Employee payments can get complicated if not properly managed, but it’s part and parcel of any business. No matter what a company does, how much profit or loss it incurs, it has to keep paying its workforce, both timely and accurately.
Not long before, things were manual and laborious. But since the advent of the IT age, digital payroll management solutions have gotten cheaper and more accessible with their intuitive features and lucid interface. It has stimulated a competitive environment in the employee payment software space, with each vendor looking to make the most significant piece of the pie.
If you like stats, here’s one for you. The global human resource software market by value is on its way to reaching USD 9.2 billion by as soon as 2024, albeit the payroll component representing a fraction of this growth value.
In most cases, payroll tools are baked into a popular human capital management suite, but there exist standalone solutions too.
HR guys are often searching for the best payroll management solution in the market, but that search can be cumbersome given the plethora of new and established players in the market.
Here are the top 8 tools for handling employee payments productively.
Best Tools to Manage Employee Payments
Gusto is a well-known payment software suite that helps manage online payroll and health benefits, and workers’ compensation in one innovative software package. Besides, it helps with the taxes too.
So what exactly differentiates Gusto from the competition? As it turns out, it’s the small things – pay stubs with personal notes or the charitable, philanthropic feature wherein employees can directly contribute to NGOs from their salaries. Gusto also automates the initiation of conflict resolutions related to payroll if and when they arise.
It is available both on the web and through mobile apps, in which employees can log in to their pay stubs.
Patriot Software mainly targets small business payroll. Patriot offers both accounting and payroll, which happens to be their USP. Thus users would be able to manage all of their financials from one single suite. In contrast with other payment solution vendors on the market, their payroll service is relatively more affordable.
Patriot Software is easy to use, especially the full-service version. Working hours, wages are to be entered, and then the payroll is to be approved. One can even print the paychecks through this software suite.
One downside is the lack of a mobile app, although that may change in the future.
Quickbooks is one of the best accounting solutions available thanks to robust features and a loyal international customer base.
Quickbooks Payroll Core is the component that is responsible for employee payments. It is relatively easy to use, with automatic payroll management, health benefits, and workers’ compensation.
Payroll Professional, Payroll Premium, and Payroll Elite are the three types of subscriptions available, and they are differentiated based on the features on offer.
Wagepoint is a payroll management solution explicitly tailored to the needs of small businesses. Curiously, it’s a cost-effective solution. For comparison, it is than Gusto and similar to Patriot Software.
Taxation, online pay stubs, employee welfare funds – Wagepoint can handle anything you throw at it. Wagepoint is definitely worth the money if an efficient, functional, and user-friendly software is desired.
It is worth noting that Wagepoint lacks some of the advanced features like built-in time tracking and administrative functionalities. But it is understandable given that it is among the few standalone payroll automation software which is not part of a larger HCM package – it does exactly what it is supposed to.
Ultipro is one of the most renowned HCM software suites around, with every single HRM component built-in by default. It is an HR Manager’s dream (provided his/her company has the suite’s budget).
Payroll management is one of the suite’s core components, including administration, event management, time-tracking, attendance, etc. The payment component is as complete as expected with every box ticked, be it wage management, bonuses, taxation, employee welfare funds, and the like.
In addition to these, it has the goodness of predictive analysis of employees and business intelligence baked in, proving useful tools for decision making.
Check out this Ultipro Login guide.
Zenefits is another full-fledged HRM software solution, including payroll, as an essential feature. Unlike Wagepoint, it is not a standalone tool.
Zenefits has the usual features of new hire onboarding, direct deposits, dynamic pay stubs, automatic tax filing, payroll reporting, etc.
The pricing is broken into plans, just like Quickbooks, to facilitate easy selection as per individual requirement.
ADP is one of the oldest and most reliable solution providers for payroll management and HCM. Be it BPO, talent acquisition, and hiring or payroll management – ADP does it all irrespective of the business size.
ADP’s payroll services have been designed to assist businesses in managing cash flow and tax compliance through a secured online portal. Employees can access all of their payment information on any device by logging into their accounts.
We have a dedicated employee payment software suite in Paychex to wind up the list. However, unlike Wagepoint, it offers added benefits of administration and some more features in the Enterprise Edition.
Paychex is mainly targeted towards small businesses, but even large-scale companies can deploy it. Paychex Flex is the cloud-only version of their payroll suite, allowing company accountants and HR people to remotely upload payment data, employee welfare, and taxation related information.
It also features employee-specific customized reports made by payroll experts.
These were some of the best tools available for employee payments management. Check out each and choose the one which meets and greets your requirements.