Top 5 Payroll Accounting Software You Shouldn't Miss 2023

Elise Williams

2023-03-24 17:08:10 • Filed to: Accounting • Proven solutions

Basically, payroll accounting software help businesses or companies generate paystubs, calculate employees’ deductions or remunerations, deposit salaries electronically, create tax forms just to name a few. They do not only save time but also eliminate manual errors. They provide a range of benefits, for instance, developing comprehensive financial reports, managing staff data and making financial transactions securely. This article lists top 5 payroll accounting software, their benefits as well as shortcomings.

Top 5 Payroll Accounting Software

There’s a long list of affordable and effective accounting and payroll software. These applications are loaded with timesaving features, for instance, invoicing tools, automated entries, financial reports and many more. Some of them are entirely cloud-based, thus, capable of syncing POS systems and bank accounts. The software can perform tasks like accepting online payments, generating dynamic financial reports and tracking bills, taxes and expenses.

No.1 FreshBooks

Besides having exceptional invoicing features, FreshBooks has user friendly interface making is simple to use. Its intuitive design allows users to add billable expenses quickly. That’s not all, users can develop recurring invoices as well as customized reports. Also, payment reminders are sent automatically.

Users can link FreshBooks to their bank accounts. This is imperative because it make it stress-free to generate financial reports, track bills or time and also manage projects. It’s also reasonably priced. Trial period of 30 days is offered as well.

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Pros

Very easy to use. Signing up for FreshBooks is pretty quick.
Has timesaving features. For instance, you can create personalized invoices, financial reports and lots more.
You can send or receive payments instantly. All critical transactions are automated, thus, reducing paperwork.
Exceptional customer support. You can send email or call their customer reps anytime you have disturbing questions.

Cons

Does not have purchase order or inventory management tools.
Less customization options

No.2 Patriot Software

Patriot software offers accounting solutions to business owners. Users are allowed to choose their preferred accounting methods, for instance, accrual accounting, modified or altered cash basis or cash basis. Moreover, users can record payments, develop customized reports, track bills or pending invoices and check on bank transactions. Free trial of up to 30 days is provided. Also, it’s reasonably prized.

Pros

Tack pending bills, expenses and invoices
Allow users to pay vendors or make other form of payments online securely
Users can print financial reports, statements, tax forms and lots more automatically
Integrates well with many applications
Track payments and account balances
Users can record payments and view pending invoices
Users can access data instantly from anywhere.
Offers very responsive customer service

Cons

It might take effort to learn using some features. Manuals and videos are provided to guide you, though.

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No.3 Accounting CS Payroll

Accounting CS Payroll is an excellent application suitable for bookkeeping. It reduces paperwork by automating the critical processes. It can be used to generate financial statements, tax forms and make transactions faster. That said, it saves time and eliminate human errors.

Pros

Very easy to set up. Its inbuilt features process payroll accurately and quickly.
Automate critical processes, for instance, depositing employees’ salaries, delivering clients’ payroll among others.
Provide multi-user capabilities. The tedious tasks are fully automated and accomplished securely. You can customize a lot of features to fit your needs.
Users can import bank statements including other financial data instantly. Also, users can access data from anywhere.
Users can also fund liabilities, track balances and reconcile bank accounts electronically
Integrates well with various portals, thus, reducing paperwork
Excellent customer service

Cons

Pricing information isn’t listed

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No.4 Xero

Xero is one of the reasonably prized payroll and accounting software. It has many useful features to tackle payroll accounting seamlessly. Besides having helpful integrations and tools, this software offers excellent customer support anytime. Users can make payments and manage payroll securely.

Pros

Affordable – a standard plan costs $30 monthly, and users can manage up to 5 payrolls. You can also opt for premium plans that costs $70 to $80 depending on the number of payrolls you want to manage. The highest plan costs $180 monthly.
Excellent customer service – Xero has friendly customer reps who answer or respond to queries anytime. You can call or send email anytime you want and you’ll receive prompt response.
Robust features – Xero is loaded with great payroll tools. Users can track payments, and also make payments instantly and securely. Also, reports are generated automatically.

Cons

Some states cannot use it.
Premium plans are costly.

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No.5 BambooHR

BambooHR is a great accounting software for payroll primarily used to track contact details of the employees as well as storing HR documents and managing HR workflows. It completely automates operational processes. It creates reports and pay stubs automatically.

It allows users to track employees’ data seamlessly. Therefore, paperwork and errors are reduced. In addition, data importation is faster.

Pros

Eliminates errors or double entries. The processes are automated, thus, reducing human errors. Also, the entries are correct.
Responsive customer service. You can call or send emails anytime. Their friendly customer reps will respond swiftly.
Has a responsive mobile app.
Using the software is easy. It has easy-to-use navigation tools and interface.
Has great features that can be customized.

Cons