Payroll software allows you to manage your employees’ payroll, making sure you comply with federal and provincial payroll laws. They typically facilitate direct deposits into your employees’ bank accounts from an account you link, also generating T4 receipts for tax time and calculating income tax, CPP deductions, EI remittances, and other deductions that you are responsible for paying to the government.
The best payroll software for small business also integrates HR features like hiring, onboarding, the ability for employees to apply for leave, group benefit management, and other features that may be valuable to you as a small business owner with no human resources staff.
If you are looking for an all-in-one option that will handle most or all of your HR requirements in addition to payroll, Ceridian is an established and reliable option. Small businesses can get started with the Powerpay plan, and if your team grows and you want more business features, a more robust Dayforce plan is available. With Ceridian, you can manage payroll, tax and reporting compliance, and common HR tasks, such as employee record keeping and onboarding. You will need to inquire about pricing, as it depends on what you choose to include in your service.
• Integrates with Quickbooks and most time and attendance solutions.
• All-in-one payroll and human resources management.
• Custom plans.
• No integrated employee time tracking.
ADP offers a range of plans from small businesses with one or two employees to large businesses with hundreds of people on payroll. If you’re just looking for a simple payroll management option, the basic plan will have you covered. It also comes with some useful extras, such as generating HR forms for you. Although prices vary and you will need to contact ADP for a quote, users report that basic plans start at $ 29 per month.
• Great app for both you and your employees.
• Scalable as your business grows.
• Basic plans don’t include much more than payroll management.
You may already be familiar with Quickbooks as it is a popular accounting and billing software for small businesses. It also offers the ability to manage your payroll and has many useful extras such as a timesheet function for employees and an employee portal where they can access their information. At higher price levels, you can access more powerful features like inventory management and advanced reporting. The basic plan starts at $ 42 / month + $ 4 / employee, with a 75% discount on the first three months.
• Integrations with Shopify, Square and Paypal.
• Accounting, billing and payroll in one place.
• The basic plan costs more than other options.
• Less information on employee portals than on other platforms.
Wave is one of the most affordable paycheck options available in Canada and is very suitable for small businesses with only a few employees. Wave offers free accounting software, and their payroll solution starts at $ 20 per month + $ 6 per employee. It includes the tax return, a self-service portal for employees and the generation of T4 / T4A tax forms.
• An affordable solution for small businesses with one or a few employees.
• Very reliable
• Does not include add-ons for human resources and employee benefits.
• No mobile app.
• Payroll not available in Quebec.
It is unique in that it offers tailor-made solutions for this type of business. Payworks also has a lot of add-ons, such as human resource management, so you can only pay for the features you actually need. Another benefit of Payworks is its ability to generate highly customized reports, so you can keep track of the areas of your business that are most important to you. While pricing varies by add-on, basic plans start at $ 22.90 / pay period + $ 2 / employee.
• Specific solutions available for franchisees and franchisors.
• Dozens of high quality reports available.
• Customizing reports can have a steep learning curve.
• Core HR capabilities not included need to be added.
Knit is a newer payroll software option with largely positive reviews from small business owners so far. Pricing for payroll software can be confusing and hard to find, which makes Knit’s transparent three-tier pricing structure a welcome change. Integration with Quickbooks makes it affordable for many Canadian small business owners, and a monthly pricing structure starting at $ 39 / month + $ 6 / employee means you don’t have to pay extra if different employees are paid at different hours
• Includes payroll, benefits and human resources in one.
• Employee portal where they can access pay slips and other information.
• Limited HR capabilities compared to more robust platforms.
Benefits of Using Payroll Software
Great software allows you to complete tasks that a full-time employee once would have required. Choosing the right payroll and human resources software for your small business can help you grow, keep your employees happy, and make sure you meet all tax and legal requirements without having to hire a dedicated person to handle these things.