Payroll software represents a company’s total expenses associated with compensating employees. Payroll is the amount of money that a company pays to its employees. Payroll refers to all financial records of salaries for an employee, wages, bonuses, and deductions in a given period.
Payroll taxes include Social Security tax and Medicare tax.
Payroll taxes are taxes that employers withhold from employees’ paychecks and include Social Security tax and Medicare tax.
What is the best payroll software?
Payroll Software is essentially a set of programs that you can use to aid your payroll management process. This software was created to quickly and accurately calculate the salary of employees based on the number of hours they’ve worked and their wage rate. The software automatically calculates all the deductions such as taxes, medical insurance, etc. It also generates the payslips for employees.
You can use payroll software in India to help you with your tax returns, manage leaves, loans, and advances taken by employees, generate reports on overtime pay, monitor incentive wages, etc.
Payroll software in India
- Paybooks: Paybooks is a modern and comprehensive Cloud-based HR & payroll management solution. It comes with many features, including attendance management, leave management, tax deduction at source (TDS), employee self-service, salary processing, and financial accounting.
- PayPack: PayPack is an easy-to-use Cloud-based payroll solution for small businesses that can also be used by large enterprises for salary processing. It supports multiple pay bands and grade structures and also provides automation of reimbursements and arrears calculation.
- Zoho People: Zoho People is a cloud-based human resource management software that allows you to maintain your employee database along with planning their attendance, leaves, and appraisal cycles. The software offers seamless integration with Zoho’s other business applications such as Zoho Books (accounting) or Zoho Recruit (recruitment).
- Orange HRM: OrangeHRM is an easy-to-use open-source software with powerful HRMS capabilities that can help streamline your entire HR operations. It has three versions: Open Source version released under GNU license; Enterprise edition released under Proprietary license; Professional edition released under a subscription-based proprietary license.
- Greyt HR: GreytHR is one of the most popular payroll solutions in India that offers automated payroll calculations, tax deductions at source (TDS), labor compliance reports, and other useful features for managing employees’ salaries efficiently
Top 10 Best Payroll Software for Small Business
Now that we’ve covered the benefits of using a payroll software program, let’s take a look at some of the best payroll software solutions available.
- Zoho People: With this payroll management solution, you can track employee work hours and generate paychecks. Plus, it offers unlimited reporting to help you prepare for audits.
- Factorial: Another top-rated HR platform, Factorial allows for easy organization and management of employee data. It also includes an employee self-service portal so your employees can help you manage their data. A free version is available for up to five users or less than 15 employees—perfect for small businesses on a shoestring budget.
- Payroll4Free.com: This web-based app helps calculate federal withholding taxes and generates electronic pay stubs. Plus, it’s 100% free!
- Payroll Mate: This affordable solution lets you generate W2 forms, quarterly and year-end tax forms, direct deposit reports, and more—all with just one click! The basic package starts at just $99 per year for up to 10 employees (plus an additional $24 annually per employee). Affordable upgrades are available as well if your company grows.
Know more about payroll management systems
- Payroll management systems: The payroll department of most modern-day organizations use a software solution to manage their payroll. This practice is known as a payroll processing system. The software solutions used by the organizations are known as payroll software.
- Payroll software in India: In India, there are many popular HR and payroll software products available in the market. While some of them have been built by Indian companies, others have been built by foreign companies that have set up offices in India to cater to the Indian market.
- Payroll software for small businesses: Many small business owners don’t want to buy expensive HR & payroll software for their organization as they’re just starting and don’t currently need all the bells and whistles offered by the most comprehensive HR & payroll solutions on the market today. Besides, buying an expensive product makes sense when you know that you’re likely going to be using it for many years down the line (and reaping benefits from it). But why buy an expensive product when you aren’t sure how long your business will continue?