Top 10 Payroll Software You Need To Know

Payroll software is an application that carries, manages, and automates the employee’s payment process.

Payroll has a prominent role in any organisation regardless of its type and the company size. However, its accuracy needs to be at the point as it directly affects the employee’s dedication to work.

For example, imagine that the only source of income an employee has is the salary they get. If any inaccuracy and delay are made, then employee morale declines and ultimately affects business growth.

Employers are shifting from traditional methods to automation as it facilitates errorless and prompt processes.

Needless human efforts are brought down by automation, and the center of attention is kept on the core business activities.

Looking after payroll manually even in a small company can be time-consuming. Smart working is the present-day method of working over the hard-working, and technology is a helping hand for it.

Advantages Of Using Payroll Software

Let’s look at some of the tangible benefits a business can have with implementing payroll software:

Accuracy And Transparency

The risk of miscalculation becomes null as accuracy is the prime benefit it offers. Most software allows the employee to supervise and manage their information directly.

The salary calculations can be monitored, which keeps transparency between employee and employer and builds employee’s trust towards the organization.

Security

Security concern is one of the most worried points of several organizations, especially when it comes to India.

The risk percentage increases even more if the data is easily accessible to anyone on paper. Digital files are more secure in terms of privacy. Employees’ confidential data can be safeguarded with an encryption system in the software.

Law Compliance

The unlawful processes can be kept at bay. Payroll software tends to follow all the local and national legal provisions to certify a lawful complaint process.

It can be an all-in-one solution that includes provident fund, professional tax, ESI, IT return filing, Income tax adjustments, and labor welfare fund compliance. And will also keep you up to date on the new tax laws and forms.

Time-Saving

Time is money, and businesses need to value it the most. However, manually calculating the payroll of each employee is time-consuming.

Integrating software can drastically reduce the time as all you need to do is just put the employee details and payment structure. Then, the rest will be taken care of by the software itself and even make all the updates.

Cost-Effective

When it comes to cost, companies aim to reduce the unessential. Many companies still follow the traditional methods and hire multiple people, only handling the payroll processes.

The cost can be reduced here by replacing software with numerous people. For example, if a company has hired four persons, it can be eliminated to two as manual effects are reduced, thus reducing its cost.

Excellent Customer Support

It’s a long time since companies have realized that customers should be valued the most at any cost. As a result, software delivering companies have started offering  24/7 support for queries.

Training to use the software is provided on the purchase. Any issues and complexities faced can be resolved quickly without hampering the process.

List Of Top 10 Payroll Software

Here is the list of 10 payroll software in India. Each of them offers distinct features so that you can choose the most suitable one for your company’s needs.

Payroo

It is a cloud-based payroll solution used for 15 years. It offers a simple user intuitive-driven system that has been recognized by HMRC and has many happy users.

Enables quick payroll and Auto-enrollment needs securely and with the regulation of pension. Payroo’s payroll associates with all types of organizations regardless of its volume

Product features:

• Payroll and auto-enrollment at one place is an essential feature it provides. That makes the process less time-consuming and involves lesser expenses.
• Report generation is supported and provides all the data in CVS and XML files.
• It’s compatible and supports different platforms like Mac, Windows, Linux.
• Supports holiday calculations and leave administration.
• E-filling, auto deductions can also be made by the software.
• Multiple bank accounts of employees can be integrated.

PayUSA

PayUSA is a tailored and exemplary solution for simple to complex payroll functions. It is one of the leading HCM solutions.

Established in 1969 and severed numerous clients, around 40% of the nation’s competitors. It offers a reliable and confidential software experience. 

Product features:

• Efficiently manage employees’ attendance with a card swipe, mobile app, or remotely.
• It works on secured cloud-based servers that are accessible anywhere at any time.
• Employee self-service module is also available that gives employees the freedom to update their personal information.
• Supports multi-state, multi-location tax fillings.
• Training and performance history is recorded and tracks awards, assets.

factoHR

factoHR is a cloud-based platform that is uniquely crafted for an effortless salary process. Founded in 2016 and has an expanding customer base in 14 countries. 

It is consists of various features that cover all the components involved in salary calculations in a neatly organized manner.

It offers a comprehensive suite that simplifies all the tedious salary processes and helps you to focus on your core activities.

Product features:

• Salary operations and law full compliance by flash, It’s an all-in-one solution that includes provident fund, professional tax, ESI, IT return filing, Income tax adjustments,
• It generates payslips in multiple languages, making it homely for the employees from different states.
• Reconciliation of salary statements can be generated automatically, salary reconciliation of the bank statement with the cash book.
• The platform offers the integration of accounting software like Tally, Oracle to make automatic transactions and audit reporting.
• The software also offers to grant loans to the employees with an easy interface, including the management of advances, installments with their periodical pay.

CYMA

CYMA Software is designed for complex and volume payroll processing. It has been providing accounting and payroll solutions since 1980.

The customer base of CYMA is mostly the companies having 200+ employees. The payroll and accounting software is for windows.

Product features:

• The software supports thousands of payroll processes at a time.
• Includes multi-state payroll, a wide variety of taxes, and workers’ compensation categories.
• It is encrypted with social security numbers at the database level.
• The system ensures regular updates and corrects all the tax calculations accordingly.
• It also facilitates location tracking, unlimited deductions, and unlimited earnings types.
• Handles multiple GL segments with payroll cost distribution.

Paywell

Paywall payroll software is highly stable and sophisticated. The concept of its beginning was to develop a mainframe payroll machine that would be cheap enough.

And in 1999, Paywell was converted to run on windows. It is now an integrated payroll software that runs on MY SQL server database.

Product features:

• It has a flexible structure that can easily make any kind of payments whether in days, weeks, months, fortnight, and in wages and salaries.
• Generates a detailed audit report of all the data added, changed.
• Integrates multiple bank accounts and dual currency capability.
• Payroll calculations and decision making based on the logic of true Boolean (<,>,<>,=,<=,>=)
• Cost allocation based on hours and adoption overheads for managerial staff.

HR ONE

HR ONE payroll software is designed for small, medium to large-scale organizations. It also offers other modules like attendance and recruitment management.

It has seamless integration with the 15 financial platforms. They are designed uniquely with a three-dimensional check before the salary process.

Product features:

• Auto CTC calculations, you just need to fill in the basic details of the new employees.
• Department-wise paygroups can be created at different levels according to the structure of the organization.
• If any deviations have occurred automatically error list will be generated with the employee details.
• Three-dimensional report that can be viewed vertically, horizontally, and drill down.
• Auto reimbursements according to the credit cycle when employees upload bills.

Beehive

Beehive payroll software offers end-to-end automation. It provides 20+ modules to carry on the HR operations.

Can be deployed on cloud and hybrid model as per the companies needs. It comes with flexible options and wizard configurations.

Product features:

• Primary importance is given to data security and designed accordingly.
• It is flexible and API-ready that can connect with the system easily.
• The mobile app is also available, with all the features in the desktop version.
• The quick rollout of the timeframes and options to deploy are available.
• Grievance management is also supported with helpdesk functions.

HRMTHREAD

HRMTHREAD offers cutting-edge payroll management software suited for companies, CAs, and PF consultants. It is a web-based software that keeps your payroll process on track. It is built for large and small businesses.

Product features:

• Earnings and deductions are flexible to add and modify any no of salary components.
• Computes other components that are not shown in payslips but need to be calculated and recorded.
• Customized calculations and user-defined entry fields.
• Calculations of salary based on attendance and frequency of salary head.
• Various reimbursement modules like LTA, medical with customization are available.

EasyGST

EasyGST is cloud-based payroll software. The software can be directly connected with the accounting software. Therefore, it enables even the employee to use the software to keep the transparency in the organization.

Product features:

• Precise salary calculations with an attendance module that keeps records of the time and attendance of the employees.
• Automatic computation of taxes and can even be modified for specific employees if needed.
• Bills and receipts can be scanned from mobile and attached directly.
• Invoice can be generated, and a free software upgrade is available to enhance new functionalities.

Paychex

Paychex is one of the leading human capital management solution providers. It was incorporated in 1971 and has a vast client base worldwide. Used by small, medium, and large enterprises for simple to complex payroll processes.

Product features:

• It makes time-consuming and large calculations within minutes in just two clicks.
• Accurately calculates the tax and makes payments accordingly.
• Deductions and earnings can be customized, and a grid view of the data entry is available.
• Analytics and reports are also generated with the employee self-service portal to upload their personal information and view tax and salary structures.

To Conclude

In this continually evolving and competitive corporate world, automation is something that has become a basic need, but choosing it wisely is also an aspect to keep in mind, so choose wisely. Thus, standardized payroll software is the key to an accurate salary process.