How to Conduct a Payroll Software Comparison

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payroll software

You’re probably wondering where to begin if you’re moving payroll providers or selecting payroll software for the first time. As any Google search will show, there are a plethora of alternatives available, as well as plenty of information to go through. What is the best approach to going through all of the statistics, reviews, and product descriptions? A comprehensive payroll comparison.

A payroll software comparison is the simplest method to examine how each supplier compares to each other in terms of your “critical necessity” and “good to have”. Every company has its unique set of payroll needs, and doing some prior research will ensure that you choose payroll software that is a perfect fit.

We’ll cover everything you need to know to narrow down your list of alternatives and conduct your own payroll software comparison to help you pick the best payroll software list for your business.

  • The Fundamentals

To do a payroll software comparison, you must first compile a list of software suppliers that you are interested in. When selecting these suppliers, make sure they handle the fundamental payroll operations.

Payroll software should, at the absolute least, make the process of conducting payroll faster and easier. This implies that your new payroll software should automate as many payroll calculations as possible in order to save you time on manual calculations and data entry. In other words, your payroll software should handle the heavy work, and the figures it produces should always be correct.

Payroll software should not only handle the calculations for you, but it should also keep you compliant. When it comes to payroll, compliance simply means adhering to all of the government and regulatory bodies’ payroll laws and regulations. Payroll software solutions should be up to date on the newest rules and regulations, so you don’t have to worry about keeping up with the changing legislation.

  • Important Considerations

After ensuring that the payroll software you’re considering covers the fundamentals, it’s time to compare payroll software. This is an important step because there is no one-size-fits-all solution for small business payroll. A payroll software comparison can help you zero in on the aspects that are most important to you and identify the best option for your unique business requirements.

When evaluating various payroll software choices, keep the following questions and concerns in mind:

  • Software Type

Do you want desktop software that is connected to a single machine or a cloud-based solution that can be accessed remotely?

Whether you use a cloud payroll or not is frequently determined by your work schedule and location. If you’re frequently on the road, you’ll want payroll software that allows you to conduct payroll from anywhere.

  • Utilisation Ease

If you’re new to payroll, you’ll need a system that’s straightforward and intuitive enough for newcomers to use on their own. If, on the other hand, you’re well-versed in the usage of payroll software, you might choose a more sophisticated platform that can be tailored to your needs.

  • Requirements for Specific Services 

Do you require WCB/WSIB, off-cycle payroll, contractor payments, wage garnishment, HR administration, or other services?

Every firm is different, so consider what must-have tasks you require in addition to basic payroll. In some circumstances, you may wish to consider payroll services such as HR and time monitoring.

  • Remittances

Some payroll software only computes your payroll taxes, leaving you to handle the transfers on your own. If you don’t want to be directly responsible for submitting your remittances, you’ll want to seek a service that automatically remits payroll taxes to the relevant authorities. If the supplier does automatically remit payroll taxes, find out if there is a fee for this service.

  • Price charged 

Will you be charged a price each time payroll is performed or is the monthly rate included in limitless pay runs? Are there any additional expenses for customer service or other features like single-touch payroll?

Because each service has its unique pricing plan, it’s critical to understand what you’re paying for. You should consider not only how much payroll will cost you on a monthly basis, but also how much you will spend for one-time fees such as setup.

  • Payroll Periodicity

Check that the software you chose can handle how frequently you wish to pay your staff. You should also question whether changing the frequency of payroll would affect the cost of utilising the programme.

  • Customer Service

Payroll is a time-sensitive activity, and you’ll need to be able to contact assistance as soon as an issue arises. This entails considering a company’s assistance hours and if those hours are suitable for your time zone. It’s also a good idea to enquire about the cost of assistance, as some companies charge for customer service.

  • Software Safety

How does the supplier safeguard the information of your employees? Is their info encrypted? What about PIPEDA adherence?

No matter what industry you’re in, keeping your data safe and secure should be a top priority. Inquire about where your data is stored and what safeguards are in place to keep it safe.

Every business is different, and you may have certain requirements that are not covered by this list. Similarly, if you’re an accountant or bookkeeper who handles payroll for your customers, you may need to consider your clients’ individual payroll needs.

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