Starting a new business and hiring employees come with its own responsibilities and headache. Corresponding employee hours, calculating and cutting paychecks are some of the many commitments that business owners have to make when starting a new business. Calculating payroll taxes and ensuring obedience to the state and federal rules and regulations are needed to be taken care of carefully. If there are any errors or mistakes in meeting these requirements it can lead to penalties and lawsuits.
Another option that is working great for employers is switching to a cloud based payroll software which can take over all the manual payroll work without any error.
Luckily, there are numerous HR and Payroll software for small business that make all the hassle a bit smoother. Over the past few years, the market for these HRIS and payroll software has grown exponentially. They assist the business owners in managing people, keeping all the information in order, and automating manual tasks. HR software is a great way for business owners and managers to save labor time and it helps the HR force through automation. It also assists HR operations to allow for better planning, decision making, and budget management.
What are the benefits of HR and payroll software?
Using HR software can make overwhelming tasks feel easy and uncomplicated. HRIS and payroll software come with their set of benefits and advantages. Some of those are listed below:-
● It significantly improves HR team efficiency: After the implementation, induction, and launch phase, the efficiency and productivity of the HR team improve remarkably. Tasks that are repetitive and admin-intensive like running after managers to complete annual reviews or probation can be computerized and automated. Other tasks like accepting and approving holidays or clearing absences can be assigned to managers through self-service functionality.
● It helps in preserving funds and resources: Implementation of HRIS software has one-time setup fees and if the business uses cloud-based services, there might be annual subscription costs. But other than that, in the long run, the software increases data accuracy which in turn reduces costly errors.
● It increases regulatory compliance: Keeping every employee’s data and others related in one place makes it easier to keep the rules and regulations in check and make sure that the compliance requirements are being met. With HRIS software, managers can automate reminders to be sent to employees when action needs to be taken. HR solutions play a significant role in areas like GDPR compliance, right-to-work checks, and health and safety training compliance. HR solutions can also help employees to check and report on gender pay gap instances.
● It promotes improved decision making: Using differing sources or unrefined HR systems to store employee’s data causes an inability to accurately and automatically report management metrics. With the help of good HR software, managers can analyze and report on the data that matter the most. This further enables business owners, managers, and senior stakeholders to make more cogent and timely decisions.
HRIS software promotes cost-effective planning and management and control over its assets.
The best HRIS software on the market
With a market as vast and ever-growing as HRIS and payroll software, it can be difficult to select a software that is suitable for the company and has a cost-effective price range. However, there are a bunch of payroll software that prove themselves to be some of the best in the market while also being cost-effective and affordable:-
● Uzio: Uzio is the overall best payroll software on the market. It is an HRIS program that is capable of automating end-to-end HR processes. With a fully integrated and enterprise-ready system, you can easily and effectively collect, process, distribute, store, and classify information. With features like 401k management, Uzio is one of the best payroll software out there. It’s also extremely affordable, charging only $3.50 per month per user.
● Gusto: Gusto is widely regarded as one of the better payroll software on the market. With easy functionality and automatic tax filing available readily, Gusto is a more than viable option for businesses to take up. Gusto also has a 1-month free trial before you have to buy the full version for $19.99 per month, giving you enough time to see if the software is suitable for your company’s needs.
● SurePayroll: SurePayroll is almost identical to Gusto, with the same pricing and a 1-month free trial before buying the full version. It is also the best payroll software for contract work on the market. However, SurePayroll doesn’t provide automatic tax filing, making it not as viable as Gusto.
● Wagepoint: Wagepoint is the most user-friendly payroll software on the market. It is friendly, easy to use, and provides simple payroll help. It costs $20.00 per month, making it one of the more affordable options on the market.
HRIS and payroll software can be of great help to small businesses in managing and storing data. With all the data stored in one place in a sophisticated manner, HRIS and payroll software can ease the hassle of starting and managing a small business.