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Know all about payroll software for small businesses

April 30, 2020

Know all about payroll software for small businesses

The payroll software market is a vast ocean to navigate through and get to one’s destination. There are dispensations that meet the bare bone essentials to highly complicated that look after not only the employee payroll but also EPR and HR functions. A company employing less than 50 persons is categorized as small and 50 to 1,000 is considered as medium and anything above 1,000 is big. The requirements of payroll software are different for each group. The selection of a payroll software depends on the businesses and their ambition to grow. One that wants to grow would be well advised to go for software that is capable of being upgraded to the increased needs as the company grows.

The accounts payable software for small business are packages that are required by those who are setting up a business and their requirements are just to pay salaries and comply with the statutory requirements of taxes and employee benefits. The software needs to calculate the various tax burdens and not go as far as paying them. Another consumer segment for this type is online platforms and small enterprises who serve a group of small businesses who outsource their payroll work which includes making other statutory statements like taxes. Employee payroll software also falls into this category. These are ideal for those self-employed or the under employed or other groups who make just the payroll for small establishments. Depending on the requirements, the payroll process involves computing the salaries, their savings under 402k and outside of it, and directly depositing the salaries directly into the bank account of the individual employee.

One of the well-known packages is Intuit Payroll base model. Employee payroll software calculates the payroll and taxes but stops short of paying them instantly, and they have higher level packages also. Most of these are given on a monthly retainer and there is a small additional charge per employee per month. QuickBooks Online Payroll is a popular online payroll software solution. It is used for inventory management, generating invoices and the like besides making payrolls. OnPay meets the bare payroll necessities. It is very popular among small businesses.

 

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