What is the Cheapest Payroll Service for a Small Business?

The Milestone Team November 16, 2022
What is the cheapest payroll service for small business

The cheapest payroll service for a small business is Wave. It is the most cost-efficient software in the market right now. The price breakdown is $35 monthly & $6 per active employee. It includes:

  • Direct deposit, T4s, and full tax remittances.
  • Guaranteed accurate results.
  • An easy-to-follow step-by-step guide to help you set it up.
  • Easily accessible forms and documents.

Utilizing a cheap payroll software carries many significant risks. Naturally, you get what you pay for when it comes to payroll. Payroll plays a crucial role in business decision-making and compliance. Long-term small business payroll services are worth investing in. If affordability is a concern, Gusto – our simple small business recommendation – provides inexpensive options for new companies. 

How to choose the best payroll service.

There are a few characteristics that are a must-have for any payroll service that is designed for small businesses, and these are:

  • Convenience

Payroll can be one of the most frustrating parts of starting a new business. It is a lot more complicated than it appears, and it can take many hours to do correctly. A convenient and easy-to-use payroll service can remove this headache. 

  • Functionality

You want a payroll service that is technically savvy in addition to being user friendly. A good payroll service will expand capabilities outside of what an internal team could do, such as giving the business access to direct deposits and employee retirement plans. The majority of payroll services will also prepare W2 forms for their clients, calculate employee tax obligations, and provide management reports.

  • Reliability and accuracy

Payroll services offer an expertise that lowers the chances of mistakes. This ensures that employees are paid on time every time. 

  • Achieving compliance

Payroll is subject to a wide range of state and federal legal requirements. These requirements change often and are different in each state. A good payroll service ensures that you avoid fines and fees by making sure your company is in compliance with all applicable laws.

Finding a payroll service that can do all of these things can be difficult, but there are some great options on the market. Milestone recommends Gusto and Rippling to provide the best payroll services for small businesses.

Gusto

With Gusto, you can efficiently manage payroll, benefits, hiring, and management resources in one place. Gusto is a trusted system with a straightforward and simple payroll solution. It is also affordable. Gusto currently has a limited set of integrations, but it’s on its way to becoming a full-service HR solution. 

Gusto payroll costs start at $40 per month + $6 per month per person. They also have premium options with scalable benefits, HR services, and more. 

Rippling

Rippling integrates payroll, benefits, human resources, and IT into a single platform. All of your employee information and systems can be brought together to automate a lot of your busy work. 

Rippling integrates with over 400 apps, is technologically advanced, and is a modern solution. It has unique features, such as inventory management and device management, and it is great for integrating remote employees in different states. 

Rippling’s cost starts at $35 per month for their core platform. This includes features like employee onboarding and offboarding, document management, workflow automation, policy and permission management, and access to more than 500 app integrations. It costs an additional $8 per employee per month for payroll services. Rippling pricing is created for each business individually, based on the number of products and employees. 

Let Milestone solve your payroll problems.

Milestone has years of experience with helping small businesses streamline payroll. Our team of experts quickly takes care of your payroll services, so you can focus on other parts of your business. Find out more about what we can do for you by contacting us today.

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