Cost-Effective Payroll Software Options for Startups

It has now emerged as an issue at a global level, data security. It’s because start-ups desperately or hurriedly or to save cost, select any name displayed over Google as their payroll software and it’s been suggested as the top area for improvement for payroll over the next two to three years (38%). Data security is a major concern and one of the primary factors for this is the incompetent software selection. Many of the start-ups tend to make this mistake which makes them stand still when data breach occurs.

While we surveyed, we also found that bookkeeping, payroll processing, and time tracking are the top 3 tasks SMBs want to get rid of. A report also says that 71% of small business or start-up owners are now actively looking for professional assistance with their financial and administrative complex tasks. More than two-fifths (41%) of the start-ups or small business owners say that security concerns are the foremost barrier while they plan to implement payroll software. This sounds a bit bizarre because most payroll software promise their systems to be equipped with complex security.

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Every business aims for high accuracy in calculations, reduced human error, time and attendance monitoring, compliance management, seamless integration with HR systems, reporting and analytics features, which directly improves employee satisfaction and minimizes payroll processing time via automation. But how could you trust someone with the utmost crucial data of your employees and of your accounts, remains a question specifically for start-ups, this guide will get answers to your questions.

Key Features Of Payroll Softwares To Consider

You might have come across multiple options for Payroll softwares but to choose one for your accounting & compliance needs, you must count-in some crucial features and then decide, understand below;

High Security Standards

Checking and verifying the security standards and levels of a payroll software can’t be ignored.

Whether you are selecting a payroll software accessed and used via the cloud or run on-premises, payroll security is a must to safeguard your IP.

Integrations

Payroll software integrations with your organisation’s features and softwares will truly make it an automation software. Automating of the payroll steps starting from calculating employee wages, issuing bulk payments will only take off the lad from the manual team. The payroll software must be highly adaptive to local workforce management tools, like time and attendance management to ensure that the human effort is only limited to tap open the app only.

Customer Support

Any such automation like Payroll is always attached with various aspects and no organisation can afford to address every of them. While your employees scroll through to know their leave balance, company policies, attendance and downloading payslips, there must be someone from the service provider itself to guide on any complexities and assist with solutions upfront for simple and seamless operations.

Access To Data And Features

Putting payroll on complete automation is conceived with a simple idea to organize employees and payrolls efficiently. The payroll software which you select if is not easy to maneuver and UI is complexed then the whole agenda to adopt it could fail. An ideal payroll software must be well featured with an intuitively-structured dashboard offering multiple functions for viewing, analyzing and extracting a range of data quickly and easily.

Compliance Support

One of the crucial factors to be taken care of diligently and you must make sure that the payroll system you are paying for is helping your businesses be in compliance to the statutory rules with the local payroll. Timely and updation and implementation of the latest legal regulations related to tax laws and payroll regulations, notifying admin filing important payroll reports, and maintaining reports for the same.

Best Cost-effective Payroll Softwares For Start-ups

Understand your needs and read through the top cost-effective options listed below;

SME Payroll

A Multi-Award Winning & AI-enabled HR & Payroll Platform Empowering HR in Singapore. All-in-one, easy-to-use AI-enabled HRMS Platform Empowering HR offering total automated solutions with various pre-approved grants PSG, Tech-And-GO, Digi-TAC. Trusted by over 100,000+ Users in Singapore.

Key Features

• Full-Service Payroll: SME automates payroll processing, including IRAS, IR8A and other tax filings, direct deposits along with simple options for customisation.
• Employee Benefits, Compliance Management, Employee Self-Service, Integration Options, Employee, Leaves, Claim, Payroll, Appraisal, Timesheet, Schedule, Announcements, Reminders & Alerts, Workflow

Best For

Small to large-sized businesses, which needs a simple yet efficient payroll and HR solution with easy-to-use features and 24*7 support.

Gusto

‍‍Gusto is another comprehensive payroll software service provider that provides payroll processing, benefits and compliance management. It mainly suits small to medium-sized businesses looking for an all-in-one solution.

Key Features

• Full-Service Payroll: Gusto automates payroll processing, including tax filings, direct deposits.
• Employee Benefits, Compliance Management, Employee Self-Service, Integration Options.

Best For

Small to medium-sized businesses seeking a comprehensive payroll and HR solution with simple features and support.

QuickBooks Payroll

QuickBooks Payroll is a known payroll processing software that easily integrates with local accounting software which makes it ideal for businesses which have already integrated QuickBooks for their accounting needs.

Key Features

• Seamless Integration: Directly integrates with QuickBooks online for one stop payroll and accounting management.
• Automated Payroll, Tax Penalty Protection, Employee Portal, Customizable Payroll Reports

Best For

Businesses of all small-medium sizes that are already using QuickBooks for accounting and need to streamline payroll processing.

ADP Workforce Now

ADP Workforce Now is another cloud-based HR and payroll solution curated for medium to large businesses. It contains a set of simple tools for managing payroll, HR, benefits, and compliance.

Key Features

• Comprehensive Payroll Services: Automates payroll processing which includes tax filing and compliance management.
• HR Management, Benefits Administration, Compliance Monitoring, Customizable Dashboards

Best For

Medium to large businesses that require their load of complex accounting operations to be handled easily.

Paychex Flex

‍Paychex Flex provides comprehensive payroll and HR management solutions for businesses of all almost medium sizes. The platform is mainly popular for its flexibility and a set of features, which are easy to operate and intuitive.

Key Features

• Flexible Payroll Processing: Paychex Flex gives options for customization, payroll processing options which include direct deposit, paper checks, and paycards.
• HR Management Tools, Tax Services, Employee Benefits, Mobile Access

Best For

Businesses of medium sizes, seeking for a flexible payroll and HR management solution with varying features.

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Why Select SME Payroll Software?

SME is a multi-Award-Winning HR & Payroll Software Solution in Singapore. SMEPAYROLL core platform has been built with Scalability- Integrity -Security which makes it a one stop and complete HRMS system for all your company’s needs. An Intuitive, feature-rich, affordable HR & Payroll platform containing features like Payroll, Performance Appraisal, Statutory Compliance, Recruitment, Timesheet, Scheduler, Leave, Claims, Onboarding, Talent Management, Mobile Apps & Chatbots. Understand SME payroll key features explained below;

Enabling HR with tools

The most secure Cloud based HR Software platform which helps you bring people together. With a shared company calendar, everyone in your company will always be up to date on events, holidays, and company announcements. Company information, and an employee directory are also made accessible to your team at any time, along with secured access to personal details, SME Payroll payslips, benefits allowance, leave and expense claim requests.

Empowering Integrations

Powers up your workflow with integrations by offering a wide range of applications and services from third-party integrations to extend in one HR software Singapore platform. Enables any organisation to simply add the evolving HRMS with XERO, QuickBooks, Google Calendar, Disprz, Actatek, Synergita, Avvanz

Up to 50% funding

It’s correct, and exclusive too. SMEPAYROLL is an IMDA-approved HRIS system, HR & payroll software provider for the Singapore PSG Grant. Which only in the market offers upfront 50% funding and many other benefits and discounts.

SMEPAYROLL Mobile App

It’s no more about computers now when you can experience the convenience of accessing HR services on the go. The ultimate easy and intuitive app comes with Geo-location & Geo-fencing attendance, People Directory, Leave, Claim, Pay slip, Company policy, Incident Reporting, Schedule, etc.

Conclusion

Putting some complex and repetitive tasks of your business administration on automation is going to get you faster results, accuracy and growth. The question is, how you proceed with your needs and if you get insights and form data driven decisions you would probably understand with deeper details on how you should form a strategy in order to get the things done. This is not something which is required in this case of selecting the best payroll software for your start-up, this goes right with every strategic move for your anticipations to get materialized as desired. Before you rely on any payroll software, talk to them and understand how they would handle your data and know the type and level of security they have integrated.