In businesses, managing the payroll of a company is a task filled with hassles. From additions to different direct deposits, deductions, and income tax filing, it demands the need to be accurate and error-free. This is where cloud-based payroll software comes into the picture.
Our businesses are running because of our employees. They work hard both for us and the customers and bring us tangible returns. The least we can do as the HR of such a company is to pay the employee per month salaries that they deserve and do so regularly.
Giving them a bonus sounds great too. But it isn’t always easy to manage your workforce’s salaries. It can sometimes be downright complicated, actually.
That’s why many businesses rely on a payroll team with software, an on-premises or cloud-based system that helps ensure that payments are properly processed and paid without problems. You keep yourself open to making expensive mistakes if you’re still completing this process by hand and/or on paper. It can save you time, stress, and, yes, even money by investing in a software for payroll.
Time is money. So before acknowledging various Payroll Management Solutions, let us have a quick go through about what is Payroll Management Software, its importance, and few features.
What is payroll management software?
Payroll software is a solution used by the HRs of the company to manage their entire payroll operations smoothly.
The software tracks all the employee payments and keeps a record of them. Effective payroll software will allow you to manage time, attendance, tax information, and the employee pay structure.
It is an integration of tools that are used to process, coordinate, and automate payments for employees of businesses. Any payroll manager will inform you that wage processing is more than just a matter of measuring paychecks.
This software is created by third-party human resource technology companies that aim to enhance the performance of businesses that use them.
There are a range of routine tasks every month, ranging from enrolling workers to ensuring spotless enforcement and keeping payroll records before departure. This software allows the employer to conveniently keep track of all these operations within their company.
You can reduce your compliance risk and streamline your entire payroll cycle without the usual changes in payroll.
The program registers all payments and holds all records of payments. It ranges in price and complexity and can be used by startups, small, large, and medium businesses.
HRs will be able to track time and attendance, details of various taxes, and pay structure with efficient payroll software. The platform can be easily incorporated into current organizational processes.
Here is a guide on payroll and how you get started with payroll software.
Here are the top 20 Payroll Software in India for your business to choose from
1. sumHR – Free HRMS Software
sumHr is the all-in-one HR software that puts everything from recruitment to exit together. sumHR is a modern, charming, and incredibly easy-to-use HR management system that helps to streamline HR & payroll processes for start-ups and SMEs.
Their research ensures that if you have the attendance, TDS decisions, and variable payments in place, payroll is done in 5 clicks and pay slips in 5 minutes. They will handle the tax calculations, the salary structure complications, and any variety of remuneration.
It is cloud-based HR software & payroll management system that is tension-free.
Key Features:-
✔ Reimbursement of Leadership & Payslip management
✔ Indian Compliance Management
✔ Self-service Portal
✔ Attendance Management with Biometric and GPS
✔ Leave management
✔ Payroll Outsourcing
✔ Multi-currency
Pricing:- Free*
2. QuickBooks
Three full-service plans are offered by QuickBooks, long known for offering high-quality accounting software. The cheapest starts at $45 a month and includes automated payroll and statutory reports, employee health insurance options, and direct deposit for the next day.
Key Features: –
✔ Multi-user login and role-based access
✔ Online banking integration
✔ Expense tracking
✔ Budgeting
✔ Mobile app
✔ Multi-currency
Pricing:- ₹ 295.92 per employee
Free trial:- 30 days
3. Officekithr
Offickithr offers you a platform to manage your HR and Payroll functions. It is a strong combination of different sub-modules supporting a particular type of methodology/ application/practice.
Key Features: –
✔ Wage protection system report
✔ Employee self-service
✔ Generate SIF (salary information file)
✔Rich UI
✔ Mobile app
✔ Talent analytics
Pricing:- ₹ 2500 per month
Free trial:- 30 days
4. Wave Payroll
As it provides a fantastic selection of free accounting services, Wave is among our top picks for the best accounting and comprehensive payroll software. Although Wave is not free, they also offer an outstanding range of functions; it is among the cheapest out there.
Key Features: –
✔ Automatic payment reminders
✔ View pay stubs online
✔ Share invoice status
✔ Track hours worked
✔ Mobile app
✔ Multi-currency
Pricing:- $6 per employee or ₹ 443 per employee
Free trial:- 30 days
5. Zoho Payroll
Zoho Payroll is an online cloud platform that streamlines all aspects of payroll compliance and management. Zoho Payroll does everything from centralizing and coordinating the records and details of workers to arranging payments and overseeing regulatory enforcement. Zoho Payroll is a good alternative.
Key Features: –
✔ Store records securely
✔ Mobile access
✔ Employee self-service management
✔ Biometric recognition
✔ Customizable templates
✔ 360-degree feedback
Pricing:– ₹ 50 per employee
Free trial:– 30 days
6. Keka
They are a modern, new-generation platform, unlike traditional HR systems, focused on user experience and simplifying complex workflows. Managing HR, advanced payroll calculations, and talent management are the key activities for any employee-centric company.
These operations require an expert’s handling. You don’t need to look beyond Keka HR. Keka is one of India’s smartest payroll management software available.
Key Features: –
✔ Taxation management
✔ Mobile access
✔ Multi-user log in and role-based access
✔ Multi-company
✔ Statutory compliances
✔Formula defined salary calculation
✔ Compatible with a swap card
✔ 360-degree feedback
Pricing:- ₹ 6999 up to 100 employees
Free trial:- 7 days
7. Wallet HR
WalletHR is a full solution for HR management with the main emphasis on offering solutions for corporate payrolls. It makes seamless workflow management simpler, and through a variety of creative features, increases operational performance.
Key Features: –
✔ Hiring and retiring management
✔ Mobile access
✔Cloud-based platform
✔ Faster processing of payments
Pricing:- As per requirements ( in rupees)
Free Trial:– Contact For Details
8. Opfin
For small and medium-sized companies in India, Opfin is an integrated payroll & HR service. It measures the payroll taxes, pays workers and vendors, and takes care of all enforcement, such as TDS, PF, ESI, and PT, as well.
Key Features: –
✔ Document management
✔ Statutory compliances
✔Shift management
✔ Payslip
Pricing:- ₹ 100 per employee per month
Free trial:- 3 months
9. Zimyo
Employee Engagement Network | Zimyo HRMS is a solution for the management of human resources that empowers businesses to manage and maintain great talent.
Key Features: –
✔ Exit and separation management
✔ Mobile support
✔ Email integration
✔ Collaboration tools
✔ Excel import
✔ Grievance management
Pricing:- ₹49/ month
Free trial:- 14 days
10. Qandle
In seconds, this solution handles correct payroll, employee attendance, compliments & employee benefits. It is a user-friendly payroll & HR service that has many useful functionalities that increase operational performance.
Key Features: –
✔ Leave approval through push notifications
✔ Compatibility with a swap card
✔ Automated check-ins
✔ Collaboration tools
✔ Qandle Odometer
✔ Ad hoc analysis
Pricing:- ₹ 2450 per month for 50 users
Free trial:- Time duration not specified
11. HRMantra
HRMantra is the most flexible and perfect software for the payroll management system. It not only automates the complete administration and process of payment but also enables you to monitor the life-cycle activities and details of employees.
Key Features: –
✔ Survey library
✔ Online time tracking
✔ Competency scale
✔ Employee lifecycle management
✔ ISO compliance
✔ Automated shift scheduling
Pricing:- As per requirements
Free trial:- Time duration not specified
12. EliteHRMS
EliteHRMS has 16 separate modules that support the tasks of HR & Payroll, making it easier than normal. The eliteHRMS Back-office modules provide management and corresponding departments with clear data.
Key Features: –
✔ Multi-company
✔ PF/ESIS calculation
✔ Arrears calculation
✔ Absence management
✔ Workflow configuration
✔ Employee portal
Pricing:- ₹ 1199 per month
Free trial:- Time duration not specified
13. GreytHR
The recommended HR app for Indian companies is GreytHR. This automates the main areas of HR, payroll control, leave, and monitoring of attendance. It provides high-quality online payroll management on a 24 x 7 basis with more than 9,000+ highly satisfied customers and handling 10 lakh employee records daily.
Key Features:-
✔ Ad hoc reports
✔ Formula defined salary calculation
✔ Self onboarding
✔ Absence management
✔ Arrears calculation
✔ Employee profile
Pricing:- ₹ 1495 per month
Free trial:- 7 days
14. HROne
For small and medium-sized enterprises, HR-one is a complete end-to-end online payroll solution. It includes more than 12 modules, including participation, onboarding, payroll taxes, expenses, hiring, timesheets, training, and reports.
Key Features:-
✔ Project planning
✔ MIS reports
✔ Request hierarchy
✔ Taxation management
✔ Online resignation
✔ Geolocation
Pricing:- As per requirements
Free trial:- Time duration not specified
15. Paybooks
Paybooks has a user-friendly interface and is essentially an all-in-one solution. It simplifies and automates all operations related to HR and also ensures compliance with the payroll laws and policies of India.
Key Features:-
✔ Payslip
✔ On-boarding
✔ Excel import
✔Reimbursement management
✔ Statutory compliances
✔ Multi-company
Pricing:- ₹1800 per month
Free trial:- 30 days
16. Saral Paypack
Approach Saral PayPack which provides a full payroll software solution for any requirement. It is a one-stop-search destination as it has the most sought-after payroll management system specifications. This is the best platform for automating most HR duties.
Key Features:-
✔ Back office assistance
✔ Mobile support
✔ Application security
✔Grievance management
✔ Excel imports
✔ Letter generation
Pricing:- ₹ 1654 lifetime access
Free trial:- No trial period
17. Farsight HCM Engine
Through HR automation & payroll software technologies & services, Farsight allows organizations to develop internal and external HR eco-systems. In the competitive marketplace of today, it drives operational excellence.
Key Features:-
✔ 360-degree feedback
✔ Mobile support
✔ Help desk
✔Taxation management
✔ Statutory compliances
✔ Letter generation
Pricing:- As per requirements (in rupees)
Free trial:- 30 days
18. PeopleWorks
PeopleWorks is an integrated HR management framework overseeing all facets of the tenure of employees. Workforce management, recruiting, payroll management, attendance, and talent management are the main functionalities.
Key Features:-
✔ Payslip
✔ Mobile support
✔ Hr management tools
✔Information management
Pricing:- ₹ 1800 per month for up to 20 employees
Free trial:- 30 days
19. Spine Payroll
Spine Payroll is a new age-long recruitment platform that enables employees to work effectively, save time, and build a workplace for themselves. It is one of the best online Payroll Software for businesses.
Key Features:-
✔ Discussion forum
✔ Mobile support
✔ Arrears calculation
✔Employee management
✔ Excel imports
✔ Performance appraisal
Pricing:-
₹ 12000 per year
Free trial:- No trial period
20. 247 HRM
24*7HRM is an all-in-one solution for your payroll & HR needs. It centralizes and streamlines all HR roles, for example, recruitment, onboarding, salary, performance appraisal, and taxation, making your job much easier.
Key Features:-
✔Online and psychometric tests
✔ Mobile support
✔ Time tracking
✔Travel management
✔ Resume database
✔ Arrears calculation
Pricing:- ₹2450 per
month
Free trial:- No trial period
How is sumHR better?
sumHR assumes that the most significant department of any sector is HR. Human resources hold things together and address countless human differences but often do not have the right tools to realize its full potential and deliver excellent results. sumHR wants to be the platform that helps HRs get the credibility it deserves with appreciation.
Business owners can benefit by automating their payroll processing with sumHR. With error-free calculations and a stress-free process, sumHR’s Payroll Management software can free organizations of the hassles of payroll management.
However, what really seals the deal for sumHR above other platforms in the list above is its ability to track remote workforce. With its attendance and time-off attendance feature, sumHR is simply the best payroll management software to track the productivity of and eases the management of employees when they are working remotely.
Driven by the passion to create the best products for our clients, the team of sumHR has created a powerful and complete HRM and Payroll Management System to give them all the tools in a single software.
With sumHR, you can reduce your compliance risk and streamline your entire payroll cycle without the usual challenges in payroll.
The hallmark of their online payroll software is the flexibility to define unlimited income and deduction components.
Their research ensures that if you have the attendance, TDS decisions, and variable payments in place, payroll is done in 5 clicks and payslips in 5 minutes.
So, now that you have a well-curated list of top 20 payroll processing software in India with their own sets of advantages, it’s time for you to choose the right service which suits your type, needs, and requirements.
Importance of payroll service in a business
Collection and business requirements have a wide range of processes to take care of the essential asset of an enterprise – the employees. It becomes complicated, time-consuming, and often unreliable if performed manually, or with an obsolete system, or through sheets.
Dedicated software helps you streamline its related activities and build space for major business ventures for HRs and small business owners.
1. Payroll optimization
When you manually process monthly salary or anything similar, it might leave the door open for accidental errors that could prove very expensive.
The software can automate activities that are both complex and simple, allowing us to better tackle payroll and keep the process coordinated, quick, and effective from having payroll ready to close the pay period.
2. Monitoring payroll expenses
Payroll is often a continuing cost for every company. Our wage expenditure increases as our businesses grow larger. Hence we need complete visibility month by month on one of the largest contributors to our profit & loss statement and reduce the possibility of statutory deductions.
All these reports can be produced by the software directly from employee wage registers to their laws to their incentive payouts, enabling you to track costs down to your last rupee.
3. Having taxes that are less-taxing
The software will allow us to adapt to changing tax laws, choose regulations that will apply to our company, regulate PF contributions, follow all the statutory compliance norms, etc. Like this, our organization can always remain confident in making precise tax deductions.
4. Integration with relevant business apps
To get inputs to process payroll every month, human resource management staff coordinate with multiple teams. However, this process is complicated and time-bound, and it will only become even tougher with a growing business.
Secure integration will enable us to access data in one place from multiple teams. Closely integrated with HR and accounting platforms, cloud software will help us bring under one roof three distinct but crucial departments.
5. Securing information
The software houses sensitive information such as salary, taxes, bank accounts, and more about our employees. With finely-grained access controls, it can improve the integrity of your data.
We can differentiate and eliminate unauthorized access between multiple roles played by each department. Collaborate securely with employees, present the same interface, but let them see only what they need based on their roles.
Important payroll software features
1. Simplified onboarding of staff
As an HR, you have lots of regular paperwork. Your company’s payroll software should allow you to easily enrol new workers, manage employee onboarding and their related expenses, giving you the full profile details of your employees from one location. This may include basic information, specifics of wage, tax, and payment information.
2. Customized salary
Our organization’s hierarchy can vary from top executives to interns. Appropriate software for the same will allow you, according to the policy of your company, to configure employee salary and earnings, allowances, salary calculation and deductions, reimbursements, and flexible benefit plans giving you a comprehensive solution.
3. Payroll within a single click
The app can complete a host of payment processing operations in one click until you are all ready to process accurate payroll. This means that the wage calculation should be automated, taxes should be determined in compliance with the current tax legislation, payslips, wages, and accounting entries should be taken care of by default.
Now that’s a relief, isn’t it?
4. Payments for online salaries
As an HR of a company, paying salaries on time is a must.
Payroll software that successfully integrates with reputable banks can help all the HRs pass salary to employees, safely and on time. Apart from the usual pay cycles, some software also allows us to give wages in advance to selective workers, which can help us adapt to complex employee circumstances.
5. Tax declarations
Reporting is a must. It is important for the software to automatically produce reports on all the key statutory for our business to own a spotless tax enforcement record (PF, ESI, LWF, PT). These pre-formatted tax forms will help us easily complete the process of payroll tax filings, saving you plenty of time to arrange the documents. It’s even better if we can share the reports with our auditors.
Here is a detailed guide on Must Have Features of Payroll Software & How you can save money using Payroll Software
Factors to consider before choosing a payroll software
1. A free trial
With a fully-featured free trial, software solutions should allow you to test the waters first. Before making a choice, you will want to quickly add a few employees, create some salary structures, set a payment schedule, and run a test pay run effortlessly.
2. Simple to make use of
The learning curve for the software should be minimal, as HRs are still short of time. A clutter-free UI, contextual feature hints, and a user experience that is intuitive enough to have you running the show on it in no time
3. Expandable
It should always be long-term when you think of payroll software. Each month or year, you can not continue switching from different vendors. Depending on the amount of data you have, the migration efforts concerned are too steep and exhaustive. You should align the software you choose with your growth strategy, and it should grow with you.
4. Accessible
Opt for a cloud-based program that allows you to access information from any device, such as a cell phone or tablet from home or while you are travelling with only an internet connection, a web browser, and a suitable laptop.
This offers you the privilege of accessing your personal details at any moment from anywhere. Mobile versions of cloud-based software allow workers to follow your announcements instantly and display their payslips even when they are not in their workplace.
FAQs
1. What is payroll software?
Payroll is an integral part of the Human Resources department and needs to be prioritized by an employer. Employee salary needs to be paid on time by avoiding errors. Payroll software is an application utilized by the Human Resource Department (HRs) or payroll teams to maintain the entire life cycle of payroll processes. It needs to be aligned with an organization’s needs, which bring all the loose ends of inputs, validation, processing, and checks on a single platform.
2. Why SMEs need to choose the best payroll software in India?
Implementing payroll software is highly beneficial for small and medium-sized enterprises (SMEs) in India. It enables automation and simplification of critical HR processes, leading to cost and time savings. Additionally, it ensures accuracy in salary calculations, facilitates easy tax updates, and provides secure storage accessibility. Some benefits of choosing a payroll software: – cost-saving – time-saving – accuracy – tax update – storage accessibility
3. How much does payroll software cost?
The pricing of payroll software varies among different providers, and detailed pricing information is often not available on their websites. To determine the cost of a specific software solution, it is advisable to directly contact the vendor or their sales team for a personalised price quote based on your organization’s requirements. This allows for a tailored pricing plan that aligns with your budget and payroll needs.
Generally, if you want to know the price of particular software, you will have to contact the team directly for a price. Here is sumHR’s Pricing. They offer a free plan as well.
4. What are the benefits of open source payroll software?
Open source payroll software offers significant advantages for organizations looking to enhance their payroll management system without straining their budget. It is cost-effective, providing a cost-saving alternative to proprietary software. Open source solutions also offer an added layer of security and can be operated without requiring specialized expertise. With a projected growth rate of 9% CAGR between 2019 and 2025, open source payroll software presents an inexpensive and secure option for organizations seeking payroll management solutions.
5. Is payroll software compliant with local tax laws and regulations in India?
Yes, reputable payroll software providers like sumHR ensure their solutions are designed to comply with local tax laws and regulations in India. These software solutions often incorporate tax updates and calculations to accurately deduct and manage taxes based on the prevailing laws.
6. Can payroll software handle other compensation components beyond basic salary?
Yes, payroll software can handle various compensation components beyond basic salary. It can accommodate additional elements such as bonuses, commissions, allowances, and deductions, allowing for comprehensive and accurate calculations of total employee compensation.
7. Can payroll software integrate with other HR systems or accounting software?
Yes, payroll software can integrate with other HR systems or accounting software. Integration capabilities enable seamless data exchange, eliminating the need for manual data entry and ensuring consistency between different systems. This integration enhances efficiency and reduces the risk of errors.
8. How secure is payroll software in terms of protecting sensitive employee information?
Payroll software places a high priority on data security. Reputable providers implement robust security measures to protect sensitive employee information, such as encryption, access controls, and regular data backups. Additionally, payroll software adheres to industry best practices to ensure the confidentiality and integrity of employee data.
9. Is training and support provided for using payroll software effectively?
Yes, most payroll software providers offer training and support to help users effectively utilize their software. This may include user guides, documentation, online tutorials, and customer support channels to address any questions or concerns. Training and support resources assist users in maximizing the benefits of the payroll software and overcoming any challenges they may encounter.
