Money makes the world go ‘round. Well, then, who makes the money go ‘round? Well, banks and credit unions, of course! Therefore, it’s safe to say that the role financial services play in, well, everyone’s day-to-day is an important one, whether that be an individual or a business. Of course, if you work in the financial services industry, you’re likely very familiar with the stress that’s associated with working in this field. After all, it’s only money—one of the most crucial possessions a person can have—so, no pressure. But this pressure means that who you choose to partner with can be crucial to retaining client trust and maintaining security, including your payroll provider.
At Payday HCM, we’re very familiar with the unique stress and pressure that comes with operating a business in the financial services industry, as well as the trickiness of finding a payroll provider that understands this stress. We receive plenty of questions from clients and prospects alike on which payroll providers understand this industry best; which providers are best suited to tackle the unique challenges that come with servicing financial services.
That’s why, in this article, we’ll be going over the top payroll providers for financial services. We’ve broken down our list into a few categories, including:
- Best Overall Payroll Provider for Financial Services
- Best Budget Payroll Provider for Financial Services
- Best Payroll Provider for Larger Financial Services
- Best Payroll Provider for Smaller Financial Services
We’ve included our top pick for each category as well as a runner-up. Let’s get into it.
Best Overall Payroll Provider for Financial Services
The best overall payroll provider for financial services.
Best Overall: OnPay
When it comes to payroll software for financial services, OnPay stands out amongst the crowd as the strongest combination of features and price. Their base “Payroll Essentials” plan includes unlimited payroll runs and schedules in multiple states, withholding of federal, local, and state taxes, and payroll for both W-2 and 1099 workers.
OnPay also features electronic onboarding, as well as integrations with a number of different third-party applications for things like 401(k)s or accounting software. This also includes custom or pre-built reports designed to export to your accounting software. Their “Payroll Essentials” plan starts at $49 a month plus $6 per employee per month.
Runner-Up: Paylocity
Paylocity’s all-in-one platform also serves as a great option for financial services, featuring a particular focus on compliance and automation. Paylocity’s platform allows you to configure general ledgers, check types, and time-off tracking. Their platform also allows you to automate things like work authorizations and employee forms.
Paylocity’s software platform includes more HR integrations on top of the typical payroll tools, including things like tracking employee certifications and licenses, as well as providing secure storage of any employee data. Banks or credit unions interested in learning more about Paylocity’s pricing can contact them directly.
Best Budget Payroll Provider for Financial Services
The best budget payroll provider for financial services.
Best Budget Provider: Wave
While Wave’s primary service offering is its accounting software, its payroll software is a great addition for any financial institution hoping not to break the bank when it comes to outsourcing or automating payroll. This is especially true if your organization is already utilizing Wave’s accounting software.
Wave’s payroll software works directly with their accounting software, helping to automate bookkeeping and payroll journal entries on top of providing automatic tax filings for businesses in certain states. Wave’s payroll software is available for a free trial or as an add-on to their accounting software for $40 a month.
Runner-Up: Patriot Software
Patriot Software is another great budget option, especially for smaller financial services and start-ups. Their “Basic Payroll” tier includes unlimited payrolls, direct deposit, as well as federal, state, and local tax calculations. Patriot Software also gives businesses the ability to automate their payroll and features integration with their accounting software.
Patriot’s “Basic Payroll” tier begins with a 30-day free trial and starts at $17 a month plus $4 per month per employee. Businesses can opt to upgrade to their “Full Service Payroll” tier, which includes tax filings instead of just tax calculations, for $37 a month plus $5 per month per employee.
Best Payroll Provider for Larger Financial Services
The best payroll provider for larger financial services groups.
Best Provider for Larger Groups: Rippling
For larger financial services looking for payroll software that will scale and is built for growth, Rippling is a great option. Designed with growth and scale in mind, Rippling’s platform is built for businesses operating in multiple states or countries, providing payroll and employee management software that covers multiple territories.
Rippling’s payroll software allows you to automate your payroll, provides you with insight and analytics into your payroll runs, and integrates with their HR software, giving you an all-in-one solution for workforce management. Businesses interested in Rippling’s workforce platform should reach out directly for a quote.
Runner-Up: Justworks
Justworks is another payroll platform designed with scale in mind, built to grow with your business as you expand into multiple states or countries. Justworks specializes in an all-in-one HCM platform, putting your payroll and other workforce management tools in one place. It’s also built to integrate with other software for accounting or 401(k) management.
Justworks provides a lot of flexibility in terms of the kind of solution or services businesses can choose. For financial services looking for a more all-in-one solution, you can opt for Justworks’ “PEO Basic” plan, starting at $79 per month per employee. Their “Payroll” tier starts at $8 per month per employee.
Best Payroll Provider for Smaller Financial Services
The best payroll provider for smaller financial services groups.
Best Provider for Smaller Groups: Gusto
For smaller financial services operating in a single state, looking for a budget-friendly payroll provider, Gusto is a good option. Gusto’s payroll software allows businesses to automate payroll and tax filings, track employee documents, and integrate with other accounting or 401(k) software.
Gusto also provides flexibility in terms of when and how employees are paid, allowing businesses to choose whether employees will be paid the same day payroll is run or during regular business hours. Gusto’s base “Simple” plan starts at $49 a month plus $6 per month per person.
Runner-Up: QuickBooks
Similar to Gusto, QuickBooks is another good option for smaller businesses looking to automate their payroll. While QuickBooks’ main offering is its accounting software, its payroll software offers a similar level of integration and automation, allowing businesses to automate payroll and tax filings, as well as keep track of employee documents and time-off.
QuickBooks ’ “Payroll Core and Simple Start” plan gives businesses access to their full-service payroll software as well as accounting tools and certain HR and benefits tools. Their “Payroll Core and Simple Start” plan starts at $88 a month plus $6.50 per month per employee. For just payroll services, their “Payroll Core” plan starts at $50 a month plus $6.50 per month per employee.
Payroll Services Designed for Banks and Credit Unions
Every industry is different, so why should payroll services be the same for every business? You’ve likely searched far and wide for a payroll provider that provides an all-in-one solution that isn’t also one-size-fits-all. Unfortunately, it can be harder to find than it should be. This is especially true for financial services organizations, where compliance and certification are crucial to everyday operations, including payroll. Luckily, with this list of providers, you’ll be able to find the perfect payroll solution for your business.
Searching for a payroll provider is one of the most important processes a business can undertake. You’re not only looking for a company that can run your organization’s payroll every week: you’re looking for a trusted partner that understands your business and your industry, and can provide you with services that feel tailored to you. But, when searching for payroll providers, what kinds of features might actually signal to you that a payroll provider will be all of these things? Check out our article on the five features to look for in a payroll provider to find out.
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