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Timely and accurate disbursement of employee payouts is a critical factor for any business, especially small and medium enterprises (SMEs). However, it is found that the processing of payrolls turns out to be a boring activity for every company since it involves the manual calculation of the salaries, taxes, deductions, and benefits involved. In most cases, it adds a layer of complexity that is really not needed. Payroll software will automatically handle these processes, streamline payroll, and leave SMEs free to attend to growth strategies.
Therefore, This guide will help you find the key insights into easing your selection process for the best solutions for your business needs. Knowing the characteristics and functions of the top payroll software for small businesses helps empower your business to succeed by making an informed choice. In this blog, we will provide you with the answers to all the questions related to the best payroll software for SMEs.
Top 10 Payroll Software for SMEs To Use in 2024
Considering the specific needs of small and medium enterprises (SMEs) in India, we have listed the top 10 payroll software for small businesses in 2024 with various strengths best suited for SMEs in India.
1. factoHR
factoHR is cloud-based payroll software for Small and Medium Enterprises (SMEs) in India. It provides payroll processing, payslip generation, statutory compliance, income tax reports, loan management and even offers an employee self-service portal.
What is unique about factoHR, relative to other payroll system, is that it offers an integration with internal modules like attendance, leave, employee performance, etc, as well as with other well known ERP and accounting systems, this makes payroll processing seamless than ever. Apart from that, it is also known for its mobile app, security and scalability which make it the most suitable solution for growing SMEs. Talking of its features, let’s look at a few of its most useful features for small businesses in India.
Features of factoHR payroll software
Payroll wizard guides you through different payroll steps to ensure that you don’t miss anything. | Keeps track of all retro changes done in attendance and auto-calculates statutory and other payments for the organization. |
Download statutory forms and allow employees to know IT deductions from the mobile app. | Reports can be scheduled and mailed directly by scheduling it. |
Performance-linked payroll solution can be used to link employees’ compensation with their goals and KPIs. | ISO accredited and SOC Type 2 certified cloud data centre. |
Off-cycle Payroll process can make all necessary payments that aren’t included in the regular payroll cycle. | Various payroll reports can be built using the custom report builder option by selecting the relevant data source. |
Provides you with an option to manage employees’ loans and advances, including its policy configuration, calculations and reports. | Mobile App to allow your employees to download their payslips via their smartphone. |
Benefits of factoHR
- Takes care of all your compliance requirements, be it PF, ESIC, Professional Tax, TDS, EDLI, etc.
- Reduces the manual effort required to process payroll, allowing HR and finance teams to focus on more strategic activities.
- Provides flexibility as per the company’s needs with formula-based calculation, process customization and unlimited component creation.
- Allows employees to access their payslips, tax forms, and other relevant information independently, reducing the need for HR to handle routine inquiries.
Cut Costs, Not Corners
Elevate your business’s operational skills without sacrificing quality. With factoHR’s value for money offerings, you can streamline your core HR while maintaining excellence in every aspect of your company’s performance. Read More
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Attendance and Payroll for Multiple Entities
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Attendance and Payroll for Multiple Entities
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Pricing of Best Payroll Software in India
Our payroll software has pricing plans that can be tailored to fit your business, no matter the size. You’ll only pay for the features you need, and the pricing is clear and adjustable. Discover how our software can make HR processes smooth and cost-effective.
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2. Fingercheck Payroll
Fingercheck Payroll is an automated payroll system for small and medium-sized businesses in India. It has been designed to take care of the whole payroll process, right from inputting employees’ compensation details to processing their payroll as well as their return filings. The software eliminates manual intervention in executing payroll. Additionally, it automates salary distribution, reimbursements, leave management, and monthly filings for compliance payments, including Gratuity, TDS, PF, ESI, and PT.
Features
- Automated Tax Calculations
- Compliance Reporting
- Employee Self-Service Portal
- Customizable Payslips
- Expense Management
- Full and Final Settlement
- Payroll Reports
3. EmployeeVibes
EmployeeVibes is an easy-to-use yet highly configurable payroll software for small and medium businesses. EmployeeVibes’s user-friendly interface and range of features make it a valuable choice for small and medium enterprises seeking an integrated solution. It also simplifies tax calculations and generates accurate reports to help SMEs in India remain compliant with tax regulations. Furthermore, EmployeeVibes’s reporting and analytics capabilities provide insights into your payroll data, helping you make informed decisions about compensation, benefits, and workforce management. EmployeeVibes is a dependable option for SMEs wishing to streamline their payroll procedures thanks to features designed to increase efficiency and accuracy.
Features
- Custom Salary Templates
- 7-Step Payroll Process
- Loans and Advances Management
- Custom, Auto-Generated Payslips
- Investment Declarations and Proof Submission
3. Gizmosys Solutions
Gizmosys Solutions is a smart HR and payroll solution for medium sized businesses that simplifies the complexities of payroll operations. With its advanced payroll processing automation, HRs can significantly reduce manual tasks and the potential for errors. Gizmosys Solution’s user interface is designed with simplicity in mind, making it easy for SMEs to navigate and utilize the software without extensive training. This user-friendly approach ensures that SMEs can quickly adopt the software and start benefiting from its features.
Features
- Automated check-ins
- Automated reminders
- Claims and advances
- Payment and compliance advisory
- Expense management
4. Asanify
Asanify is a comprehensive human resource management and payroll solution for SMEs. It allows organizations to effectively manage their employees while ensuring accurate and timely payroll processing. Asanify also offers top-level security features to keep the sensitive data of the company safe. It is an easy-to-use popular payroll system and offers multi-layered access to each employee. With Asanify, all important features can be tracked, including employee loans, leaves, compliance, attendance, and more.
Features
- Payroll processing
- Statutory reports
- Arrears calculations
- Loans & advance management
- Income tax management
- Full & final settlement
5. Paychex
Paychex is a robust payroll system for small and medium businesses in India. Apart from payroll, it also offers other HRMS such as leave, attendance and performance management. The software’s cloud-based nature allows for easy access, and management of payroll and HR information from anywhere, enhancing flexibility and efficiency. Paychex’s comprehensive reporting capabilities provide valuable insights into workforce data, helping SMEs make data-driven decisions related to payroll, performance, and resource allocation.
Features
- Employee records
- Employee history
- Salary administration
- Statutory Compliance
- Loan management
6. TrickyHR
TrickyHR provides a flexible and integrated solution for SMEs with payroll, HR tools, talent management, and employee self-service features. It’s ideal for growing SMEs, providing an all-in-one platform to streamline payroll, automate HR processes, manage employee development, ensure compliance, and offer a user-friendly experience. With its scalability, intuitive interface, and holistic approach, TrickyHR empowers SMEs to efficiently handle their evolving HR needs as they continue to expand.
Features
- Online Payroll Transaction
- Loan and Advance Management
- Reimbursement Management & Bank Transfer Details
- Arrears Calculation and Other Payment
- PF/ ESIS /PT/ Income Tax Management Reports
7. HR Pearls
HR Pearls stands out by integrating payroll features alongside its HR management tools, making it a prime choice for Small businesses seeking an all-in-one solution to efficiently oversee both HR and payroll tasks. This integration streamlines processes, enabling accurate payroll management within the same software used for other HR functions. Additionally, employee self-service options empower staff while customizable workflows accommodate unique business requirements, enhancing flexibility and effectiveness.
Features
- Salary Calculations
- Full & Final Settlement
- Tax Declarations or Investment Proofs
- Payslips and Reimbursement Slips
- Bank Transfer Sheet
- Salary Register & Various Reports
8. Gusto
Gusto has garnered recognition for its user-friendly approach and straightforward navigation. Renowned for its simplicity and ease of use, this platform extends its capabilities beyond mere payroll management. With features encompassing benefits administration and compliance assistance, Gusto presents an integrated solution to handle multifaceted HR tasks seamlessly. What sets Gusto apart is its intuitive design, specifically tailored to cater to small and medium-sized enterprises (SMEs) that might lack dedicated HR teams. This intuitive interface streamlines processes, making complex HR functions accessible even to businesses with limited HR expertise.
Features
- Integrated Pre-tax Benefits
- Paperless Paychecks
- Easy Cancellations
- Contractor Payments
- Hourly and Salaried Employees
9. Rippling
Rippling emerges as a dynamic solution that brings together the realms of payroll, benefits administration, and IT management within a single, integrated platform. This thorough approach connects well with small and medium-sized businesses (SMEs) looking to improve their HR operations. Importantly, Rippling’s standout feature is its strong automation capabilities, which help reduce the burden of manual tasks. By automating repetitive processes, from onboarding to employee data updates and beyond, Rippling significantly contributes to enhancing the efficiency of SMEs. This streamlined approach allows businesses to redirect their focus towards strategic initiatives, ultimately driving growth and proficiency across the organization.
Features
- Payment in Local Currency
- Automated Tax Filling
- Expense Management
- Dedicated Mobile App
- Payroll Analytics
Choosing the Right Payroll Software for Small Businesses
Here are a few steps to help you make an informed choice regarding choosing the right software for your organization:
1. Assess Your Needs
Begin by identifying your organization’s specific payroll needs. Consider factors like the size of your workforce, your industry’s compliance requirements, and any unique payroll processes you have in place.
2. Features and Functionality
Make a list of features you require in payroll software for smes. Common features include automated tax calculations, employee self-service portals, customizable pay structures, and integration with accounting or HR systems.
3. Scalability
Ensure the software can help to grow your business. Choose software that can adjust according to the future need of an increasing number of employees.
4. Easy to Use
The software should be intuitive and user-friendly. Complex interfaces can lead to errors and decreased productivity. Look for a system that simplifies payroll processes.
5. Security
Payroll data contains sensitive information. Ensure the software provides strong security measures such as data encryption, multi-factor authentication, and regular security updates.
6. Support and Training
Check what kind of customer support the software provider offers. Also, assess the availability of training resources and user guides to help your team effectively use the software.
7. Customization
Consider whether the software allows you to fine tune payslip formats, reports, and other features to match your organization’s branding, function and non functional requirements.
Conclusion
Choosing the best payroll software for small businesses can benefit you. With factoHR, you can streamline your administrative tasks, automate your calculations, and ensure compliance with regulations. The software is designed to be user-friendly, which means you and your team can focus on your core operations. factoHR’s features are specifically tailored to meet the needs of SMEs and can help your business achieve its growth targets. To see how factoHR can benefit your business, schedule a demo with us today.
FAQs
What is the best payroll software for small businesses?
In this case, the best would depend on your specific needs, as there is no ideal solution. FactoHR is certainly a strong contender with maximum bang for the buck for SMEs in India. It offers a fully loaded suite, including automated calculations, statutory compliance, intuitive user interfaces, and integrations with popular accounting software.
How can payroll software benefit my SME?
Payroll system removes the burden of the cumbersome process. By automating the calculations, ensuring alignment with the law, and delivering convenient, easy-to-use instruments for employee information on payouts, your team will be set free to concentrate more on core business activities and growth strategies.
What features are important for payroll software businesses in India?
It will have critical functionalities like automated PF, ESI, and Income Tax calculations, which are of high importance for small and medium enterprises in India. Similarly, it will integrate with local bank accounts and accounting software. Make sure to buy software equipped with what is needed to adhere to Indian tax regulations and compliance.
How much does payroll system generally cost?
Pricing for payroll system could vary for certain features, the number of employees, etc. factoHR puts clear pricing of the product on their website. Budget, the feature set you need, and scaling requirements, among other things, could play into making your decision.
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