Accounting software with payroll

In an age where technology is moving at a faster pace than ever, accounting software has become a competitive market. You probably have heard about many accounting software brands, like QuickBooks, Sage, Sage Cloud and Xero. But did you know that there is also an accounting payroll software solution for your business?

Quickbooks is an accounting tool for small businesses, and offers a great deal more functionality than you’re probably expecting at this price point. While Quickbooks has a reputation for being hardware dependent, it’s actually a web-based accounting tool and will work just fine on any device with your browser and an internet connection. What’s more, there’s no monthly subscription fee and upgrades are free. Some of the features include going paperless, advanced tracking of inventory items, invoicing customers, integrated credit card processing, reporting tools and e-commerce.

Accounting software with payroll is a great way to manage your finances, especially when you’re a small business owner.

With the right accounting software, you can keep track of all your financial transactions and avoid having to spend time on tedious paperwork. It can also help you avoid paying too much in taxes, which can be crucial when you’re trying to stay afloat as a startup.

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Accounting software with payroll

Payroll software is a system that automates and streamlines the process of paying a company’s employees. It may sound straightforward, but the payroll process includes a lot of tasks such as calculating deductions and withholdings, producing payslips and tax forms (and other reports), processing or depositing payment directly to an employee’s bank account, voiding payments if need be, and even printing checks.

With that said, digitizing payroll is of utmost importance since many employees today are working from home due to the COVID-19 outbreak. In doing so, physical distance won’t be an impediment to sending payslips, wiring payments, and working on a company’s tax obligations. Payroll software simplifies and automates the aforementioned tasks to shorten cycle times and reduce manual errors.

In this article, we compiled the 20 best payroll platforms on the market. The key features of each and the specific benefits they afford are covered so you can make an informed decision on which software to purchase.

best payroll software

What are the best payroll software for payroll service providers and accountants?

  1. QuickBooks Payroll
  2. Gusto
  3. OnPay
  4. Rippling
  5. Trolley
  6. Xero
  7. Eddy
  8. Sage 50cloud
  9. Zoho Books
  10. Patriot Software
  1. Paycor
  2. ADP Workforce Now
  3. Dayforce HCM
  4. Wave
  5. Zenefits
  6. Sage Intacct
  7. Intuit Payroll
  8. Namely
  9. Justworks
  10. EPAY Systems

COVID-19 has left many industries reeling from the loss of physical traffic in stores and the migration of operations to the digital plane. As a result, a lot of companies had to close stores in different parts of the world as costs have outweighed the returns. Thankfully, the payroll protection program was introduced to help businesses keep their workforce employed. The government initiative’s coverage is extended businesses that have fewer than 20 employees so everyone gets a fair chance to receive loans.

With the work-from-home scheme applied by a lot of companies globally, operations can resume unimpeded by the pandemic. This brings a concern for organizations that have yet to sufficiently adjust to the new work setup. It’s one thing to send payments to the bank accounts of employees, and it’s certainly another to file all the necessary payroll information to avoid errors. The need for payroll software is highlighted by this scenario.

As expected, just like online businesses, the HR and payroll software market is on the rise. By the end of 2021, its value is projected to reach $9.9 billion, registering a growth of 5.3% from the previous year. Moreover, by 2025, the industry is set to reach $30 billion. This growth is actually faster than that of the US economy in the past five years. More and more organizations have been or will purchase a platform to streamline their cycles.

What is currently your biggest payroll service delivery and processing challenge?

Manual processes23%

Accuracy and timing of inputs21%

Nonstandard/complex processes17%

Multiple, inconsistent, and/or decentralized systems15%

Vendor management/dissatisfaction with outsource provider11%

Source: Deloitte

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At this juncture, if you intend to avail of a payroll platform, you might as well choose one that will best serve your operations. After all, the payroll features of some applications come in the form of modules of bigger systems like human capital management software. And there are also some that act as dedicated payroll engines. Don’t fret; we covered this aspect in the list below.

1. QuickBooks Payroll

Quickbooks Pro dashboard

QuickBooks Payroll is one of the leading payroll software for payroll service providers and accountants for it has an easy-to-use interface that allows for unlimited payment schedules and 24-hour direct deposits. Its advanced tools make it easy for payroll service providers and accountants to attend to numerous client needs and requests.

QuickBooks Payroll has top of the line automation-ready tools that can track inventory, manage more than a thousand contractors, customize user permission, track income and expenses, maximize tax deductions, create invoices, and accept payments.  All its tools are one-click solutions that require no advanced technical skills from its users. Hence, payroll service providers and accountants can easily delegate tasks and still secure accurate and updated data.

Try out QuickBooks Payroll with their free trial

QuickBooks Payroll outshines all current software for payroll service providers and accountants with its monitoring tools. Its monitoring tools can handle multiple projects with easy-to-understand and clear periodical reports. All users can instantly see profitability data transposed with payroll costs.

Payroll software providers and accountants have the option to choose between a Self Service or Full Service payroll plan. QuickBooks Payroll is cost-efficient as pricing is scalable and based on the number of employees enrolled for payroll.

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