Best Payroll Software for Accountants

 

If there is one thing that is certain about 2024, it is that nothing about it is certain at all. This is the year when nobody can predict the market and its future. It is also the year when businesses will have to improvise as they go. Remote working has become a mainstream reality, and countries all over the world are introducing various reforms to their statutory and regulatory laws to cope with the new ‘normal.’

It has become more important now than ever to adopt technology to adapt to this new environment and function seamlessly. One example of such technology is payroll accounting software.

There are a variety of payroll accounting software solutions available in the market that can make payroll management easy for the accounting teams of various organizations and enable them to pay salaries correctly and on time. In this article, we will talk about some of the best payroll software for accountants in 2024.

What is Payroll Accounting Software?

Payroll accounting software is a solution that automates the process of computing and handling employee payrolls, taxes, and other deductions.

By keeping track of employee hours, figuring payroll taxes, producing paychecks and direct deposit payments, giving reports, and ensuring compliance with legal requirements, it aids businesses in managing their payroll operations. Additionally, the software can automate the payment of taxes and other deductions.

A payroll system can be coupled with other HR platforms for performance management, benefits administration, and employee onboarding. Payroll software for bookkeepers enables businesses to have a comprehensive and unified HR system, improving the accuracy and efficiency of the HR and payroll processes.

Overall, payroll accounting software saves businesses time and money by automating time-consuming, repetitive operations, lowering the possibility of errors, and assuring regulatory compliance. This enables businesses to concentrate on other crucial HR and business processes.

Benefits of Payroll Software For Accountants

Payroll software for accountants provides many benefits to a business that can help them improve accuracy and saves a lot of time and effort by automating manual tasks and reducing human efforts.

1. Less security risk

   Payroll accounting software helps in reducing security risk by offering secure and encrypted storage of sensitive employee and financial information, reducing the risk of data breaches and unauthorized access. 

   The software can also automate many of the manual processes and tasks involved in payroll accounting, reducing the chance of errors and improving accuracy.

   Moreover, many payroll and accounting software come with built-in security features, such as password protection and audit trails, to help ensure the safety and integrity of sensitive data.

2. Fewer errors

   The ability of payroll accounting software to considerably lower the risk of errors in payroll processing is one of its advantages. The software automates many tedious calculations and procedures in payroll accounting, lowering the possibility of human error. The software can also be configured to enforce compliance with tax rules and regulations, lowering the likelihood of compliance mistakes.

   Due to the software's ability to produce thorough reports and audits of payroll activities, using this software can also make it simpler to spot and reduces the problems of payroll accounting software.

   All things considered, using accounting software with payroll can assist assure accurate and effective payroll processing while lowering the danger of errors and expensive blunders.

3. More time to focus on other needs

   Businesses can use the extra time they have with payroll accounting software to focus on other crucial facets of their operations.

   The program liberates significant time and resources that can be used to focus on other priorities like employee development, customer service, and business growth by automating the manual tasks involved in payroll processing.

   Businesses can concentrate on their core strengths and objectives thanks to this greater efficiency, which will ultimately result in higher output.

4. Other benefits

   Compliance enforcement: The risk of compliance errors can be decreased by programming the software to enforce compliance with tax rules and regulations.

   Secure data storage: Sensitive financial and staff data are securely stored using the program, lowering the possibility of data breaches and unwanted access.
   Detailed reporting: The software can offer thorough audits and reports of payroll transactions, making finding and fixing mistakes simpler.

Common Features Of Payroll Accounting Software

Before selecting any payroll software for accountants, you need to analyze which features you require for your business. Below are the main features of advanced payroll solutions for accountants.

1. Reporting

   Software for payroll accounting generally includes reporting capabilities. Businesses may generate thorough reports on payroll activities, including payroll reports, employee earnings reports, tax reports, and other relevant data, because of the reporting features of accounting payroll software.

   These reports can aid with compliance and tax reporting obligations as well as significant insights into payroll data, such as employee salaries and deductions. Additionally, the software frequently offers configurable reporting capabilities, enabling companies to design reports that precisely suit their requirements.

   The reporting function can assist companies in locating patterns, inefficiencies, and mistakes, facilitating the use of data-driven decisions and the enhancement of payroll procedures.

2. Employee management

   Another typical function of payroll accounting software is employee management. This component often consists of instruments for managing and monitoring employee data, including personal and salary data, time off requests, and benefit details. 

   Tools for managing and automating the payroll process, including the determination of payroll taxes, deductions, and benefits, may also be provided by the software. The capability for generating and maintaining employee schedules, monitoring attendance, and handling time off requests can all be included in the personnel management module. 

   The software can assist in streamlining and simplifying the payroll process by centralizing and automating many of the duties associated with employee management while offering insightful information about employee data.

3. Payroll management

   Payroll accounting software enables businesses to run their payroll efficiently and accurately. It automates the calculation of employee salaries, taxes, and benefits based on predefined payroll rules and regulations. 

   The software also offers direct deposit as a payment option and automatically calculates and files taxes according to local, state, and federal laws. Additionally, the software supports payroll processing in multiple currencies and allows for the automatic deduction of court-ordered garnishments and other authorized deductions from employee paychecks. 

   The software also provides a comprehensive payroll history and the ability to generate and customize payroll reports based on specific business needs. The integration with time and attendance systems ensures that hours worked are accurately calculated for payroll purposes. Overall, accounting payroll software streamlines the payroll process, reducing errors and saving businesses time and resources.

4. Tax management

   Using payroll and accounting software greatly simplifies tax management, a critical component of payroll accounting. The payroll accounting software program ensures that businesses comply with tax laws by automatically calculating and filing taxes in accordance with local, state, and federal legislation. 

   Additionally, the software enables the handling of numerous tax documents, including W-2s and 1099s, and computes payroll taxes such as the federal income tax, Social Security tax, and Medicare tax automatically. 

   In order to ensure proper tax calculation, the program can also manage multiple payroll tax tables and give up-to-date tax information. Businesses may readily monitor their tax liabilities and make educated decisions if they have the ability to generate tax reports. In general, payroll accounting software makes tax management simpler and aids in keeping firms in compliance with tax laws.

5. Time tracking

   Time tracking is a common feature found in payroll accounting software. Employers can use this tool to track and record the duration of each employee's shift, including lunch breaks, overtime, and start and end hours. The total number of hours worked is then determined using this data, and each employee's paycheck is generated correctly.

   Additionally, time monitoring can assist businesses in adhering to labor rules and regulations, such as those governing minimum wage and overtime pay. Employees can clock in and out using a time clock or a mobile app because many accounting payroll software solutions interact with time and attendance systems. This simplified method of timekeeping reduces errors and guarantees precise payroll computations.

6. Accounting integration

   Accounting integration is another common feature found in payroll accounting software. This function enables smooth integration with an organization's current accounting software, such as QuickBooks or Xero. 

   Companies can increase the accuracy of financial reporting, streamline their financial procedures, and lower the risk of data duplication and error by connecting their payroll and accounting software. 

   Accounting integration enables the general ledger to be automatically updated with payroll information, such as employee salaries and deductions, which eliminates the need for human entry and saves time. 

   Furthermore, many payroll software for accountants export payroll information straight into the company's accounting system, eliminating the need for manual data entry and enhancing the accuracy of financial reports. Organizations are now able to see all of their financial data in one place and make well-informed business decisions.

7. Payroll allocation

   Payroll allocation is a useful feature found in many payroll accounting software solutions. Organizations can use this tool to distribute payroll costs to particular projects, cost centers, or departments. This makes it easier for businesses to deploy resources wisely and track and understand the costs related to their payroll. 

   Payroll allocation enables businesses to better understand their labor expenditures and make budgetary and staffing decisions. By precisely tracking and reporting payroll expenses, this function can also assist organizations in adhering to rules and reporting specifications. 

   Numerous payroll software for accountant alternatives includes adaptable payroll allocation options, enabling businesses to divide costs in accordance with pre-established formulas, user-defined criteria, or personalized settings. With the aid of this tool, businesses can more precisely distribute their payroll expenses, enhancing their financial planning and administration procedures.

Considerations While Selecting Payroll Software For Accountants

There are many aspects that organizations need to consider before investing in a payroll accounting system. Below are the factors you need to consider when selecting payroll software for accountants.

1. Do you need full-service payroll?

   One of the most important considerations while selecting payroll accounting software is whether full-service payroll is required. Full-service payroll means the software provider takes care of all aspects of payroll processing, including tax calculation and filing, direct deposit, and other payroll-related tasks. 

   This can be convenient for small businesses that do not have the resources to handle payroll in-house, but it may also come at a higher cost. On the other hand, if a business has the resources to handle some payroll tasks in-house, self-service payroll software may be a more cost-effective option.

2. Pay attention to the UI and workflow

   Another important consideration while selecting payroll accounting software is the user interface (UI) and workflow. The software should have an intuitive and easy-to-use interface that allows you to quickly and efficiently process payroll. A well-designed UI and workflow can also help reduce errors and improve overall efficiency. 

   Additionally, it's important to ensure that the software integrates well with your existing accounting and HR systems, if you have any, for seamless data transfer and minimal manual effort. Before making a decision, take advantage of free trials or demos to test the software and see how it fits your business needs and processes.

3. Look for highly integrable solutions

   Seamless integrations make work easier. Not all payroll software solutions might contain all the modules you need to run your business. For example, if you want a project management system along with an HR management and accounting module, it may be difficult to get a solution that can specifically handle all three functions. 

   This will ensure that all your software systems use a common database and there is a seamless flow of information among them. You will be able to manage various activities, such as tracking the status of various projects, monitoring the logs of your employees, and accounting for the payments received from customers effortlessly on a single platform.

4. Ask an expert

   Seeking advice from an expert is also an important consideration when selecting the best software. An accountant, software consultant, or payroll expert is an example of this. They can help you find the ideal solution for your company's needs by offering insightful information about the features and capabilities of various software solutions. 

   They can also offer advice on crucial issues, including compliance, security, and data protection. You can make an informed choice and ensure that the software you select will satisfy your current and future payroll requirements by asking an expert for advice.

Top 5 Payroll Software For Accountants

Name	Free Trial	Demo	Pricing
OnPay	30 Days	Yes	$36/month
QuickBooks Payroll	30 Days	Yes	$45/month
Gusto	30 Days	Yes	$45/month
RUN Powered by ADP	Yes	Yes	$45/month
SurePayroll	90 Days	Yes	$39.99/month

We have picked out the five best payroll software for accountants to simplify your decision process. You can compare the platforms based on their features, pros and cons, and pricing.

1. OnPay

OnPay is one of the best payroll software for accounting firms. It provides a complete solution for payroll processing, including tax calculation and filing, direct deposit, and other payroll-related tasks. The software offers a user-friendly interface and intuitive workflow, making it easy to process payroll and manage employee information.

Pricing

• Small Business Plan: $36 per month plus $4 per employee per month
• Growing Business Plan: $72 per month plus $4 per employee per month
• Enterprise Plan: Customize pricing

2. QuickBooks Payroll

QuickBooks Payroll is a comprehensive and user-friendly payroll software for accountants that can help streamline their payroll processes and improve efficiency. Intuit, the maker of QuickBooks accounting software, offers the solution. It is designed to help small businesses simplify and streamline their payroll processes.

Pricing

• Core Plan: $45 per month plus $4 per employee per month
• Premium Plan:$75 per month plus $8 per employee per month
• Elite Plan: $125 per month plus $10 per employee per month

3. Gusto

Gusto is a cloud-based best payroll software for accountants and small business owners. Gusto provides a comprehensive range of payroll services, including payroll processing, tax compliance, and employee benefits management.

Pricing

• Basic Plan: $45 per month plus $6 per employee per month
• Complete Plan: $39 per month plus $12 per employee per month
• Concierge Plan: Customized pricing

4. RUN Powered by ADP

RUN Powered by ADP is a cloud-based payroll and HR platform designed specifically for small businesses. The platform is part of ADP, a leading human capital management solutions provider. It is also highly automated, reducing the time and effort required to manage payroll and HR tasks.

Pricing

• Basic Plan: $45 per month plus $4 per employee per month
• Enhanced Plan: $70 per month plus $8 per employee per month
• Full Service Plan: Customized Pricing

5. SurePayroll

SurePayroll is a cloud-based online payroll software for accountants and small businesses. It provides an easy-to-use platform for businesses to manage their payroll processes, including tax calculations, direct deposit, and compliance with HR regulations.

Pricing

• Basic Plan:$39.99 per month plus $4 per employee per month
• Full-Service Plan: $109.99 per month plus $4 per employee per month

Cost of Payroll Accounting Software

Cost is an important consideration that organizations need to keep in mind before investing in payroll accounting software.

The payroll accounting software cost varies depending on the features, size of the company, and the number of employees. Some payroll software providers offer free or low-cost solutions for small businesses, while more comprehensive solutions for larger businesses can be more expensive.

Conclusion

So, basically, payroll software for accountants are software systems designed to help businesses manage their employees' payroll and related expenses. These solutions automate many of the time-consuming and repetitive tasks associated with payroll, such as calculating paychecks, withholding taxes, and filing payroll tax returns