The Best Payroll Software for Small Business Owners
by Fundid on May 31, 2023 2:24:30 PM
Handling payroll is an essential aspect of any business, regardless of the company size. Payroll software ensures employees receive timely payments, accurate tax deductions, and other benefits. With various options available in the market, choosing the right payroll software that meets your small business needs can be a time-consuming task. In this guide, we’ll discuss why Gusto stands out as the best payroll software for small businesses and the benefits that come with it.
What is a Payroll System?
As a small business owner, you probably have a lot on your plate already. One thing you definitely shouldn't forget about is your payroll system. This is essentially a tool that allows you to manage your employees' salaries and benefits, track their hours, and ensure they're being paid accurately and on time.
It might not sound like the most exciting thing in the world, but trust us – having an efficient and reliable payroll system in place can save you countless headaches and, of course, keep your employees happy. Plus, it can help you stay organized and compliant with any legal requirements related to paying your employees. Let's dive into what Gusto has to offer for your small business.
What is Gusto, and What Does it Offer?
If you're a small business owner, chances are you want to focus on growing your business and not get bogged down in day-to-day administrative tasks like managing payroll and HR functions. That's where Gusto comes in. Gusto is an all-in-one payroll and HR platform specifically designed for small businesses.
From processing payroll to managing benefits and compliance, Gusto can help streamline these important tasks so you can focus on what matters most: growing your business. With top-rated customer support and easy-to-use technology, Gusto is a helpful solution for any small business owner looking to save time and money while staying compliant. Let's dive into a few reasons why Gusto is the best payroll system for small business owners.
1. User-Friendly Interface
Small business owners usually don’t have the time or resources to deal with complicated payroll applications. Gusto has a user-friendly and intuitive interface that’s simple to navigate and easy to understand. The software is designed to automate payroll tasks like tax withholding, direct deposits, and compliance filings, so you don’t have to worry about spending hours on complex calculations or paperwork.
2. Affordable & Transparent Pricing
When it comes to payroll software, affordability is key, especially for small businesses. Gusto offers an affordable pricing model that meets the needs of small business owners. The software’s pricing structure starts at just $40 a month plus $6 per person per month*. Gusto prides itself in its transparent pricing with no hidden or additional fees. Ready to get started? Get Gusto for your small business.
3. Automated Payroll Tasks
Not only does Gusto calculate your taxes accurately every time you run payroll, but they also take care of filing them with the right government agencies. That's one less thing on your plate, allowing you to focus on the core aspects of your business without the added stress of tax compliance.
And when tax season rolls around, Gusto will file your W-2s and 1099s and send them to your employees and contractors; one less thing for you to worry about!
4. Unlimited Payroll Runs
Payroll can be a hassle for any business owner, but with Gusto, it doesn't have to be a headache anymore. Their platform allows you to run your payroll as many times as you need without extra charges. Plus, with just a few clicks, your team will receive their paychecks in no time. And if that wasn't enough, you can even set it on AutoPilot™, allowing you to automate the process and save precious time.
5. Direct Deposit
Direct deposit is an exceptional feature to have in your payroll system. Not only does it save your employees the time and effort it takes to deposit checks manually, but it is also a more secure way of getting paid. No more worrying about checks getting lost or stolen in the mail or during transportation. Plus, with direct deposit, everyone can gain access to their funds much quicker.
6. Multiple Integrations
Connect your Gusto account with the other tools you are using to keep your business running efficiently. With over 180+ integrations, you can sync Gusto with your:
- Accounting system
- Time tracking software
- 401(k) and retirement providers
- Hiring software
- Point of sale system
- And more!
7. Comprehensive HR features
In addition to payroll processing, Gusto offers an array of HR features that can streamline your business operations. Gusto HR features include employee onboarding and offboarding, benefits administration, and paid time off tracking. These features can save your business time, boost efficiency, and improve employee satisfaction.
Related Reading: Benefits That Small Business Owners Can Offer Their Employees
8. Enhanced Security
Protecting sensitive employee information is a top priority for any business, but particularly for small businesses that lack the resources to recover from data breaches. Gusto takes security seriously and uses top-notch security measures to protect employee data. The software employs multi-factor authentication, Secure Sockets Layer (SSL) encryption, and Transport Layer Security (TLS) protocols to keep data secure.
Other Payroll Options for Small Business Owners
As a small business owner, choosing the right payroll option can make all the difference in managing your finances. While we highly recommend Gusto as the best option, it's always helpful to know about other choices available in the market.
Intuit QuickBooks Payroll
QuickBooks software is designed to be user-friendly, and it offers a variety of features to help businesses manage their payroll needs.
Simplify employee scheduling, time tracking, & payroll. Easily track employee time, no matter where they are working. Learn more about Buddy Punch.
Questions to Consider Before Deciding on Your Payroll System
As you prepare to select a payroll system for your business, it's important to take some time to consider the most pertinent questions. These questions will help guide you to the right solution for your company and ensure that you're getting all of the features you need.
1. What are your company's needs?
Before you start shopping for a payroll system, it's important to take a step back and assess your company's needs. Are you a small business with just a few employees or a larger company with hundreds of employees? Do you have employees in multiple states or countries? Do you need to track employee time and attendance? Answering these questions will help you narrow your options and find a payroll system that's right for your business.
2. What features are important to you?
Once you know what your company needs, you can start looking at specific features that are important to you. For example, if you have employees in multiple states or countries, you'll need a payroll system that can handle tax compliance in those jurisdictions (and yes, Gusto can!) If you need to track employee time and attendance, you'll want to find a system that offers time-tracking features. And if you're looking for ways to save money on payroll, you might want to find a system that offers discounts on things like health insurance or retirement savings plans.
3. How much will it cost?
Of course, one of the most important considerations when choosing a payroll system is cost. Payroll systems can range in price from a few hundred dollars per year to several thousand dollars per year, depending on the features and functionality they offer. Be sure to get quotes from multiple vendors before making your final decision.
4. How easy is it to use?
Another important consideration is how easy the payroll system is to use. You don't want to end up with a system that's so complicated that it takes hours to figure out how to use it. Instead, look for a system that's designed for simplicity and ease of use.
5. What kind of customer support do they offer?
Finally, be sure to find out what kind of customer support the vendor offers before making your purchase. You want to be sure that someone will be available to help you if you run into any problems using the system.
Start Using Gusto Today for Your Payroll!
Small businesses looking for reliable and affordable payroll software should consider Gusto as the best option. The software offers a user-friendly interface, affordable pricing, comprehensive HR features, enhanced security, and excellent customer support. Overall, Gusto provides a complete solution that can benefit your business operations and ease the burden of payroll processing.
*Pricing is subject to change and is reflected from the date this article is published.