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Payroll software plays a very important role in ensuring that companies accurately and efficiently run payroll. It also helps companies remain compliant with regulations and laws from the local to the federal. Some payroll software can cost a lot of money, however. It’s important for companies with a budget to find software that they can afford without sacrificing the functionality and features that they need to effectively run payroll.
Some payroll software may be available for free. However, sometimes with free software, you get what you pay for. There may not be as many features and less customization available to you with free software. Using a service like Matchr.com’s vendor match tool can help HR professionals find free software that doesn’t compromise on features. It’s a good idea to think about which features are absolutely necessary for your payroll software and which would be nice to have. Free software may include the necessary ones, even if fewer total features may be available.
Another option is to explore the different packages that vendors may offer. Some vendors charge based on the number of users. If your company doesn’t need a lot of people using the software, then you could save money by limiting the number of user profiles needed in your payroll software. Many payroll software systems are set up to grow with a company. By looking for this type of software, smaller businesses with limited budgets could still get the payroll software that they need. That software could then expand along with the company.
Some in-house payroll software comes with a higher up-front price tag. This may put in-house, on-premise payroll software out of the realm of possibility for smaller businesses and companies that have lower budgets for software. Cloud-based payroll software, on the other hand, is typically a monthly charge. It costs less than fully outsourced payroll because an employee at your company is still responsible for using the payroll software. However, the start-up costs are generally much lower due to the ongoing monthly cost.
Open-source software is typically free or low-cost to use. It’s also very customizable. The downside with open-source software, however, is that it requires a lot of set up and may even require additional coding. While open-source payroll software can be a great way to save money on payroll software, it requires IT knowledge and resources that some smaller businesses may not have.
Matchr.com’s vendor match tool is designed to match HR professionals with the payroll software that best suits their needs. The match tool asks for information about the company and the software you’re looking for. If cost is a major factor in the decision-making process, the tool can take that into account. The goal is to find the best possible payroll software match. Matchr.com can help you to find affordable software that meets your needs.