PayrollSoftware is basically anapplication that is used by businesses of all sizes to manage, consolidate, andautomate the entire employee payment process. This software has the ability to track all payments and preserve all payment records. An effective payroll software typically allows the management to monitor time and attendance, tax information, and pay structure. A good quality payroll software integrates effortlessly into current company procedures. Payroll software is normally created by third-party human resources technology corporations to improve their operations.
360Quadrants has shortlisted someof the Best Payroll Software providers in the market. This study will surely enable buyers to knowmore about payroll software and make the most feasible choice based on theirrequirements. All the payroll software providers in this study have been compared against their products offered and business strategies and were positioned on a quadrant, which is updated every three months. 360Quadrants also provides a SWOT analysis and helps these software providers understand new opportunities and areas of improvement.
Payroll Software CompaniesQuadrant Positioning
360Quadrants hasassessed35software vendors that offer payroll Software, out of which30wereplaced on a quadrant under the categories: Visionary Leaders, Innovators, Dynamic Differentiators, and emerging Leaders.
ADP, Paylocity, Kronos Payroll Software,Paychex Flex, Paycom, Ceridian Dayforce, Workday HCM, QuickbooksDesktop Pro,Gusto Payroll, and UltiPro Payroll Software have been identified as Visionary Leaders in the Payroll Software market.
Zenefits Payroll Software, Perk Payroll,Opfin, and KPI Payroll Software have been recognized as the Innovators in thePayroll Software market.
TriNet, Cascade,Vista, PocketHCM, Paycor, Namely, RISE, and APS Payroll Solutionhave beenpositioned as the Emerging Companies in the Payroll Software market.
PAYBOOKS,Paycheck, WALLET HR, Payroll Manager, Justworks, PayDay!, Rippling, and PatriotPayrollhave been identified as Dynamic Differentiators in the Payroll Software market.
Top Vendors in the Payroll Software Marketinclude –
1.Paylocity – Paylocity is an HR software that offers payroll, workforcemanagement, human resource, talent management, benefits and engagements. Theirpayroll software features include –
· ExpenseManagement–With Paylocity expense feature, users can manage expenses of variousteam spending activities and requirements with no hassle of spreadsheets and calculators.
· TaxServices– Paylocity isa Registered Reporting Agent with the IRS.Organization taxes can be filed on time with no liability to the organization.
· Garnishment ManagedServices – The software offers wage garnishment services to ensure nohassle during the proceses
2.PaychexFlex – Paychex Flex offers payroll services for small andmid-size enterprises. Below are some of the features of their services –
· Quick Processing– The software providers users with an easy to use interface that allowsusers to process payroll quickly online.
· Minimizes Mistakes– The software offers built-in safeguards that ensure payroll iscalculated smoothly. It provides users with notification alerts on potential issues that might arise during the process or that are existing in the calculation.
· Employee Access– Employees can view all details of their payroll online thus resulting inminimum queries from their end.
3.UltiPro – UltiProprovides a cloud-based solution for managing the paymentcycles in an organization. The comprehensive software is designed to handle complex payroll with efficiency. The features of UltiPro are –
· Customization –The software allows users to customize their requirements to adapt and cater totheir business needs.
· One StopShop – The software stores all payroll information in one place to ensureno hassle during the payroll process.
· Tax Tool – Thesoftware offers a unique tax tool that automatically recommends the correctfederal, state, and local payroll tax based on where an employee lives and works.
4. GustoPayroll – Gusto is the all in one platform for human resource and payroll benefits.Features of Gusto Payroll include –
· Tax Support –Gusto payroll helps an organization to calculate and files their taxesautomatically reducing stress on the company during tax filing month.
· Benefits and TimeTracking–The software provides users with benefits and time monitoring andtracking for the team.
· EmployeeAccess –The software allows the employee to access the platform betweenpaydays.
5. Paycom – Paycom provides automation of processes with their singlesoftware enabling users to eliminate the frustration of manually entering data.It also offers integration of multiple systems. The main features of Paycom include –
· OnlinePayroll – Online payroll makes processing more flexible. It offers arepeatable, error-free process and provides a dedicated specialist for ongoing assistance and queries.
· Paycom Pay –Paycom Pay tracks all the data within one place and ensure that issuingpaychecks are done on time and accurately.
· ExpenseManagement–The expense management tool in Paycom allows employees to uploadphotos of receipts for reimbursement and many other features. All approved expenses automatically flow to payroll saving time in the calculations.
6. WorkdayHCM–Workday HCM offers services for small and mid-sized businesses. Thefeatures of their payroll management software include –
· Inter-DepartmentConnection – The software allows users to easily manage HR transactionsthat have an impact on payroll such as new compensation plans etc.
· TaxUpdates –The users can get tax and regulatory updates automatically viathe cloud.
· Speed –Itspeeds up year-end reporting and financial planning with always-current data.
Other PayrollSoftware’s include ADP, APS Payroll Solutions, Cascade, Ceridian Dayforce, Epay, HeartlandPayroll, Justworks, KPI, Kronos, Namely, Opfin, Patriot Payroll, Paybooks,Paycheck, Paycor, Payday, Paymate, Payroll Manager, Perk Payroll, Pocket HCM, PRIS, Rippling, Rise, SurePayroll, TriNet etc.
Advantages of having a Payroll Software
Payroll software makes the process of calculating payroll much easier. The organization,be it small or giant enterprises, must invest in a good payroll softwaredepending on their size. This will save the organization valuable time and they can also identify areas of improvement in expense management. It is also a very crucial factor that indirectly has an impact on employee satisfaction.
Some of themajor benefits of using a payroll software include – it minimum human errorsand is more reliable, it allows HR to track time and attendances, it saves a significant amount of time which leads to less employee stress during payroll cycle for both the employees and HR, it provides automation in multiple calculations such as deduction, adding of benefits, reimbursements, and overtime pay, it provides high accuracy and is cost-effective.
