Payroll is not only time-consuming and complicated, but it’s also the main reason why small businesses get fined for payroll-related errors by the IRS. Obviously, the last thing a business owner wants to see is a letter or notification from the IRS. But given that there are tons of forms to complete, checks to sign, hours to track, and taxes to pay, it goes without saying that errors are bound to happen – and those errors will come at a cost and may even set your business back.
In today’s article, we’ll present to you six of the best payroll options for small businesses. In most cases, the only thing you’ll have to do is set up an online banking account and let the payroll platform do its thing!
- Intuit Payroll
Intuit comes with options suitable for any type of business and any type of payroll requirement. For example, this payroll option offers a fully-automated system as well as a simple and comprehensive backbone without automation. It comes with multiple payment plans, and the most basic one can run the payroll procedure instantly as well as calculating your taxes.
- Gusto Payroll
This particular payroll option allows small business owners to calculate the payroll of every employee they have, be they full-time, part-time, contractors, or freelancers. Moreover, the program will communicate with your accounting software to fill your taxes automatically. Interestingly enough, Gusto also gives you the option to manage a plethora of other essential employee services like compensation, health benefits, and hire reports.
- OnPay Payroll
This is one of the best and easiest options that small businesses can use to fulfill their necessities in terms of payroll. For roughly $50 every month, OnPay will deal with pay runs, deposits, tax filings, and check printing. It comes with a very accessible learning curve and is suitable even for the business owners that aren’t used to such online banking systems and platforms.
This payroll option comes with two major packages. The basic one is designed for under 10 employees and offers the essentials – tax filing, processing of payrolls, and direct deposits. For businesses that have more than 10 employees, there’s an extra package that will take care of benefits administration.
Namely is one of the few payroll options that come with both HR and payroll tools for your business. This particular option can deal with payroll taxes (both file and pay), benefits deductions, time-tracking, and also provide a paycheck history to your employees. This one also comes with extra packages that allow you to manage the benefits of your employees and insurance and other programs.
Square is yet another platform that is easy to use. You can send payments and solve a payroll multiple times a month for any type of employee. The platform deals with your taxes (both state and federal) and provides information about new hire reports as well as information about sick leaves and paid off-time.
Probably the best thing about Square is that it comes with flexible pricing – it allows you to scale the platform according to the size of your business and number of employees.
As mentioned above, payroll can be both money- and time-consuming, depending on your type of business. If you’re the owner of a small business, then you may be the one dealing with the payroll and, in such a scenario, it’s better to ensure an error-free payroll procedure.
In short, if you don’t want to hire extra staff to manage the payroll and business taxes or you simply want to improve the way that team manages this procedure, then we strongly recommend you to rely on a payroll option.