Tech tools are being implemented in almost every business practice; the HR sector is no exception. HR professionals manage various processes, so they need tech assistance to drive productivity and get the most out of every task.

The payroll process is probably the most complex and time-consuming process. Fortunately, the modern cloud payroll software handles all the aspects of the salary calculation process so that the HR managers can generate accurate salaries easily.

Various systems are available in the market to automate the payroll process; however, very few of them can deliver the expected results. Therefore, it is essential to evaluate the software carefully before buying. We have mentioned a list of 10 efficient payroll software that can ease the selection process for HR departments:

Wave Payroll

Wave assists the HR professionals in managing the payroll process and generates salaries in just minutes. The software helps managers run the salary calculations, record account entries, and file taxes and necessary documents. It tracks employees’ absences and accruals to include in the salary generation process. Employees can add their salary preferences through the system, whether they want to get paid by direct deposit or cheque.

Key features:

  • Managers can filter the records in employees, departments, or expense types.
  • The tax filing capabilities make the compliance work easy as it files taxation documents automatically once the salaries are generated.
  • Employees can edit their banking and contact details and even access their pay stubs and tax forms.
  • The payroll module is integrated with the accounting and payments module, so the bookkeeping and accounting necessities are fulfilled in one go.

factoHR

factoHR is prominent payroll software that streamlines the process and manages all the salary-related data in the cloud. It automates the attendance data calculations and evaluates the performance metrics while processing the salaries, so the employees get paid against the time they provide to the company and their work quality. The system allows uploading the salary slip of employees, which they can download directly through their devices. In addition, managers can track any past payroll records in the system and store employees’ data in a secure database.

Key features:

  • The system allows managers to configure the payroll process in the system as per their needs. So, they can set different rules for departments or employees, and they can even generate different salaries.
  • Once the overtime and work hour rules are defined in the payroll module, it automatically calculates the deductions and overtime extra pays.
  • In the loans & advancements module, managers can add the inventories or loans given to the employees and determine the EMI deductions from their salaries. Then, the system will automatically deduct the EMIs from payroll as defined.
  • It offers 200+ payroll reports; further, more reports can be customized and created to take a data-driven approach.

KashFlow

KashFlow eases the salary generation process and saves managers’ time. It links employee attendance data with salary processing and handles PF contributions. It allows managing employee data, enrolling new employees and their salary information, and creating payslips. Once the administrator adds the pay details, he can easily set the pay period to weekly, bi-monthly, or monthly. He can even set different pay periods for specific employees or departments.

Key features:

  • The system allows sending salary slips automatically to employees once they are ready.
  • It saves you time by calculating insurance amounts, taxes, and PF contributions. And RTI submissions can be set on auto mode.
  • It tracks the leaves entitled to each employee and easily manages the holiday pay.
  • Employee self-service reduces the time consumption of administrative tasks as the staff is allowed to access their payslips and individual information through their devices.

Moneysoft

Moneysoft is an RTI-compliant payroll software recognized by HMRC; it improves the accuracy of the salary generation process. In addition, its system eases the work with automated salary calculations, RTI filings, and reporting capabilities. Managers can define the pay periods and assign different periods to specific employees or departments. They can even add notes for each period and track the history. In addition, the system offers various payslip designs to create according to the company requirements, and slips can be sent directly to the employees.

Key features:

  • Managers can store employees’ essential and basic details in the system, such as employment contracts, salary details, contact, etc.
  • Managers can gather any payroll data in the reports, such as annual payroll summaries, PF contributions, departmental analysis, and many more.
  • It allows online filings of RTI forms and HMRC compliance-related documents.
  • Loans and advancements given to employees can be managed in the system, and EMIs can be deducted from salaries.

Empxtrack

Empxtrack is a payroll assistant for HR managers handling all their salaries and compliance-related needs in a remote work setup. It automatically calculates employees’ salaries based on their performance metrics, arrears, and LWP; managers just need to approve the calculated salaries. Attendance-related deductions and PF contributions are also managed easily with Empxtrack. Even payslips are automatically generated and sent to employees, thus saving managers’ time, so they can focus on establishing better remote work culture. And customizations give more advantages to the managers to handle the process as per the requirements.

Key features:

  • It handles various financial data such as expenses, incentives, and arrears. It integrates attendance and leaves data with the payroll process; thus, accurate salaries are generated.
  • If new taxation rules are introduced, then it helps the business to stay compliant and updated.
  • Managers can set multi-level approvals for generating salaries to identify the errors.
  • The system offers multiple customizations and configurations to HR managers so that they can design salary heads, structures, payslip formats, and PF allocation.

HRMThread

HRMThread enhances businesses’ payroll process and helps them generate accurate salaries. Its system allows managers to calculate wages based on staff attendance and various other components of the process. Attendance arrears and leave encashments are included in the salary calculations, so managers do not have to manage them separately. In addition, the company can generate salary slips with its logo and send them to employees through emails.

Key features:

  • As the system offers payroll configuration, managers can process the salaries of a particular employee or a group as required.
  • Pay records are easily accessible through HRMThread, and YTD sheets and summaries can be generated for each employee.
  • Attendance accruals, reimbursements, and overtime pay can be easily calculated and added to the salaries.
  • PF contributions can be deducted and managed with the software, and documents can be easily filed.

Hourly

Hourly is a popular software automating the payroll process of businesses. It tracks employees’ attendance and calculates their pay according to it, and it also files taxes according to the compliance laws abided by the company. Managers can easily set their pay periods to bi-weekly, weekly, or monthly, or they can even generate wages for hourly employees. If a business wants to calculate prevailing wages or provide medical insurance to workers, then the system also assists it in that.

Key features:

  • The system generates efficient salaries and allows to prepare reports that help to keep on top of data.
  • Managers can define multiple deduction types for salaries, such as attendance and leave, pre-tax benefits, or post-tax garnishments.
  • Digital signatures and form filings eliminate all the paperwork required during the payroll tax filings.
  • Admin can restrict employees from doing overtime as they can define the maximum work hours during a day, so the overtime costs to the company get eliminated.

Ceridian

Ceridian helps HR executives to save their time by automating the payroll process. It connects the attendance and salary generation processes, so employees get paid according to the time they provide to the company. Along with this, it helps in filing taxes across various states. Employees are able to edit their personal information in the system, and they can view essential taxation documents to stay compliance-friendly. In addition, the administrator can define what employees can see in the self-service portal.

Key features:

  • It supports multiple payment methods such as cheques, direct deposits, and payment cards.
  • Managers can set or edit attendance and leave policies and define deductions.
  • The platform offers around 52 reports, and the custom form building and report writing capabilities help to take a data-driven approach.
  • The centralized cloud database helps to keep the information secure, and it can be easily accessible.

Moorepay

Moorepay fulfills a company’s payroll-related needs and stores the employees’ data on the cloud. It automates the attendance, holiday accruals, and salary calculations for the ease of the managers. The dashboard gives an overview of ongoing salary calculations, payday reminders, and finished tasks. The system is cloud-based, so it stores all the employees’ data in a secure place, and it can be accessed through any device.

Key features:

  • Through employee self-service, staff can upload their important information directly into the system. They can even add timesheet entries and expenses.
  • Reminders help managers to generate the salaries on time, and in-built support makes it easy to run different operations.
  • The system assists managers in PF compliance also, it allows them to calculate the contributions and upload the documents to the pension provider.
  • Payroll reports provide accurate data on the employees’ salaries and company expenses, and the metrics of the reports can also be customized.

NaturalHR

NaturalHR streamlines the payroll process of mid-sized businesses and enterprises. It helps to store employees’ information, generate salaries, and maintain compliance. The system allows to find out cost mistakes from the past data/gross pay, generate salary slips, manage changes, add bonuses/appraisals, and much more. The dashboards give you an overview of all the HR and payroll-related tasks, and payment instructions can be issued for both employees and HMRC.

Key features:

  • It offers pre-built payroll reports to track every pay cycle, and new reports can also be set. In addition, customizable charts and graphs give an overview of payroll periods over time.
  • The payment submission summary is generated while finishing the process and automatically sent to the HMRC.
  • All the critical information about employees’ pay and records is stored in a GDPR-compliant database so that the managers can rely on the software without any worry.
  • Payslips are produced automatically with salaries and sent to employees via email. They can be downloaded later through employee self-service.

Final Thoughts

In the VUCA world, HR strategies play an important role in maintaining organizational productivity. But managers often have a myriad of things to do; therefore, they should leverage technology to get the things done.

HR professionals are the key drivers of business success; that’s they hold an essential stand in the organization, and their role gets more important in the agile and automated world. Because they are able to automate various processes and make things done on time, they can focus on the work quality and build plans for better results.

Cloud software enhances the payroll process and makes the work done in just minutes. That’s why payroll automation is getting “word of mouth” publicity across the globe; various businesses are implementing systems according to their needs and budget.

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