One critical function that’s common for enterprises across the globe is payroll management. Regardless of the size and structure of the enterprise, a smooth payroll management system plays a pivotal role in the organization’s operations. Enterprises with inefficient payroll management systems risk hampering organizational productivity due to unsatisfactory employee experience, and more manual workload on the HR department – leading to more possibilities of error. Different kinds of enterprises have various payroll and HR management systems in place. This depends on the size of the enterprise, their industry, the number of employees they have in their workforce, the statutory compliances they need to adhere to, and much more. All of these factors make it imperative to have payroll software for enterprise that provides a comprehensive solution to all your payroll management needs while streamlining your payroll processes.
The corporate world is evolving rapidly, making it imperative for all the processes to be fast and efficient. Departments such as HR and admin must ensure that their tasks won’t hamper organizational efficiency. That’s where Payroll and online Human Resources Management solutions come into the picture. They ease, automate, and take a lot of manual work off your plate so that everyone in the organization can channel their time and energy toward achieving their primary objectives.
Payroll software for enterprises calculates salaries, taxes, and other deductions. These software are designed to reduce reliance on paper and manual work, simultaneously boosting productivity within the organization. The software is also fast, easy to use, and cost-effective.
What is payroll software for enterprises?
Payroll software for enterprises is a cloud-based system that provides a comprehensive solution for employee payment management and automation. Payroll software is designed to help enterprises comply with financial regulations and tax laws by efficiently managing payroll processes. This helps the HR department to swiftly manage everyday tasks, helping them focus on important business tasks.
What payroll challenges are faced by enterprises?
Now that you know a few things about payroll software for enterprise. Let’s discuss a few challenges faced by organizations when it comes to payroll management and processing.
1. Compliance and regulations:
In times when labor laws and regulations are continually evolving, it’s tough to run a business smoothly. One of the biggest challenges employers face today is staying compliant with these laws.
Making compliance mistakes in payroll processing is not an option; it is something that many businesses struggle with because the requirements are constantly changing. Failure to achieve compliance standards results in considerable costs for the organization in the form of severe fines and penalties.
All of this makes it extremely difficult for the HR department to stay on their toes at all times, particularly for manual procedures. A minor error can have far-reaching consequences for the entire business.
2. Remote work management:
The world just went through a couple of years that changed the way we work and live. It happened during the worldwide lockdown due to the COVID-19 pandemic. People started working from home, and remote working became the norm. It was a transition that no one ever saw coming, or nor did they believe remote working could be effective.
It changed the way many departments worked, however the most change was seen in the HR department. Because managing a large number of employees working from different places, monitoring and maintaining their attendance, working hours, compensation, coordination, etc. became an almost impossible task. Processes such as onboarding and offboarding also became a challenge because of the amount of paperwork and meetings these things took.
In times like these, it became critical for enterprises to have a system in place that automates these tasks and reduces the burden of the HR department. That’s where attendance and payroll software for enterprises came into action. Ever since then, these payroll software have become an integral cog in an organization’s HR system.
3. Limitations of traditional HR methods:
Calculating working hours manually often results in errors that need a lot of time and effort to rectify. Furthermore, relying heavily on physical files and documents also increases the risk of them being misplaced or lost. Even though many businesses have been using spreadsheet-based payroll systems, they still encounter numerous challenges that continue to be unresolved.
Which are the top 20 payroll software for enterprises in 2024?
1. Paycor
Paycor is one of the best payroll software for enterprises available right now as well as one of the most scalable. Its self-serve portal is designed to reduce the HR department’s workload by offering employees more autonomy. In general, most software does not have an option for on-demand payment; however, Paycor does, giving the software a modest edge.
Top Features
| Attendance Management | Compliance Management | Benefits Management | Data Security | Arrears Calculation |
2. Deel
Deel is known for being a flexible and time-saving software that streamlines operations to make payroll procedures easier. Its well-designed interface is compatible with all sizes of enterprises, and it eliminates payroll mistakes, inaccurate reporting, and the need for multiple tools. The software easily integrates into your enterprise’s operations. subsequently supporting your business in areas like compliance, filings, and tax deductions.
Top Features
| Performance Appraisal | Time & Attendance Management | Compliance Management | Billing & Invoicing | Document Management |
3. Rippling
Whether local or global, Rippling makes your payroll processes efficient and hassle-free. regardless of whether your staff is remote or multinational, Rippling simplifies payments by enabling payments in local currency without wasting time on transfers and conversions. Furthermore, it can automate almost every payroll process by customizing its workflows based on the needs of your organization, making it one of the best payroll software for enterprises.
Top Features
| Benefits Management | Expense Management | Leave Management | Self Service Portal | Employee Lifecycle Management |
4. Paychex
Paychex is an easy-to-use payroll software that provides full payroll services to businesses of various sizes. It offers a variety of packages, allowing you to select the one that best meets the demands of your organization. The software automates tax preparation, filing, and payment. This not only saves you time but also eliminates the potential for costly errors.
Top Features
| Employee Self-service | Analytics and Reporting | Tax Calculation | Manage Employee Access | Comprehensive Dashboard |
5. UKG
Designed and developed to serve Startups, SMEs, as well as large Enterprises. It provides end-to-end solutions to organizations when it comes to overtime calculation, calendar management, time and leave tracking, salaries and payments, and so on. Taking a huge load off the HR department’s shoulders, allowing them to focus on other vital activities.
Top Features
| Automated Time & Attendance | Proactive Recommendations | Compliance Maintenance | Tax Calculation | User-friendly |
6. Workday
The software goes beyond transactions, it is designed to transform businesses by maximizing efficiency and minimizing manual work and errors. Workday also offers a dedicated team that is hands-on with all of the laws and regulations to ensure that your company is constantly compliant, saving you from hefty fines. The advanced nature of the software allows you to keep track of your ledger in real-time, ensuring that you are aware of everything that is going on with your business at any given time. It simplifies your lives and improves your overall experience.
Top Features
| Compensation Management | Benefit Administration | Time Tracking | Employee Self-service | Reporting & Analytics |
7. Keka
Keka is one of the top payroll software for enterprises in India since it is simple to use. The software can be used from both your office as well as remote locations. The software allows users to easily release payslips in both digital and SMS formats. Keka’s goal is to simplify HR and payroll management so that everyone can use it easily and efficiently.
Top Features
| Appraisal Management | Vacation/Leave Tracking | Timesheet Management | Taxation & Compliance | Expense Management |
8. greytHR
greytHR is one of the best payroll software for enterprises in India. The productivity tools offered by greytHR are designed to make HR and Payroll management easier, simpler, and more efficient. It also has a portal for employee self-service, improving employee engagement while saving a lot of time for both the employee as well as the HR department.
Top Features
| Data Security | Employee Lifecycle Management | Time & Attendance Management | PF/ESIS Calculation | Statutory Compliance Management |
9. Gusto
With more than 1,00,000 businesses already using Gusto for purposes such as payroll management and HR management, it is one of the fastest-growing software. Because it lets you get unlimited payroll without charging extra. Furthermore, the automated payroll tax payment is a cherry on the cake while their customer support makes sure that the clients don’t face any hardship at any point. The software makes payroll management easy and efficient.
Top Features
| Attendance Management | Back Office Assistance | Taxation Management | Benefits Administration | Data Security |
10. Pocket HRMS
Pocket HRMS is definitely, one of the best payroll software for enterprises in the market right now, it was also named the best HRMS software at the 29th edition of the World HRD Congress. The software is user-friendly and takes care of your payroll tasks. It’s a cloud-based one-stop solution for any HR department because of its extensive list of features and offerings. Not only that, it comes with an AI-enabled chatbot that assists your HR.
Top Features
| Appraisal Management | Arrears Calculation | PF/ESIS Calculation | Time & Attendance Management | Mobile Support |
11. TriNet
TriNet is a software that helps you shift your focus on revenue-generating tasks because it takes care of all your payroll and HR-related jobs with ease. The software is developed to deliver a fully automated integration into your system. Saving your time, money, and effort on tasks that can be taken care of with ease. Trinet keeps your earnings, deductions, and taxes up-to-date.
Top Features
| Customized Benefits | Analytics | Attendance & Time Management | Compliance Management | User-friendly Interface |
12. Papaya Global
This payroll software for enterprises is power-packed with a wide range of tools that automate processes that help organizations worldwide payroll and payments. Papaya Global is designed to help your organization become more flexible and adaptable. The main objective of the software is to improve operations and employee experience while innovating your organization’s payroll process by creating a smooth passage in your HRIS data.
Top Features
| Benefits Management | Multi-national | Vacation/Leave Tracking | Document Management | Reporting & Analytics |
13. Razorpay
Razorpay’s payroll software helps you tally payroll and automatizes TDS, PF, PT filings, and much more. It’s an employee-friendly software that gives employees access to their payslips and lets them declare tax as well. All in all, it’s not only great software for your HR department but also for your employees, simplifying their lives so that everyone can focus on more important tasks.
Top Features
| Statutory Compliances | Arrears Calculation | Document Management | Time & Attendance Management | Employee Self-Service Management |
14. ADP Workforce
It’s a fully-featured software designed to assist SMEs and agencies, providing enterprises with end-to-end payroll solutions. ADP Workforce software offers features such as compensation management, employee life cycle management, labor planning, skills tracking, and much more all in one place.
Top Features
| Compensation Management | Time & Attendance Management | Scheduling | Performance Appraisal Management | Employee Lifecycle Management |
15. Paycom
Paycom automates your enterprise’s payroll processes, it’s an online payroll management system. Designed to seamlessly integrate with your accounting software, it manages expenses, deductions, salaries, and incentives.
Top Features
| Appraisal Management | Attendance management | Benefits Administration | Document Management | Employee Self-service Management |
16. Namely
Namely is a smart and streamlined payroll software for enterprises. It’s an exceptionally easy solution that handles all of your payroll needs with ease. It also provides many benefits and features that make it easier to understand the cost of benefits offered by the employer.
Furthermore, their team responds quickly to any challenges and ideas provided by their consumers, guaranteeing that the service you receive is always of the best quality.
Top Features
| Back Office Assistance | Benefits Management | Document Management | Employee Data Base | MIS Reports |
17. Sage
Sage is an affordable, accessible, and seamless payroll software for businesses of all shapes and sizes. Compared to other payroll solutions that are too slow and complex, It is a user-friendly software that’s not just fast but also easy to use for everyone.
Top Features
| Online Assistance | Leave Management | Legislative and Payroll Reporting | Tax Calculation | Statutory Compliance |
18. Darwinbox
Darwinbox is one of the most user-friendly payroll software for enterprises. The software is designed in such a way that it’s easy to navigate even for new employees. Furthermore, all the features of the software are just a click away from you, making it a seamless experience. It also stores your employee’s data in one place, making it easier for you to access all the information you need at any given time.
Top Features
| Mobile Support | Multi-Company | Multiple Pay Schedules | Data Management | User-friendly Interface |
19. BambooHR
This software automatically takes care of multiple things such as salaries, working hours, deductions, benefits, and much more. All you need to do is set up your pay schedules and BambooHR will take care of the rest i.e. automatically calculating and filing taxes to ensure compliance. It’s designed to make your life easier and more efficient.
Top Features
| Vacation/Leave Tracking | Statutory Compliance | Mobile App | Assessments | Benefits Management |
20. PeopleStrong
PeopleStrong is a payroll software that automates essential payroll processes and tasks. It is a software that improves productivity by automating salary and expense calculations. Furthermore, it automatically calculates leaves and attendance to ensure proper salary calculations. PeopleStrong makes sure your month-ends are stress-free.
Top Features
| Compliance Management | Data Security | Employee Lifecycle Management | Attendance & Leave Management | Tax Management |
How to choose the best enterprise payroll software?
Here are some of the things that you should keep in mind while looking for payroll software for your enterprise.
1. User-friendliness
Why? Because if it’s difficult to use how is it going to make your life easier? Not only will it eat up a lot of time but also affect the overall productivity of your organization. Hence, having simple, seamless, user-friendly software is one of the most important things that you should look for.
2. Employee self-service functions
Self-service functions improve employee experience while taking a load off the HR department. A win-win for your organization.
3. Scalability
Everyone wants to grow their business and with growth, there’s an increase in your workforce. If your payroll management software isn’t scalable it’ll cost you big in the long-term since you’ll have to repeat this process from scratch all over again.
4. High level of automation
You want new software because it will help reduce the manual work and the errors that come with it. And automating daily tasks goes a long way in boosting your organizational efficiency.
5. Integrations
Similar to automation, you need software that seamlessly integrates with your organizational structure and system. This will ensure that you won’t have an extra thing to look after since all your systems are seamlessly integrated with one another.
6. Cloud-based vs. self-hosted
This depends on your existing IT structure and expertise. A cloud-based system does offer more flexibility. However, we suggest you consult with your IT team regarding this aspect of decision-making.
7. High-security
Security is imperative because payroll software contains sensitive data about each and everyone in the organization. Always pick software that offers high security if you don’t want to regret it later.
8. Compliance support
Payroll compliance is one of the most critical aspects of any payroll management system. Because a mistake here can cost your company a lot. Optimal payroll software will help you be compliant with all the respective laws and regulations. This will not only save your company from legal trouble but also from financial setbacks.
9. Automated payment capabilities
Automated calculation is not the only job of a good payroll software, it should also have a feature like automated payment of salaries. This eases the burden of releasing payments manually. And since all the important aspects of payments are automated, there’s no margin for manual errors out here.
10. Customization
Every business has different needs. You should choose a payroll that customizes its features and offerings based on yours, this will make it easier for you to manage the system and pay for what it’s worth. Saving your organization time and money.
11. Customer support
Payroll is a vital cog of the HR system of any organization. And if a problem emerges, you should be able to take care of it swiftly. This is what makes good customer support imperative. Hence, keep in mind that this is a very important factor to look into while scouting for payroll software for your enterprise.
Conclusion
Good payroll software adds a lot of value to any HR department with the amount of benefits it offers. It boosts the efficiency of the organization by enhancing accuracy, saving time and money, maintaining compliance, improving employee experience, eliminating manual error, and much more.
Adopting payroll software can help boost your business’s efficiency by streamlining your payroll processes. Furthermore, most payroll software these days is designed and developed to automate most processes. Easing the workload on your HR department while eradicating any chance of errors that may have been previously caused by manual work. Also, most of these software are customizable, which makes it perfect for you to implement a system based on your needs.
There are many reliable payroll software vendors in the market, and we’ve covered the best ones in the aforementioned list. So what are you waiting for? Contact us today and transform your organization’s payroll processes for your enterprise.