Small businesses in the India love the option of running their payroll, especially when you are starting your first employees.
But it is important to get payroll right. Payroll solutions must be able to report to HMRC every time an employee is paid. This is called Real-Time Information (RTI). HMRC periodically checks payroll software to determine if it is RTI compliant. It also maintains a list of approved software suppliers.
Each business has different needs, but payroll software is essential for them.
- Records employee details
- Calculates the statutory pay
- Calculates the pay and deductions
- HMRC receives real-time reports
- Calculate how much HMRC will charge you
Software packages can have limited features. This is especially true for free options. Therefore, make sure to evaluate all options before you make a decision.
We’ve reviewed four of the most popular software products for small businesses in the india and compared their usability, connectivity, and price.
We also consider what each provider will do for standard items like printing out payslips and employer reporting. Therefore, we only include Payroll Process that comply with GDPR legislation.
First, let’s take a
Look at each payroll provider in our review.
QuickBooks products are designed for small and medium-sized businesses that manage payslips, pensions, and statutory payments.
The software then makes real-time submissions at HMRC. You can see the whole picture of your company by connecting your payroll data to other accounts. Only one interface is needed to pay and understand your bill. There are three types of QuickBooks payroll products: Basic, Essentials, and. Prices start at PS6-15 monthly.
It is our second contender. It has been in existence since 2006 and has more than 2 million users. In addition, you can subscribe to a Xero payroll-only plan if you’re using another accounting software.
Xero makes it easy to create a pay run, send bulk payments, email, or print employee payslips by the government legislation. In addition, employees can access their web-based services via the Xero Me app.
This makes your life easier.
The third option is. The HMRC-recognized payroll software makes it easy to manage your monthly payroll, as well as file the PAYE or National Insurance contributions.
FreeAgent generates monthly payslips automatically for all employees. You can view, edit and print them as PDFs online. You can also generate P60s at the end of each tax year for all your employees.
The Freeagent subscription package differs from the other two. It charges based on what type of business (e.g., Limited Company, Partnership/LLP, or Sole Trader). : Limited Company/LLP, Partnership/LLP, or Sole Trader. This includes payroll as standard.
You can have full access to your current account with NatWest or RBS if you’re a current account holder for a business, provided you keep your bank account.
This includes an automated cloud backup and online employer dashboards. In addition, annual leave management can be managed. Client payroll entry and approval can also be done through an employee self-service portal.
BrightPay offers payroll journal integration with many accounting packages, including Xero and Sage One, QuickBooks Online. In addition, BrightPay allows users to directly send the payroll journal to their account’s software via BrightPay. They process payroll for more than 250,000 businesses in the India.
Round 1: Usability
Xero’s interface is excellent, but the additional functions in the software make it a bit more complex. On the other hand, RTI reporting is easy, and the UI is uncluttered.
QuickBooks’ online product has been subject to criticisms, some justified. The software bridges the gap between medium and small companies. On the other hand, it is aimed more at professionals (such as bookkeepers and accountants), so some functions can be harder to find and understand.
Brightpay, a professional payroll service, offers a variety of functions and services. Unfortunately, the interface is not as well-developed as the others and is more difficult for small business owners who only use it to generate payroll once per month. However, it is ideal if you need to do payroll every day.
Round 2 – Features.
It is professional solution software. You would expect that it has many more features. BrightPay offers the ability to extend the software to include bureau functionality. This allows for multiple payrolls to be run simultaneously. BrightPay also has excellent functionality for advanced pensions, payments, and deductions.
QuickBooks offers a wide variety of functions, such as creating pay schedules, running international payments in multiple currencies, and making payments in foreign currencies with services like TransferWise.
Xero payroll boasts a remarkable array of tools that would have been reserved for expensive top-of-the-the-range software a few years back. The software offers flexible payment schedules, multiple pay rates, and timesheets that can be used to track hours. Employment solution for small-to-medium businesses.
FreeAgent has some issues with its functionality, but this is understandable. BrightPay is software designed for smaller businesses with only a few employees. This software is not meant to be used by large companies. Some functionality has been sacrificed to make the UI easier to use and the price less expensive.
Round 3 – Connectivity – Xero is the winner
Online software offers many benefits, including connecting with other software providers and service providers via a few settings changes or by downloading their apps. Noting that employees are the most time-consuming task for payroll staff, we give extra points to those who can help themselves.
Xero is the clear victor here due to its superior self-serve capabilities. Employees can instantly download the Xero Me App to their smartphone and have access to their encrypted e-payslips as well as their payroll information. You can also find a wide range of add-on apps on their Marketplace that will extend the use of your payrolls, such as HR Partner and UpSheets. Ironically, you can connect Xero payroll accounts to Quickbooks accounts!
Quickbooks comes in second for employee connectivity. Although the app is less user-friendly than Xero, the software has a wider range of add-ons available in their app store. The gap is small.
It’s connectivity process is less sophisticated, and some integration is done via export/imports, but it scores well in one area. Brightpay’s background as a bureau program will allow it to link directly with many pension providers, allowing auto-uploading of contributions records. This will eliminate an annoying chore from the payroll schedule. However, FreeAgent’s integrations are not as well-developed, many useful apps such as Zapier or SimpleSimon.
Round 4 – Price.
Payroll software pricing can change depending on how many employees you have. A solution that may seem cheap if you only have one employee can become expensive if you have 30. This is why pricing for payroll software can change depending on how many employees you have.
FreeAgent’s lack of features makes up for its price. However, FreeAgent’s ability to bundle payroll with its accounting software makes it an attraactive option if you are looking for a comprehensive solution for bookkeeping and payroll.
Xero offers a simple pricing plan for payroll. It costs PS5 per month to use the payroll module and PS1 per employee. This pricing plan includes all payroll functions, which is a great deal if
you have only one or two employees. However, it can quickly add up if you grow. Additional PS10 per month if you wish to add the accounting function.
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