What is the best Canadian payroll software in 2024? This choice depends on your industry, company size, and unique payroll needs. With so many niches and specific uses, we have gone through user testimonials, reviews, and product features to bring you our top 12 list of best companies for payroll to pay your employees.
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What is a Payroll Company?
A payroll company plays an essential role in any business by ensuring compliant payroll management. You don’t have a company without paying your employees, and these companies handle the most crucial tasks.
Jobs like processing paycheques, managing employee data, ensuring tax compliance, and overseeing benefits administration are all typically managed by a payroll company. They provide support that allows businesses to focus on their core operations without getting bogged down by how time-consuming manual payroll can be.
Does Payroll Software Help Small Companies?
For a business with 1-3 employees, we often hear the sentiment that they ‘aren’t at the size for needing payroll software.’
Then, we hear from those who have enabled payroll for small companies and we see the massive impact payroll software has on their operations.
For small businesses, payroll software is not just a luxury but a necessity. It significantly improves accuracy in pay calculations and compliance with CRA requirements, ensuring businesses avoid costly penalties.
Implementing Canadian payroll software saves time more than anything, allowing small business owners to focus more on strategic tasks.
Advanced features like mobile apps and cloud services further streamline the payroll process, making it easier to manage payroll on the go and ensuring that data is accessible but secure.
Best Payroll Software for Multiple Companies
For businesses operating across multiple companies or locations, the choice of payroll software must not only be scalable but also versatile.
It’s essential that the software offers multi-entity support and can manage diverse payroll requirements, catering to varied operational needs.
These selections ensure that your business’s growth is not constrained by your payroll system’s limitations, but instead, is facilitated by its functionality and adaptability.
Best Payroll Software for Large Companies
When it comes to payroll systems for large companies, payroll needs to pack a more powerful punch.
They must possess advanced features such as integration capabilities, extensive customizability, and robust security measures to safeguard sensitive data.
Best Canadian Payroll Software for Small Businesses
For small businesses, the ideal payroll software should be user-friendly, cost-effective, and efficient, simplifying payroll management without sacrificing performance.
Small business owners often lean towards solutions like PaymentEvolution, which provides payroll services tailored to meet the unique needs of smaller operations.
This software stands out for its ability to deliver comprehensive payroll functionalities at an affordable cost, making it an excellent choice for small businesses looking to optimize their payroll processes efficiently and effectively.
PaymentEvolution
Overview:
PaymentEvolution is a comprehensive payroll solution designed for small to medium-sized Canadian businesses. It provides a straightforward, cloud-based platform that simplifies payroll processing.
Key Features:
- Automatic tax calculations and filings
- Integration with major accounting software
- Customizable payroll reports
- Employee self-service portal
- Direct deposit to bank accounts.
Strengths:
- User-friendly interface
- Often the most affordable option
- Fast and basic payroll running
- Beautiful reports to visualize payroll data
- Excellent customer support tailored for Canadian businesses
Weaknesses:
- Limited customization options for larger enterprises
- Fewer advanced HR features compared to competitors
Who is PaymentEvolution Best For?
Ideal for small businesses and startups in Canada looking for a straightforward, reliable payroll solution without the need for extensive HR management tools.
Knit People
Overview:
Knit People offers a friendly user experience with its payroll software that integrates HR and payroll functionalities, aimed primarily at small to medium-sized Canadian businesses.
Key Features:
- Direct deposit and electronic records of employment
- Integrated HR and payroll
- Easy tax handling and compliance
- Time tracking and leave management
Strengths:
- Intuitive platform easy for beginners
- Highly rated customer service
- Competitive pricing for small businesses
Weaknesses:
- Limited reporting capabilities
- Less suitable for companies with complex payroll needs
Who is Knit People Best For?
Ideal for small businesses seeking an easy-to-use payroll solution with basic HR functions integrated into the platform.
Humi
Overview:
Humi is a Toronto-based software company offering a versatile HR, benefits, and payroll platform specifically tailored for the Canadian market.
Key Features:
- Comprehensive HR management
- Benefits administration linked with payroll
- Automated payroll processing
- Robust employee database and self-service
Strengths:
- One-stop-shop for payroll, HR, and benefits
- Strong focus on compliance with Canadian laws
- Scalable as businesses grow
Weaknesses:
- More expensive than some competitors
- Complexity may deter very small businesses
- Focus on HR & benefits takes away from payroll strengths
Who is Humi Best For?
Best for growing Canadian businesses that need a comprehensive system to manage HR and benefits and have less complex payroll requirements.
Deluxe Payroll
Overview:
Deluxe Payroll is a business enterprise focused on business cheques, forms, payments and banking services with integrated payroll services through Payworks.
Key Features:
- Auto filing tax remittances and WCB as compliant with Canadian payroll regulations
- Employee access to pay stubs and tax documents
- Dedicated service representative
Strengths:
- High level of data security and privacy
- Robust support team
- Suitable for a range of business sizes
Weaknesses:
- The interface is less modern than some newer platforms
- Deluxe payroll can be pricey for the highest tier of service
Who is Deluxe Payroll Best For?
Ideal for businesses of any size that prioritize security and compliance in their operations, particularly those in industries with stringent regulatory requirements. Must be fine with using integration & different platforms for their payroll.
Rippling
Overview:
Rippling is an innovative platform that combines payroll, HR, and IT management, making it a comprehensive solution for businesses looking to streamline their operations globally, including in Canada.
Key Features:
- Integrated payroll, HR, and IT management
- Automation of payroll and compliance tasks
- Employee self-service for benefits and pay details
- Advanced reporting and analytics
Strengths:
- Powerful automation capabilities reduce manual input
- Highly scalable, supporting businesses as they grow
- Seamless integration with numerous third-party apps
Weaknesses:
- Higher cost compared to some payroll-focused solutions
- Not a Canadian-first business.
- The complexity of features may be overkill for very small businesses
Who is Rippling Best For?
Best for medium to large businesses with less focus on cost that need a robust platform to handle not only payroll but also HR and IT across multiple countries.
Dayforce
Overview:
Dayforce (formerly Ceridian) is a global human capital management software company that offers Dayforce, a cloud-based platform for payroll, HR, and more, designed to meet the needs of medium to large businesses.
Key Features:
- Real-time payroll processing
- Comprehensive workforce management
- Benefits and talent management
- Predictive analytics for HR decision making
Strengths:
- Extensive suite of features that cover nearly all aspects of workforce management
- Strong global compliance capabilities
- High scalability and customization options
Weaknesses:
- Can be complex to implement and use
- More expensive than simpler platforms
Who is Ceridian Best For?
Ideal for larger companies or those with complex payroll and HR needs that require a comprehensive, all-in-one solution capable of handling global workforce management.
Payworks
Overview:
Payworks is a Canadian-based payroll service provider that offers cloud-based payroll solutions along with HR and time management systems tailored primarily for small to medium-sized businesses.
Key Features:
- Integrated payroll, HR, and time tracking
- Compliance management for Canadian regulations
- Direct deposit and electronic pay statements
- Mobile app for on-the-go management
Strengths:
- Strong local customer support
- User-friendly interface
- Competitive pricing for Canadian SMEs
Weaknesses:
- Limited customization for larger or more complex operations
- Limited integration capabilities
- Features may not be as extensive as some international competitors
Who is Payworks Best For?
Suited for Canadian SMEs looking for an easy-to-use, reliable, and locally supported payroll solution who may not require diverse integrations.
ADP
Overview:
ADP, one of the largest providers of HR and payroll solutions globally, offers customized solutions for businesses of all sizes, including payroll services in Canada.
Key Features:
- Automated payroll processing
- Comprehensive tax and compliance management
- Integrated HR management systems
- Extensive analytics and reporting
Strengths:
- Extensive industry experience and reliability
- Scalable solutions suitable for both small businesses and large enterprises
- Wide range of additional services like HR and benefits management
Weaknesses:
- Pricing can be higher, especially for smaller businesses
- Not a Canadian-first organization
- Some users report a steep learning curve
Who is ADP Best For?
Best for businesses of any size that need a reliable, scalable, and feature-rich payroll and HR platform with strong customer support despite a learning curve and higher pricing.
Wagepoint
Overview:
Wagepoint is a straightforward and user-friendly payroll software designed primarily for small businesses in Canada.
Key Features:
- Simple payroll processing
- Automatic tax calculations and filings
- Basic HR functions
- Employee self-service portal
Strengths:
- Easy to use with an intuitive interface
- Affordable pricing for small businesses
- Excellent customer service
Weaknesses:
- Limited features compared to more comprehensive platforms
- Not suitable for larger businesses with complex payroll needs
Who is Wagepoint Best For?
Ideal for Canadian small businesses that need a simple, straightforward payroll solution without extensive HR functionalities.
Wave Payroll
Overview:
Wave Payroll offers an affordable and straightforward payroll solution designed specifically for small businesses and freelancers in Canada. It integrates with Wave’s accounting software, making it a great choice for those already using Wave for financial management.
Key Features:
- Simple payroll processing
- Integration with Wave accounting and invoicing
- Direct deposit and self-service pay stub access for employees
- Automatic tax calculations and filings
Strengths:
- Cost-effective for small businesses and sole proprietors
- Easy integration with other Wave products
- User-friendly interface ideal for those new to payroll
Weaknesses:
- Lacks some of the advanced features found in more robust payroll solutions
- Primarily suited for very small businesses
Who is Wave Payroll Best For?
Wave Payroll is best for small business owners and freelancers in Canada who require a straightforward, budget-friendly payroll solution and use Wave financial tools.
Sage
Overview:
Sage offers business management software, including Sage Payroll, designed to meet the needs of small to medium-sized businesses looking for an integrated approach to payroll and HR.
Key Features:
- Advanced payroll processing capabilities
- Built-in compliance with Canadian payroll regulations
- Integration with Sage accounting products
- Robust HR and employee management tools
Strengths:
- Extensive customization options
- Scalable solutions that grow with your business
- Strong reporting and analytical tools
Weaknesses:
- The system can be complex, requiring a learning curve
- Higher cost compared to some standalone payroll solutions
Who is Sage Best For?
Sage is best suited for medium-sized businesses that need a powerful payroll system integrated with business management software despite a higher learning curve and cost.
QuickBooks Online Payroll
Overview:
QuickBooks Online Payroll, offered by Intuit, is an extension of its popular accounting software. It is designed for small to medium-sized businesses and offers full integration with QuickBooks Online.
Key Features:
- Seamless integration with QuickBooks accounting software
- Automated payroll processing
- Tax calculations and compliance management
- Employee self-service portal and mobile access
Strengths:
- Excellent integration with QuickBooks for a unified accounting and payroll experience
- User-friendly interface that is easy to navigate
- Reliable customer support
Weaknesses:
- Some features may be limited compared to more specialized payroll software
- Not a Canadian-first organization
- Pricing can be higher when including all advanced features
Who is QuickBooks Online Payroll Best For?
QuickBooks Online Payroll is ideal for small to medium-sized businesses already using QuickBooks Online and want to streamline their payroll processes within the same ecosystem.
Top Payroll Companies for Small Businesses
Identifying top payroll companies for small businesses involves looking at their service offerings, customer support, and unique selling propositions.
PaymentEvolution: Renowned for its tailored approach to small and medium-sized enterprises in Canada, PaymentEvolution offers competitive pricing and excellent customer support, making it a strong choice for businesses that value straightforward solutions and dedicated service.
Benefits of Using Payroll Software
Investing in the right payroll software can transform how your business operates, making payroll processing more efficient and compliant with Canadian regulations.
If you’re looking for tailored advice or need a payroll solution that aligns perfectly with your business requirements, consider reaching out to PaymentEvolution.
Our experts are here to help you navigate the complexities of payroll management, ensuring you choose the best software for your unique needs.
FAQs
What is payroll software and why do I need it for my small business?
Payroll software streamlines the process of paying employees. It calculates wages, deducts taxes, manages benefits, and ensures compliance with labour laws.
For small businesses, payroll software can save time, reduce errors, and help maintain compliance with Canadian payroll regulations.
How does payroll software benefit a small business owner?
It streamlines the payroll process, reduces the likelihood of errors, and saves time that can be better spent on core business activities. Features like generating pay stubs and reports, handling direct deposits, and managing employee data securely add significant value.
Can payroll software handle payroll for multiple companies?
Yes, some payroll software solutions are designed to manage payroll across multiple companies or locations, catering to specific needs such as varying tax requirements and benefits administration.
What features should I look for in payroll software for a large company?
Look for integration with existing HR systems, customizable payroll elements, robust security measures, comprehensive reporting tools, and the ability to handle a large number of employees across multiple jurisdictions.
What is best payroll software for small businesses?
PaymentEvolution is known for its ease of use, cost-effectiveness, and features tailored to the needs of small enterprises.
How do I choose the right payroll software for my business size and needs?
Consider factors like the number of employees, payroll complexity, budget, and specific business needs like benefits administration or tax filing. Evaluate each software’s features, scalability, user reviews, and compliance with Canadian payroll regulations.
Are there additional costs associated with using payroll software?
Yes, additional costs can include setup fees, training expenses, charges for extra features like custom reports or advanced analytics, and ongoing support fees.
Always check what’s included in your plan and what comes at an extra cost to avoid surprises.
How do payroll companies ensure compliance with Canadian payroll regulations?
Payroll companies ensure compliance by regularly updating their software to reflect the latest tax rates and legal requirements.
They also typically offer features that automatically apply these updates, provide audit trails, and generate compliant reports to facilitate accurate filings and record-keeping.
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