Payroll—it’s one thing every business with employees has to get right.
If you’re researching which payroll solution is right for your business this is where you want to start. From payroll software, all-in-one HR software, payroll services, in-house staff, payroll processors, or professional employer organizations, when it comes to payroll solutions, you’re not short on options.
In our newest eBook, Payroll Solutions: Finding the Best Fit, you’ll find a round-up of the six most common and why they may or may not be the best fit for your company.
We will be posting individual sections of this eBook here on our blog over the coming weeks, starting here with our section on payroll software, but if you would like to see the whole thing, you can read it here, and even download it as a free PDF!
There are numerous payroll software options available if you wish to keep payroll in-house, such as Intuit’s QuickBooks, Patriot Payroll Software, and Square Payroll. Some of these are standalone options focused specifically on payroll, while others are also bundled as a part of a larger accounting and payroll bundle.
These software solutions can be a huge help and drastically cut down on the time, effort, and attention required when compared to manually processing payroll. Many of them are also relatively inexpensive, and the amount of time you will save by using one will more than make up for the up-front cost or software license fee.
However, there are some potential drawbacks to these software solutions. By keeping this process in-house, you will still need to devote a (potentially sizable) portion of your time to make sure payroll is completed correctly on a regular basis. In the end, the work still lies on your shoulders as the business owner, which you may simply not have the time or energy to add to your plate with everything else you must focus on to make sure your business is successful.
Also, while many of the companies that create payroll software offer support, they are unlikely to be familiar with your business, its needs, or which specific regulations it is impacted by. Not having a second set of eyes on your payroll can become a huge problem if any mistakes are made, which makes these payroll software solutions a potentially risky option.
The biggest advantage to these payroll software solutions, however, is their price. Compared to other options, the pricing of these software solutions is difficult to beat, which makes them a great choice if you have the time and know-how to take your payroll on yourself. Also, many of these software solutions allow your employees access to information like pay stubs, PTO, and benefits through easy-to-access online portals.
While these software solutions may be affordable, it is important to remember these savings can quickly disappear when you consider the tremendous amount of time required to administer and/or if you find yourself in trouble with the government because of compliance violations.
Who Payroll Software is Great For:
- Someone with a tight budget.
- A small business owner with the previous experience, know-how, and time to do payroll on their own.
- A small business with fewer than 50 employees and uncomplicated payroll.
Who Payroll Software is Not Great For:
- A small business owner that does not have the previous experience, know-how, and/or time to do payroll on their own.
- A small business with more than 50 employees.
- A small business that must worry about complicated payroll and compliance issues.
- Someone with the budget for a more robust payroll solution.