How Much Does Payroll Software Cost?
Payroll software is vital for any small business who wishes to expand and grow. However, there can often be some confusion over the payroll software cost. We want to ensure that you don’t miss out, so keep reading to find out exactly how much your payroll software should cost you.
There are a number of different factors which affect the pricing of payroll software. Different providers offer different pricing models, but many share some features in common. For example, some may charge monthly based on the number of employees, whilst others charge every time you process the payroll. In this article, we will aim to discover how much your payroll software should cost by comparing the different costs that are incurred with payroll software.
Remember that when you are given a quote for payroll software, this quote is likely to include the licensing fee to meet your needs but may not factor in all the other costs that are associated with payroll software. Some additional features may cost you extra. We discuss these further below.
What Should A Payroll Software Offer?
Before you purchase payroll software, it’s important that you choose a product that covers everything your small business requires. To help ensure you’re paying for the right software, we’ve included some vital features that your payroll software should offer.
– In-house Payroll Software: As a small business, it’s important to keep costs down and in-house payroll software will offer just that. By training various members of your staff on payroll software you can cut the costs of outsourcing.
– Secured database that stores company and employee data to ensure confidentiality: This is a basic and important feature of any high-quality payroll software. Confidentiality is vital when you are handling important data such as employees names, addresses, social security numbers etc.
– Ability to add multiple companies and employees: As your small business grows and develops, it’s important your payroll software includes this feature without charging you extra. It’s extremely important your software grows alongside your small business.
– Ability to pay employees with paper checks, direct deposit, or paycards: Every business is different when it comes to paying employees and it’s important you have access to a variety of options to ensure there is an option to suit everyone. You should also be aware that certain states have laws regarding paperless payroll and the ways in which you pay your employees. So, it’s important to have access to multiple payment options in the software to comply with these rules and regulations.
– Integrations with other accounting, time management and HR software: When payroll software is integrated easily with several other business platforms such as accounting, HR and time management, you will have more control, greater flexibility, which in turn provides better results. It also allows for efficient business operations.
Other important features include:
– Accrual tracking and management for paid time off
– Payroll reports
– Automatic calculation of what each employee should be paid each pay period based on overtime, pay rate, accruals, taxes, and deductions.
Generally, the more features a platform provides, the higher the payroll software will cost. Therefore, it’s best to choose features that suit your small business, and the above features are the perfect starting point. Ensure that the payroll software you opt for includes these elements in the final price.
A Smooth Setup
Most payroll software systems will have installation costs. It’s important that your chosen software includes any costs needed to both install and configure the program for use.
The payroll software cost should include any set-up and installation fees within the final price. When it comes to desktop payroll software, it’s installed directly on your computer. Some desktop payroll software solutions require your computer to have certain software or hardware, so in some circumstances, you may need to upgrade your current operating system, which could incur costs.
It’s also important that your payroll software fee includes different setup requirements, such as:
– Adding companies and employees
– Setting up Federal, state, and local taxes
– Setting up additional incomes, deductions, hourly rates, etc.
How Much Should Training Cost?
If you have never used payroll software before, and you have no idea how to use it, then you and your staff will require training. If you have an accountant in your company, then it’s a cakewalk, but if you plan to do yourself, then you need to learn the software. Most payroll solutions will offer you some basic training, but they will charge you separately to cover in-depth and comprehensive training. The time spent on initial training and the annual training of employees should be considered in your cost analysis of any payroll software application. That’s why it’s always best to choose a payroll software platform that’s easy to use and doesn’t require any formal training.
Staying in the Loop
It’s important that you are always IRS compliant. Otherwise, you could fall into legal issues with regards to taxes, etc. This means you need regular update releases that ensure your payroll software stays compliant. This should be issued without additional costs to your small business.
Should I Be Paying For Payroll Software Support?
The last payroll software cost we will consider in this article is the cost of support. It’s natural to run into problems when using payroll software, especially as your business grows and you test out new features. It’s therefore important that it won’t cost you to receive that assistance. It’s important that the payroll software solution you choose includes on-hand technical support at no additional cost. It’s also helpful if they are US based and available on various platforms, such as email, phone & live chat. It’s even better if your chosen payroll software solution offers helpful manuals, online tutorials or FAQ features that may help you solve any issues you are experiencing yourself.
When it comes to choosing a cost-effective payroll software systems, CheckMark has you covered. We offer a one-time fee that’s all-inclusive.
Unlike other payroll software platforms, we don’t charge you separately for an initial setup, adding additional employees and companies, or using additional features such as direct deposit, MICR encoded check printing or e-Filing W2s & W3s, etc. CheckMark is a brilliant cost-effective option when compared to cloud options. This is because we neither charge you monthly fees nor surprise you with hidden costs, and we either don’t charge you for additional features as your business grows. It’s all-inclusive. This means you’re receiving a payroll solution that not only offer great value but also tailored perfectly for your small businesses.
Try CheckMark Payroll today, the most cost-effective and easy-to-use payroll software.