10 Best Payroll Software for Businesses in Canada in 2024

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Payroll is one of the most important parts of any business. Mishandling can lead to serious consequences. Payroll can be a complex and time-consuming process for your business. That’s why it’s important to find the best payroll software that makes this process more efficient and cost-effective. There are many benefits of using a Canadian payroll software solution, including reduced paperwork and improved productivity. You should also look for a system that can handle provincial tax laws.

Choosing a payroll service provider that understands the complexities of Canada’s laws and taxation rules is essential. Your payroll processes are the lifeblood of your organization. With the right software at your disposal, you can save time and money and ensure accuracy and compliance in the ever-changing landscape of Canadian payroll management. Let’s discuss different and top-rated payroll software in Canada in detail.

Nethris
Nethris is a Canadian-based payroll provider offering business owners various features. Its cloud-based program is easy to use and provides several benefits for businesses, including 256-bit SSL security and regular backups. The software also allows employees to submit requests directly through the platform.
In addition, the software is compatible with a wide variety of accounting programs. This means that businesses can easily transfer payroll data between the two systems. This can save time and eliminate manual transcription errors.
Knit was designed specifically as a unified payroll, HR and benefits platform, unlike most other payroll software startups. Moreover, its user-friendly mobile app allows employers and employees to verify their payroll processing summary and their paystubs.
Wave

In Canada, employers have the flexibility to choose from various payroll frequencies to determine how often their employees receive their paycheques. Each payroll frequency has distinct features and is suited to different employment scenarios. Understanding these options is crucial for both employers and employees to make informed decisions about their financial planning.

Wave has a simple UI and enables users to create customizable invoices. Its features include recurring billing, automatic payment reminders, and online credit card and bank payments. It also lets users track expenses and create reports.
Wave’s free accounting software features are robust. However, it offers paid services that let businesses customize their features and get expert accounting coaching from real advisors. These services include Wave Payroll and Wave Advisors. It also has an in-app mobile receipt scanning tool.
QuickBooks Online
If you’re looking for an online accounting software with payroll processing, look no further than QuickBooks. It has everything you need to manage your business finances, including expense tracking, bank reconciliation, recurring invoices and more.
You can also use add-ons like TSheets (now QuickBooks Time) to automate data entry for accurate employee time tracking.
Another benefit is that it makes tax time a lot less stressful by calculating, filing, and e-paying taxes for you. It also has a full support system to guide you through any questions or issues that might arise. It even has a free trial for new users.
You can get the full range of features with either a Basic or Enhanced subscription, and the latter includes a full-service payroll option. It costs more than the other options on this list. But is worth the investment in the long run.
Knit
Knit is a Canadian full-service payroll and modern HR Solution that lets businesses manage payroll calculations, employee records, time tracking, and more with automation.
This way, the platform helps companies reduce costs and increase efficiency while ensuring compliance. Additionally, employees can get access to the system’s self-onboarding capabilities and the option to track their benefits from top Canadian insurers.
The platform helps streamline a variety of payroll processes including calculating taxes and deductions, paying bills through direct deposits, and providing paperless pay stubs to workers.
Moreover, the system allows businesses to prioritize employee performance management by facilitating goals and objectives setting and review sessions with managers and employees.
Managing payroll can be a tedious task for small business owners. However, the tool aims to simplify this process by automating the entire workflow. The system lets users choose a payroll schedule, enter compensation information, and automatically calculate all mandatory CRA deductions for each worker.
Additionally, the solution allows businesses to customize exemptions for their employees. For instance, some family members can be exempt from employment insurance or CPP deductions.
The system’s centralized data and secure document storage allow users to find any record they need easily. Its online self-onboarding and payroll submission features help new employees complete the paperwork quickly and conveniently. In addition, employees can request leave and receive approvals in just a few clicks.
Payworks
Payworks offers a fully integrated solution that includes payroll, HR, and employee time tracking. The company also helps clients manage benefits, tax remittances, and ROEs.
Moreover, it provides a click-to-pay feature to simplify payments. Additionally, the platform supports local payment currencies and can be easily integrated with point-of-sale systems.
The platform also has an easy onboarding process that sends welcome emails and important documents to new hires. It can also be configured to meet provincial compliance requirements, ensuring that employees’ records are correct and up to date.
In addition, it has a database for employee data that keeps track of employee information such as company assets, certifications, and emergency contacts.
It also has an employee portal for self-service and emailed paystubs, lightening the workload of accounting professionals. Lastly, the company’s customer service representatives are available for questions around the clock.
Rise People
Rise People is a full-suite employee group benefits and payroll administration solution used by thousands of companies across Canada. Its centralized people management suite of easy-to-use HR, time tracking, and payroll solutions seamlessly integrates to help teams thrive.
The company provides foundational recruiting features including candidate sourcing, interview guides, and applicant tracking and organizes candidates in one place for easier hiring. It also offers e-signature documents, performance reviews, self-onboarding, PTO and vacation tracking, and customizable HR reporting.
Rise People and Xero work together to make bookkeeping seamless by automatically mapping journal entries from the platform to Xero’s chart of accounts. The software also includes built-in checks to ensure report balances match.
PayEvo
Regardless of your industry or the size of your company, the best payroll software can make your business more efficient and effective. It can also help you save time and money by eliminating the need for human error-prone spreadsheets or hiring outside assistance. It can also provide valuable reports to help you make informed decisions. These benefits can make it a worthwhile investment in your company’s financial health.
Payment Evolution is a cloud-based Canadian payroll solution that simplifies financial management for companies of all sizes. It is designed to weave financial efficiency into the fabric of your business and provides a wide array of features including direct deposit, cheque processing, free reports, and more. It has received a high number of positive reviews from users, especially accountants. Many users have reported that the system is easy to use and can be up and running in minutes.
One of the best things about Payment Evolution is that it is an all-in-one solution for both HR and payroll. This makes it a good choice for small businesses that want a single integrated platform for all their operations. It is available in a range of packages and can be tailored to meet the needs of your business.
Ceridian
Ceridian provides a full-featured human capital management platform. It integrates payroll, HR, and talent management functions to improve the employee experience. It also features workforce analytics, compliance tools, and a company news feed.
This Canadian payroll software program offers comprehensive automatic payroll processing and pays all required tax remittances, such as CPP, EI, and WSIB. It also includes direct deposit, allowing employees to receive their pay faster and more securely.
Its streamlined dashboard gives users quick access to setup, payroll processing, and reporting functions. The user-friendly interface also allows employees to update their personal information and track the status of their paychecks.
Wagepoint
If you are looking for a simple payroll system, Wagepoint is a good option. Its features include automatic deductions, direct deposits, and tax remittances. It also generates online pay stubs. It is especially useful for small businesses that need to keep track of their payroll and taxes.
The company has an intuitive design and a user-friendly interface that makes it easy for users to navigate. It is also cost-effective and offers a range of reporting tools. Moreover, it can integrate with time-tracking software like TSheets and Deputy.
The platform also supports the three basic tax remittances in Canada: income tax, WSIB, and employment insurance (EI). It also allows you to track your deductions in real time.
The platform also tracks overtime and other expenses. Its pricing model is based on a per-payroll basis and is suitable for companies with many contracted employees.
Humi
Humi offers a one-stop payroll solution for all your HR needs. The software automates payroll payments to your employees, tracks and remits taxes, and generates reports. It also provides a wide range of other tools such as surveys, reminders, document storage, and more.
This all-in-one HR and payroll management software is designed by Canadians for Canadian businesses. Its flexible platform allows users to set up roles and access permissions for administrators, managers, and employees. It reduces duplicate data entry and helps you make smarter decisions with employee reports and analytics.
This SaaS payroll solution is perfect for small business owners looking to save time and money. It features a simple interface that makes it easy to use. It also helps you stay compliant with payroll regulations.
Conclusion
The best payroll software is a valuable tool that can simplify a complex and time-consuming process, making it more efficient and cost-effective for businesses.
It also plays a crucial role in helping companies remain compliant with tax regulations and avoid fines and penalties imposed by agencies like the Canada Revenue Agency.
In Canada, there is a diverse range of payroll software providers to choose from, each offering unique advantages and disadvantages. Whether you’re a small family-owned business or a rapidly growing tech startup, finding the right payroll software depends on identifying the features that align with your specific needs and priorities.