Best Payroll Software in India For Small and Midsized Businesses

“Which is the best payroll software for Indian businesses?” was widely searched in the last fiscal year, and we can clearly see why. Managing payroll is an uphill battle for many startups and thriving entrepreneurs. Be it staying updated with salary structure, tax filing, attendance data, or maintaining employee pay records, there’s a lot of payroll work that needs to be done on a regular basis. Thankfully, payroll software exists to lend a helping hand.

Payroll software helps carry out pay runs at an outstanding speed, efficacy, and accuracy while saving small and midsized business owners from low employee morale, poor performance, and also legal difficulties. While there’s no dearth of options, a lot of entrepreneurs in India have no idea what payroll software they should use to handle payroll functions. If you are one of them, keep reading!

In this blog, Finsmart Accounting – trusted for outsourced bookkeeping to India – will share payroll software that are trusted and widely recommended by our team of payroll and accounting experts.

Best payroll software in India 

Are you ready to learn about the best payroll management software? Let’s go!

#1 Ascent Payroll

Ascent Payroll – now known as Eilisys payroll software – is one of the most flexible and easy-to-use payroll software that has gained popularity among Indian startups and businesses in a very short period of time. A flagship product of Eilisys Technologies, it is a cloud-based payroll management solution that does away with the manual intercession in executing payroll.

Packed with features like income tax calculator, Flexi reimbursements, and Expat grossing up tax, Ascent Payroll software is robust enough to handle business operations of any scale. Extremely accurate and fast, it can also help you with tracking loans and advances, salary revisions, investment declarations, and extensive payroll reporting.

ASCENT PAYROLL SOFTWARE HIGHLIGHTS:

• Simplifies payroll management
• Attendance management
• Cloud-based solution
• Salary information and history management
• Performance appraisals management
• Statutory compliances
• Mobile support

#2 Keka

A SaaS employee experience platform that puts together HR, payroll, ATS, and employee performance management in a single suite of tools. Keka makes it easy for Indian businesses – big and small – to revise and plan compensations. It allows them to make required payroll and salary changes throughout the month while ensuring that they don’t mount up the work at month’s end.

Planning to release payslips in various formats for your employees? No problem. Want to keep a track of leave, attendance, or overtime deductions? Can be done in a jiffy. Keka lets you release payslips in different formats. In fact, its advanced feature makes it easy for entrepreneurs to release them digitally on mobile apps, email, or SMS.

You can also review and conclude all unpaid leaves, attendance deductions, and make adjustments using this payroll software. Keka payroll software offers multiple plans for diverse payroll needs. Its Foundation plan costs around ₹6,999 a month. Strength and Growth plans cost around ₹9,999 and ₹13,999 per month respectively.

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KEKA HIGHLIGHTS:

• No prior payroll knowledge required
• Easy to use
• Allows payroll preview
• Release payslips in different formats on different platforms
• Maintain leave, attendance, and overtime records
• Keep track of new employees
• Salary revisions
• Track all reimbursements and pay or hold the payments
• Keeps track of all arrears
• Expense management
• Payroll and Compliance

#3 Zoho Payroll

Another amazing payroll software that’s best known for bringing HRMS, payroll, and accounting under one virtual roof. Zoho Payroll packs all the important payroll tools that businesses in India need to make informed decisions and stay on top of their payroll game. This cloud-based payroll software lets you administer employees’ information and manage accurate payroll, compliances, and benefits with ease.

Known for its modern UI and impeccable support, Zoho is easy to set up and perfect for small and medium-sized businesses. The software simplifies and automates all steps involved in payroll management such as payroll calculation, gathering leave and attendance information, evaluating net pay/deductions, and handling payroll documents.

Zoho also makes it easy to stay compliant with four statutory regulations – PF, LWF, PT, and ESI. This Indian payroll software offers a free trial with all the features and capabilities for a month. There’s also a premium plan that costs around ₹60/month for one employee.

ZOHO PAYROLL HIGHLIGHTS:

• Easy to set up
• Polished UI
• Amazing support team
• Administer employees’ information and records
• Manage accurate payroll, compliances, and benefits
• Automatic payroll calculation
• Keep up with tax regulations
• Pocket-friendly plans
• Connect banking for timely salary payments
• HR integration
• Accounting integration
• Can be accessed from smartphones

#4 GreytHR

Our list will be considered incomplete without talking about this popular Indian payroll software for small businesses and young startups. GreytHR is an integrated, cloud-based HR and payroll tool that helps entrepreneurs in getting rid of cumbersome Excel sheets and payroll computation errors. It ensures that payroll is processed accurately and on time.

Designed and developed to deal with complexities like overtime, bonuses, seasonal pay, and commissions, GreytHR can help you streamline advances, loans, and reimbursements that are owed to your employees. Using this payroll software, startups in India can also easily track attendance and be compliant with all taxes and regulations.

GreytHR offers four different levels of pricing to cater to companies of different sizes. Its starter plan is absolutely free but offers limited features. The monthly cost of other plans (Welter, Super, and Cruiser) are ₹1495, ₹2495, and ₹4995 respectively.

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GREYTHR HIGHLIGHTS:

• Easy-to-use payroll package
• Full control over the payroll process
• Handles complex payroll structures
• Computes accurate salaries automatically
• Automates reimbursements, advances, and loans
• Generates and distributes customized payslips
• Different plans for different business sizes

Best Payroll Software for Business: Comparison

While it is true that the aforementioned payroll software can automate every step in the payroll and accounting processes, selecting the right solution for your unique business can still be a challenge.

To help each business owners pick the right tool, our team has become up with a comparison table! Have a look:

Streamline payroll and accounting with Finsmart

We have listed the best payroll software that are helping startups and even big organizations in India carry out their pay run with accuracy, high speed, and confidence. However, selecting the right payroll tool for your business depends on many factors including your unique requirements.

Do thorough research on different payroll management software in order to select the best option for your business. Finsmart Accounting – the leading provider of payroll and accounting outsourcing in India –  works with all the major payroll and accounting tools to streamline client payroll operations and get the right financial insights in a timely manner.

In-house payroll management can be time-consuming and tedious even with the best payroll software in the world. Consider outsourcing accounting and payroll to save both time and money. Send your queries to info@finsmartaccounting.com and have them answered by our accounting and payroll management experts.

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