According to Internal Revenue Service (IRS) reports, small and medium enterprises (SME) get more penalized than larger companies for payroll errors. To add to this, the COVID-19 pandemic has brought forth new challenges for SMEs. Today, apart from the general payroll regulations, an SME also has to remain compliant with the changing federal and state rules to offer the benefits provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act or other tax-favored benefits under the Internal Revenue Code (IRC). Thus, SMEs, which were once seen avoiding payroll systems in the name of added complexity, are now increasingly adopting payroll systems to navigate through this convoluted scenario.
Notably, payroll solutions are solving some of the biggest operational challenges that SMEs face in the new normal. For instance, as remote working has become a norm, cloud-based payroll software is providing much-needed flexibility and quick access to the payroll managers in real-time from anywhere. Meanwhile, advanced mobile applications with self-service options are further simplifying the lives of small-scale employers. These apps are not only facilitating transparent payroll computations but also automating the calculation of taxes.
There is also an increasing trend of all-inclusive payroll systems with integrated human resource (HR) technologies being noticed in the business realm right now. It is allowing employers and employees to seamlessly access all employee information from a single dashboard, boosting the efficiency in managing employee data. Besides, the system is also pooling together relevant data to garner critical insights and deliver personalized reports and packages.
At this juncture, there is a variety of payroll solution providers available in the market that cater to the different needs of organizations and businesses. To help them choose the solution provider that best fits their requirement, HR Tech Outlook has compiled a list of the top 10 payroll solution providers. The enlisted solution providers are the frontrunners in the market that provide a wide span of features. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CXOs.
We present to you HR Tech Outlook’s, “Top 10 Payroll Solution Companies – 2021.”
