Is the Best Payroll for Small Businesses?

 What Is the Best Payroll for Small Businesses?

 

            Payroll can be an overwhelming subject, especially when you have to make sure your employees are paid correctly and on time. But it doesn’t have to be that way! With the right small business payroll provider, you can make sure your payroll is always up-to-date and worry-free.

How do you handle payroll for your business?

Best Payroll for Small Businesses

            When you have employees, payroll can be a time-consuming headache. Sure, you can outsource to a professional payroll service, but if you're trying to save money and keep your business lean, you might need an alternative. Some small businesses opt to pay their employees in cash; however, no matter how small your business is or how infrequently you hire new people, it's important to stay compliant with state and federal laws. The best way to do that is by setting up your own payroll system so that you're always prepared. Read on for an overview of what it takes to handle payroll yourself successfully.

The majority of SMBs use some sort of payroll provider.

            There’s a good chance you have seen or heard of one or more payroll providers. The majority of SMBs use some sort of payroll provider. If you are starting a business, you may be faced with a decision about which system to use, as well as how much to spend on payroll services. You will also have questions about taxes and reporting along with support. How do you know which is best for your company? To start off we should define what is meant by payroll service providers and then look at some top-rated ones in detail.

Are you using QuickBooks Self-Employed to manage your payroll?

Best Payroll for Small Businesses

            QuickBooks Self-Employed is designed to help you manage your small business—including your payroll. However, there are other products out there that can do a better job at managing your payroll taxes, helping you file your annual returns, and calculating some of those more complicated things like benefit deductions. Because QuickBooks Self-Employed isn’t an all-in-one solution for small businesses, be sure to read about these features before signing up or switching to Intuit’s product: 1) Direct Deposit Support 2) 1099 Contractor Forms 3) Cash Reporting 4) State E-File Support 5) Affordable Pricing 6) Automatic Tax Filing

Rounding out the top three are Gusto and Wave.

            Gusto is a free payroll service that is extremely easy to set up. It integrates directly with payroll processors, meaning you don’t have to be familiar with your local tax laws to use it. Gusto will take care of all of your tax withholding, reporting, and filings for you. The service offers tools to help educate yourself on more complex tax questions, as well as personalized advice based on your specific business type (whether it’s a personal services business or one related to another industry). However, if you fall into certain categories—including anything that isn’t classified as a microbusiness or small business—Gusto won't work for you.

Let’s take a look at what sets each apart from its competitors.

            What Makes QuickBooks Unique? QuickBooks is only available on Windows; if you’re a Mac user, you can use PeachTree. QuickBooks tends to be more expensive than other accounting software, but it's still more affordable than hiring an accountant. The software also offers advanced features, such as inventory and payroll management. Other options are more focused, but they might not have everything you need in one package: Xero focuses on invoicing and payment tracking; Gusto takes care of payroll and benefits management; Outright specializes in helping freelancers manage their cash flow. All of these services offer a free trial period, so be sure to check out at least a few before choosing which one to go with.