The Best Payroll Software for Large Business – Your Business Cannot Miss these Best Picks

The Best Payroll Software for Large Business – Your Business Cannot Miss these Best Picks

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As a large business with thousands of employees, managing salary payments, benefits and tax compliance, is not an easy task. If you are a global business, payroll maintenance at the local, national and global level becomes further complex.

If your payroll system is manual, then consider switching to a payroll software for speed, accuracy and efficiency.

Payroll software simplifies your entire payroll system. It automates payroll tasks, which otherwise consume significant time and staff hours for completion. From calculating employee work hours and tax deductions to generating their pay slips, a payroll software does all the work.

A well-chosen payroll software for large business transforms your existing payroll structure into a more streamlined process. Modern enterprise payroll software offers more attractive add-ons, for enhanced Human Resources (HR) management and marketing.

There are numerous payroll software products available in the market. It is important to choose a reliable enterprise payroll product that works the best for you.

The Best Payroll Software for Large Business – Why your Business Needs It? 

Payroll is one of the key challenges for a large business. Imaging having to maintain a voluminous count of invoices, enterprise pay stub, salaries and data, to ensure legal compliance and accurate pay-outs!

The whole process needs an overhaul when there is a change in legal, industry or company policy. The overhauling process is huge, complex and faces the risk of massive errors.

A payroll software solution comes with a structure tailored to the process. It helps you address existing challenges, fix inefficiencies, and scale for the future.

Ensure Compliance with Tax Laws

When your employees do not pay taxes on their salaries as required by the law, then it amounts to legal incompliance. This can result in heavy financial penalties for your business. 

Such brushes with the law are bad for your brand reputation. Legal penalties may ensue. The consequences may be severe if you have local laws to adhere to. In worst cases, you may be legally prevented from continuing your business. 

As a business, you need to ensure that your employees and your company are on the right side of the law. With a methodical company payroll system, you can customize your process to all applicable laws. The tax-filing process is streamlined for timely submission and authorized deductions.

With automated enterprise payroll systems, tax filing is automatic. It prevents the risks of missed deadlines and incompliance. Updating compliance requirements is easier. Records are maintained accurate as manual intervention is almost removed.

Achieve Massive Time-Saving and Resource Efficiency

As a large business with a voluminous headcount, maintaining a manual payroll system that leads to a process with overwhelming demands.

There is substantial time and staff hours lost on assimilating data, and fact verifications such as employee working hours. 

There is also task filing to be maintained while ensuring compliance with required governmental laws. Salary calculation, deductions, benefits management, and other details, also need to be checked.

The entire process demands accurate data maintenance for timely payments and submissions for compliance, each time and every time. The manual intervention and paperwork involved make the process highly susceptible to errors. 

With an efficient payroll software solution, your HR team can be saved from this massive burden. Automation capability and customization features of enterprise payroll software impart an astounding efficiency to your payroll process.  

Experience Enormous Flexibility 

Change is constant to business. You need to respond to dynamic industry and customer changes with speed and precision. With a manual payroll process, adapting rapidly to external changes is impossible.

A well-designed enterprise payroll software enables you to align your operations in accordance with your evolving business environment. Whether you are establishing a presence in new markets or going hybrid with your work culture, a payroll software shifts shape accordingly.

Prevent Data Leaks

With manual payroll systems where volumes of critical data are stored on spreadsheets, the risk of payroll frauds is greater. By automating tasks, managing controls and reducing manual intervention, an advanced company payroll system prevents data leaks and data misuse.

The Best Payroll Software for Large Business – Some Amazing Market Picks

The best payroll management systems enable you to manage payroll records of thousands of employees with speed, accuracy and efficiency. From salary calculations and tax deductions to record-keeping and report generation, a reliable software eases tasks across the payroll system.

Well-designed payroll software products are easy to install and use. They come with features that make managing different payroll aspects easier than you ever imagined.

Here, we bring to you the best and popular payroll software from the current market. 

Gusto

If automating tax filing is your business’ major challenge, then Gusto is the payroll solution you need. This top payroll software for large business ensures that you pay your taxes on time and stay compliant at all times. 

Gusto has a tier-based pricing approach. The software’s features for large businesses promises great convenience.

Some key features of payroll software, Gusto, include:

·      Automatic tax filing

·      Compliance guidance

·      No limits on payroll runs

·      Time tracking to calculate the work hours put in by an employee or contractor. Eases hourly wage-based payroll tasks

·      Facility to track employee paid time off (PTO)

·      Payroll reporting available.

 Businesses get access to basic reports regardless of their pricing plan.

·      Direct deposit for all tiers of pricing.

 Gusto does not remove this privilege for any tier. Rather, it increases convenience according to the tier. Top-tier customers, for example, get direct deposits as fast as the next day. Customers at lower tiers face a 4-day waiting time for clearance.    

·      No-fuss integration with existing software you may be using to for recordkeeping, tracking employee training or for performance reviews

·      Stay up-to-date with compliance laws. Notify remote and on-site employees of changes in compliance

·      Easier management of employee insurance benefits.

 Users can buy group health insurance plans. They can manage insurance benefits directly from the platform. They can also sign-up for, or sign-out of, the benefits plan from the platform.

Employees can also buy life insurance and manage the benefits, using the Gusto platform.

·      Manage commuter perks.

Employees that receive commuter benefits such as a stipend or parking perks can use the platform to manage their benefits.

·      Automate charity donations.

Gusto automatically deducts specified amounts from employee pay checks and directs them to the chosen charity account. Businesses can set maximum limits for donations for each employee to prevent budget spills.

·      Administer retirement and other benefits.

Employees get to manage retirement benefits plans and savings plans on the platform.  You can also add other benefits such as housing and health plans, in your employees’ accounts. Gusto automatically monitors these benefits and taxes the recipients accordingly. 

·      Exclusive employee wallets for efficient money management

·      Add extra admin access if needed 

If your priority is to achieve maximum payroll and tax filing automation, then Gusto is the best solution. If your business sees heavy contractor-based projects, then you can simplify this payroll enormously with Gusto. 

OnPay

If integrating payroll and HR is a high priority, then OnPay is for you. The software is easy to use and allows for automated payroll and tax filing compliant with local and federal laws. 

Some key features that make OnPay a popular payroll software for large business include: 

·      A cloud-based easy-to-use platform

A convenient way to pay regular employees and contract employees using cloud services. Use a web login to access your account and pay your employees.

The user interface and dashboard are easy to use and navigate. OnPay’s simplicity makes it a favorite among users.

·      An easy set-up.  

OnPay has a setup wizard that guides you through the process. You can also import data from an external entity.

·      Self-integrated HR tools.

OnPay automates several key HR tasks including offer letter delivery, e-signing and onboarding. These tools are included under premium features.

PTO or paid time off tracking is available. Employees can conveniently request for an approval through the platform itself.

·      Unlimited payroll runs 

You can specify different payment schedules for full-time, part-time and contract employees. If your payday turns out to be a holiday, then you can set a different day for payments.

Valid payment modes include debit card, check and direct deposit. There is a maximum 4-day clearance guarantee on direct deposit payments.

·      Tax filing automation.

Tax deductions and exemptions are all automated. Tax filing is automatically performed during the assessment cycle. A self-service employee portal gives employees all tax-related information. 

·      Integrates easily with existing systems.

Whether you want to integrate your payroll with a time-tracking or a ledger system, OnPay adapts easily.

·      Convenient customer support.

 There are help guides with how-to images and walk-through formats, built within the software to guide you. A dedicated customer support is available through email and phone. 

If you are looking for simple and straightforward payroll process, then OnPay is the software to seek.

QuickBooks Payroll

QuickBooks Payroll is a natural choice if you are already using QuickBooks for accounting. 

If you are not a user, you can still employ QuickBooks given the easy setup facilitated by the software. Even users with limited technical knowledge find it easier to use QuickBooks. A full-service package automates payroll as well as tax filing.

Some features that propel QuickBooks to the list of the best payroll software for large business, include:

·      Facile setup and use.

QuickBooks is very easy to set up and use. This is a major reason for many businesses to choose QuickBooks. Help is always within reach with intuitive support resources and thorough walk-throughs.

·      Automated payroll

There are unlimited payroll runs. You can add more features as your process scales with the software’s varied price plans. Premium users get the convenience of same-day direct deposit.

·      Automated tax filing

Automatic tax filing happens at every cycle. Reports can be generated easily for review. QuickBooks mobile app enables you to scan receipts and upload them on demand. You can offer access to accountants to view required reports and download any report if needed.

If your business already uses QuickBooks accounting, then QuickBooks Payroll can further streamline your process.

ADP

ADP is an established name in the payroll industry. It is preferred by many large organizations for its scalability, robust reporting and HR automation features. The basic plan itself offers a full payroll service with direct deposit, reporting and an employee self-service platform.

Features that make ADP an excellent choice for large businesses include (features vary according to pricing plans):

·      Payroll Automation

You can run your payroll on pre-specified schedules. With ADP Global Payroll, you can easily scale your process for international runs. Direct deposit is available on all plans.

·      Automated Tax Filing. 

Get complete tax automation across plans. 

·      HR tools

From employee time and leave tracking to onboarding, background checks, helpdesk, training and employee management, discover several HR tools.

ADP comes with a credible reputation in payroll and HR management. If you are looking for a tool that adapts to speedy business growth, then ADP should be your choice. 

Rippling

A HR software management tool by design, Rippling provides payroll management as an add-on. Businesses can use its payroll feature alone.

Rippling features that make your payroll simpler and sharper:

·      Effortlessly easy integration.

Rippling leverages your existing systems with seamless integration. It is an affordable option when taken for payroll alone and integrated with your existing solutions.

Rippling can integrate with 400+ apps. It makes integration so smooth that a single login is enough to access most platforms.

You can run limitless payrolls and pay employees working anywhere. The speed with which you set your process up for running, makes Rippling the best payroll software for large business.  

·      Multiple process access from a single platform.

You can easily access payroll, reporting and HR, from the platform. Navigating the platform is very easy. Minimal training is often enough to enable employees and HR staff to start using the platform.

·      Quick payroll runs.

You need only 90 seconds to run your payroll. Employee work hours and deductions are fed into the payroll automatically.

·      Time tracking capability.

You can monitor employee work hours accurately, including overtime and unauthorized hours. Generate custom reports and deliver payments accordingly.

·      Automatic tax filing.

Tax filing is automatic at the filing cycle. Any changes to tax-filing in case of employees moving to other locations, are automatic.

·      Global payroll management.

You can pay your employees across locations, in a span of minutes.

·      Employee benefits management.

Employees can access health benefits through the platform. They can choose an appropriate plan at the time of onboarding itself. Employees can access details out-of-office as well and can update personal information easily.

Rippling does not offer 100% payroll automation. If payroll run speed is enough to streamline your payroll process, then Rippling is for you.

Paychex

If extensive reporting is your deciding factor in choosing an enterprise payroll software, then Paychex is for you. This payroll software wins with its in-depth reporting and data coverage across different payroll parameters including taxes, wages and turnover.

Paychex is feature-loaded and makes for a perfect choice for companies that demand comprehensive payroll management. 

There are multiple plans to suit your requirements.

·      Extensive and Robust Reporting.

Get weekly, monthly or quarterly reports. Get insights into overtime, lost hours, and any workhour discrepancies. Get customized reports on cash requirements, department summaries, and payroll journal. 

·      Easy configuration.

It takes only a short time to set up and run your payroll. With upgraded plans, you can run payroll from any location.

·      Automated tax-filing.

Tax statements in compliance with local, state and federal laws are submitted automatically at the required time. You can automate tax filings for your employees and third-party contractors.

Compliance posters and HR forms can be routed to the employee’s current worksite. Compliance details are automatically updated, thanks to a team of trained Paychex associates.

·      Extensive HR tools and marketing services.

Depending on your choice of plan, Paychex gives you access to a HR resource house. This feature guides you through complex people and process issues. From mobile-friendly onboarding and background checks to garnishment additions and deductions and unemployment insurance, manage them all through Paychex.

Other HR-focused features include assistance with workers’ compensation payment and insurance, and guidance resources on training and compliance.

Employee-focused benefits include access to a financial wellness program and an Equifax-based credit record verification system.

Marketing solutions include access to digital marketing services. Be guided by a consultant on ways to enhance your business visibility.  

If full-length payroll automation is not a priority, then the versatile Paychex is apt to simplify and enhance your process. 

Conclusion

Any large business that employs part-time, full-time and contract employees, benefits from a payroll software solution. A well-developed enterprise payroll simplifies existing payroll, minimizes human intervention, and improves process accuracy. As a result, you create happy employees that get paid on time.

You can extend the efficiency of your HR and payroll process with recruitment automation solutions such as X0PA. Designed to eliminate bias in recruitment, X0PA simplifies your hiring process. Your business gets the best talents with minimal stress and maximum objectivity. 

Author Bio:

As a HR manager with 15+ years of experience, Mary White believes good employee relations are key to maintaining a stellar employer reputation. She constantly looks for ways that can improve employee productivity and satisfaction at work.

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