The next-generation Payroll Software in Canada you need to know

The next-generation Payroll Software in Canada you need to know

Looking for the best Payroll Software in Canada? Give it a little peek here.

Do you know there are several solutions available for processing payroll in Canada? We have put together this simple guide to the finest payroll software in Canada to help you narrow things down and pick the perfect payroll solution for your needs.

So, let’s get started!

Best Payroll Software in Canada

ADP Workforce Now

The most significant advantage of ADP Workforce Now is that it is an all-in-one payroll, HR, time, talent, and benefits platform. Businesses may handle most of their back-office administration in one location. ADP Workforce Now also supports Real-time updates across all systems.

However, the interface, widely criticized as confusing and challenging to operate without sufficient training, is one of ADP Workforce Now’s main flaws. The interface is slow compared to other cloud platforms.

For whom is this software best?

Although ADP has options for businesses of various sizes, the platform is primarily for large corporations, meaning that ADP’s integrations, customizations, and accessibility make it a frontrunner for large enterprises with hundreds to thousands of employees.

 

Ceridian Dayforce

Ceridian, like ADP, is one of the largest payroll service providers  in the country. Ceridian’s main product is Dayforce, human capital management (HCM) platform that incorporates HR, payroll, benefits, labour management, and talent management into a single application.

Unfortunately, many users have also expressed dissatisfaction with Ceridian’s level of customer service. Ceridian’s service is less customized due to its size, and consumers rarely get help from the same customer support representative each time—a common issue with business software.

For whom is this software best?

It’s perfect for large businesses requiring software that can handle payroll, HR, benefits, and recruitment; however, it is still not worth for a small company with a small team.

 

Payworks

Payworks has created a one-of-a-kind software solution for franchisees and franchise owners. Payworks include the ability to handle many locations from a single database, multi-user access, data import from various POS systems, automated vacation pay entitlements, mass salary updating tools, and more.

The time-tracking feature is one of the most significant disadvantages of Payworks. The business employs its time-tracking system, which is quite simple. The module may not feature everything needed for folks experienced with specialized time-tracking programs like QuickBooks Time formerly TSheets.

For whom is this software?

As Payworks dashboard is quite behind on user experience, it may only be best for yet more traditional businesses that only need to process payroll and aren’t concerned with the user experience.

 

Wagepoint

 Wagepoint is a small business payroll software that provides direct deposit, tax filings, year-end reporting, online pay stubs, and more. Small business owners and accountants alike enjoy using the platform.

Wagepoint spends most of its efforts on the platform’s payroll side, which means Wagepoint’s payroll features are very sophisticated. The platform manages statutory holiday calculations, direct deposit, and online pay stubs, as well as automating CRA and WCB transfers. Wagepoint supports CRA source deductions, ROEs, T4s, T4As, EHT, and WSIB auto remittance. Small business owners and accountants like how simple it is to administer payroll with Wagepoint and the platform’s ability to handle more sophisticated payrolls, such as various pay groups for payrolls that occur at varying frequencies.

What is Wagepoint strength? It’s pricing! Wagepoint has simple pricing based on how frequently you do payroll and how many employees you pay. The cost is reasonable for small businesses with bi-weekly and semi-monthly payrolls. Wagepoint does not provide unlimited pay runs or pricing modifications for weekly and monthly payrolls.

For whom is this software most suitable?

We prefer Wagepoint over other software as it is primarily a payroll platform, making it suited for small and medium-sized enterprises seeking a user-friendly and cost-effective payroll solution. The software is also great for accountants and bookkeepers who work with many small firms with simple payroll needs.

 

Our three-step preferred process for Payroll Solutions in Canada

Want to know about our preferred solution? Let us walk through our three-step process using Wagepoint –

 

Employees enter their time on Track.

As an employee, amidst your usual workload, it is a headache to maintain spreadsheets to keep a record of your working hours. Since Spreadsheets are no longer in use, Track makes recording employee time, approving hours, sending reminders, and integrating work hours with payroll easier.

Wagepoint is a seamless software for employees because they can easily add their working hours and track them. Employers submit their hours by simply clocking in/out. All the employee has to do is log in, add hours and get it approved by the managers.

That’s it!

 

The owner or HR department approves the time entered by employees

For the owner or even the HR department, it is not easy to go through the spreadsheets created by employees to track time. But guess what, Wagepoint has made things easier, not only for the employees but for the managers as well.

When timesheets are ready for review, managers are alerted so they can authorize hours worked for payroll. Once they approve the working hours added by the employees, the data is ready for processing by inhouse or outsourced payroll administrator.

 

Our office processes payroll on Wagepoint.

Now here’s where we come into action! We collect the approved payroll data and timesheets from Track to process the employee pay stubs. Verifying employees’ work hours and payments through the payroll system, issuing deductions, earnings, and other statements to employees, and updating payroll records are all part of our responsibilities.

You see how easily, from employees to HR to payroll administrators, Wagepoint is paving its way!

 

Now that we have already discovered how great Wagepoint is let us have a touch of Wagepoint Integration with Xero for automated data entry and bank reconciliation.

Wagepoint and Xero are now entirely linked, making it simple to manage your accounts and pay your employees in one location.

With Wagepoint and Xero, one can rest easy knowing they are using a reliable tech stack!

How?

  1. Wagepoint’s cloud-based payroll software lets you focus on what you do best while simplifying payroll.
  2. With Xero’s all-in-one accounting software, you can regain control, streamline invoicing, inventory and much more.
  3. Sync your paystub data to your Xero account easily.
  4. One can import Payroll Transactions by pay month, time, or invoice.
  5. Sync all wages, taxes, and liabilities into the correct chart of accounts automatically.

 

Conclusion

We agree that Payroll software should help you in making an otherwise time-consuming and complicated process more efficient and cost-effective. It should also assist you in remaining compliant and avoiding CRA penalties. A prefered way to get the best Payroll services is to outsource payroll in Canada.

However, no two businesses have the exact same payroll requirements, so our guide outlines the benefits and drawbacks of utilizing the various providers. Whether you’re a small business or a fast-growing tech company, whether you have a team of 5 or 500 our payroll department can help you streamline this process for you. Please connect with us at Bronte Bay, as we never miss an opportunity to provide you with the best Payroll services!

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