to automate and streamline the process of paying employees by deductions and withholdings, producing tax forms, direct depositing pay into employee bank accounts, and more, all to help businesses reduce errors and save time and money.
If you’re a small business who wants to ensure the accurate and timely paying of employees and contractors or you’re an accountant or finance professional who works as the payroll service provider for several businesses, you should consider using payroll software for payroll service providers.
The top payroll software for payroll service providers
1. QuickBooks Pro
Not only is this solution scalable it can work for you as you add more employees (or if you’re an accountant, as you add more payroll clients), QuickBooks also offers a free trial of their Pro solution. Small business owners love this tool because it can be easily used by anyone, with no advanced accounting and bookkeeping skills required. For those 3rd party payroll service providers who are managing expanded bookkeeping tasks for business, QuickBooks Pro offers an inventory tracker for retail shops, restaurants, cafes, and merchandisers.
OnPay enables employers and payroll service providers to run payroll in any state and offers expert assistance and support to ensure error-free processing. It features the ability to enter all payroll data like hours, reimbursements, tips, and bonuses and can help with tasks like benefits and compensation insurance. It allows unlimited payroll runs for W-2 workers and 1099 for contract staff on a monthly basis, making it a good tool for small businesses, growing businesses, and accountants working with all kinds of businesses.
3. ADP Workforce
ADP Workforce is a popular payroll platform that manages HR tasks like payroll, bonuses, commissions, time and attendance, employee health statistics, talent management, and benefits for businesses. It’s great for small business owners and busy accountants who need to handle HR and payroll responsibilities on the go through robust mobile apps.
This free solution is a great option for startups and small businesses. It offers a whole range of features, including business intelligence, employee directory, insurance benefits, payroll sync, customer support, hiring and onboarding, ACA compliance, mobile optimization, and many others. With the ability to automate and streamline so many tasks, Zenefits can help you free up time and resources to focus on other parts of our business without sacrificing HR and payroll process quality.
5. Sage Intacct
Sage Intacct is an award-winning accounting solution and one of the most professionally and industry recognized of the payroll software for payroll service providers. They’ve been American Institute of Certified Public Accountants (AICPA) as their top provider of financial-related applications for CPAs and have won awards from CRN Magazine, OnDemand, and more. They’re a great solution for very budget-conscious businesses, as their capabilities can help reduce revenue leaks and enhance cost control. In addition to accounting firms who handle payroll for multiple businesses, they’re a smart choice for businesses in several industries, including nonprofits, hospitality, distribution, healthcare and more.
Paychex is a favorite among small business owners and accountants who help handle the finance administration of small business owners. It handles basic payroll and taxes such as payroll and taxes as well as tasks like 401 (k) retirement services, insurance, HR, time and attendance, employee benefits, onboarding, and accounting and finance. Because it offers capabilities beyond simple payroll, it gives businesses the opportunity to grow and expand with a scalable HR solution already in place.
Paycor is an excellent option for small businesses who are experiencing high-growth and need a solution to scale beyond 100 employees. If you’re anticipating having a larger team sooner rather than later, Paycor is a good investment. In addition the standard payroll processing features, Paycor offers HR features such as learning management and workforce insights that you might need as your business grows. Plus, this solution can be customized based on your industry or brand.
Take some time to research the best payroll solution for your business by understanding what features your business needs. Still not convinced a payroll solution software is right for you? Consider this piece of advice from an expert business service provider: “One of my rules is if you have one employee, get a payroll service. The penalties for screwing up are so much more expensive than the cost for payroll.”
Do you have the right HR and payroll tools to support your business? Software for payroll service providers protects your business and is an important part of keeping your finances organized and ensuring your success as a company. Protect your business assets and reputation with payroll software for payroll service providers.