Top AI-based SaaS Payroll Management Systems for Small and Medium-sized Businesses
You can’t ignore the AI-based SaaS payroll management systems in your HR technology stack. Perhaps the most ubiquitous business function, payroll, is also one of the largest business expenses! Wages make up for over 60% of total business costs.
Payroll in theory is simple, but in reality, it involves a myriad of ever-changing complexities from taxes to bonuses and personnel changes.
Ask any HR professional about the most challenging and dreaded task in their routine, and they are likely to point at payroll management. The myriad complexities of payroll management can dent your existing HR management systems, taking the trust out of the equation that your team has built with the employees since their first day at the workplace. While employees expect a fast and transparent payroll processing system, the realities are far from truth. In the US, it could take up to seven days to process the payroll. In tough economic conditions, you can deliver a faster payroll processing by investing in a reliable AI-based payroll management software.
AI or artificial intelligence has disrupted payroll as it effectively interprets data and leverages it for making strategic decisions, automatically learns from previous mistakes, and solves business problems. Not to forget, the significant impact Payroll Management systems have on the bottom line, which has lead business leaders to increasingly invest in sophisticated AI-supported payroll systems.
For efficient payroll management, one needs to deal with huge chunks of data on a routine basis which needs to be managed alongside effectively coordinating the other aspects of HR management. Luckily payroll is also an HR function that has fully embraced automation. In large part thanks to technologically advanced payroll systems, organizations today benefit from more efficient, accurate, and economical payroll processes than ever before.
Top benefits of using AI-based payroll management systems
- Auto-generated payroll statements
- Guided payroll integration with the existing HRIS
- Auto-sync with people attendance systems
- AI-generated preview reports on pay slips based on employee attendance, leaves, and travel
- Employee exit management (full-and-final settlements)
- Compliance with payroll regulations and tax compliance
- Income tax planning
- Prompt customer support and knowledge sharing
- AI-generated profiles for employee experience management
Here are the top AI-based Payroll Management Systems that you can use in 2023:
Oracle Payroll
Oracle Payroll is a fully-automated and highly configurable payroll management solution. It is unified with the Oracle Fusion Cloud Human Capital Management (HCM). It’s an advantage for Oracle users who use the Oracle HCM and Payroll software together. You can bring your HCM and payroll data at one place for a centralized management. Moreover, if you run the business from different countries and states, HR teams could use Oracle Payroll to manage and process the payroll and reimbursements of the employees located at global and local regions.
Businesses can minimize their risks to less than 1% using Oracle Payroll. It assists you in meeting all the requirements related to taxation, compliance, and contractual agreements. Anyday Pay concept is ingrained in Oracle’s Payroll management system. Currently, the software is available in 13 countries, including the US, the UK, India, China, Canada, UAE, and others.
Gusto
Gusto’s plans include full-service automated payroll suitable for all sizes of businesses. It offers 3 thoughtful tiers for small to midsize companies, unlimited payroll runs, Paid time off (PTO) tracking, and includes basic reports at all tiers. Gusto offers a better plan for each tier as you go up and dedicated support is only available for Concierge subscribers.
PayChex
Paychex Flex is the best reporting option as it checks almost all the boxes you would wish for in payroll software when it comes to reports and data. It offers over 160 reports that help in getting a clearer look at wages, turnover, taxes, etc. It also includes integrations (accounting and benefits apps, etc.), files your payroll taxes automatically, and ensures compliance.
QuickBooks Payroll
The easiest option to set up, QuickBooks has a thorough tutorial and knowledgebase and offers an intuitive interface. It offers quick direct deposit options and seamless integration with its QuickBooks accounting software.
Workful
One of the younger online payroll services, Workful is already making a name for itself as the best customer service option with its top-notch customer support. It is affordable and easy to use, with geolocation time-clock tracking feature that ensures employees clock in and out. Employees can also submit their expenses through the app, for reimbursement with the next payroll run.
OnPay
OnPay is ideal for small businesses. It is an easy-to-use and affordable online payroll solution without any hidden fees, which will help your small business budgets. It does not have an automatic payroll submission so you will have to run and approve payroll each time. But the full-service payroll will automate calculations and file your federal, state, and local payroll taxes.
ADP
A well-known name in payroll and HR, ADP enjoys brand recognition and years of experience which makes it ideal for large companies or businesses that are growing pretty fast. It is scalable with several plan options – the lowest-priced plan includes direct deposit, reporting, full-service payroll, and a self-service employee portal.
Paycor
Paycor is another reliable payroll management software for direct deposits and on-demand payments. HR teams can liaise with the finance and accounting team to process payroll using their Paycor app. From sending tax recommendations, to supporting compliance, Paycor makes your work simple and paper-less, providing you a hassle-free environment to manage your payroll, benefits, and wage garnishments using automated features.
There are more options that could work for your business model. You could take a look at these alternatives:
- Zoho Payroll
- Justworks
- Deel
- Papaya Global
- Insperity
- Paylocity
- GreytHR
- Paylocity
- OnPay
- HROne
- UKG Ready