
The Best Payroll Software For Canadian Businesses In 2023
- by Tech Today News
- Posted on May 2, 2023
Get up to date on the best payroll software for Canadian businesses. Learn about features, pricing, and pros and cons to help you choose the right payroll software for your business. Payroll is one of the most important aspects of any business as labor costs account for nearly 70% of total business costs. It makes sense to invest in the top payroll software to streamline payroll functions. If you have a business in Canada, you will require payroll solutions designed to work in that market. We have compiled the top payroll software for Canadian businesses in 2023 to help you choose the best fit for your needs. The following table highlights how the top payroll software compares in terms of core features. Top payroll software for Canadian businesses: Comparison table ADP: Best for scalability Payworks: Best for analytics and reporting Wave: Best for freelancers and small businesses Knit: Best for all-in-one payroll and HR solution Wagepoint: Best for basic payroll Ceridian Dayforce: Best for businesses with 100+ employees Key features of payroll software for Canadian businesses How do I choose the best payroll software for my business? Methodology ADP is a feature-rich payroll solution for Canadian businesses. The feature set of ADP is geared towards large companies; however, even small and medium-sized businesses can benefit from ADP payroll. The core features include built-in time tracking and an easy to use payroll app. You can also bundle payroll with other ADP HR solutions to access new hire reporting, HR forms and HR compliance. For more information, read the full ADP review. Payworks is a Canadian software company specializing in workforce management solutions, including a cloud-based payroll system. With Payworks, you can generate various customizable reports, making it the best payroll software on this list for reporting and analytics. You can add additional services to your payroll package for an extra charge. This includes tools for HR advisory services, applicant tracking and employee absence management. Wave Payroll is a subsidiary of Wave Financial Inc., which was acquired by H&R Block in 2019. With Wave Payroll, you get a full suite of payroll features, including automatic payroll processing, taxing filing and customized reporting. In addition, you get full CRA (Canada Revenue Agency) compliance. However, the software does not cover clients based in Quebec. Knit People, based out of Toronto, offers an all-in-one payroll and HR management solution that is available in three plans. Ideally suited for small and medium-sized businesses in Canada, Knit Payroll offers a decent set of payroll tools, including multiple pay rates, automatic payroll remittances and preparation of tax documents. It can be integrated with Knit’s HR management module to extend functionality. Canadian businesses looking for a simple payroll solution that is affordable and easy to use can consider Wagepoint. It offers all the basic payroll features required to pay employees and contractors while maintaining compliance with Canadian payroll regulations. You don’t get native time-tracking capabilities, so you will need to rely on third-party applications such as Quickbooks Time Tracker or 7Shifts. If you are looking for a payroll solution that offers complete human resource management for businesses in Canada, then Ceridian Dayforce is a top choice for you. Along with a full suite of payroll features, you also get benefit administration, workforce management and other HR tools. When choosing the best payroll solution for your Canadian business, you might have to consider several features based on your specific needs. Here are some core features that should help you determine if the software is the right fit for your business. The top payroll software offers automatic tax filing features. Instead of manually calculating and filing taxes, this tool helps automate the process. This feature can also include complex functions such as tax filing for commissions, overtime, wage deduction and retroactive pay. Time tracking is used for logging employee work hours for payroll processing. While most payroll solutions offer the option of integrating with a third-party application, some software has built-in time-tracking capabilities. With native tools, users get a more seamless experience as they can use the same platform for time tracking. With employee self-service, users can access their pay stubs, benefits information, time records and other information through a web-based portal or mobile app. In some software, employees can also make changes to their personal information. Payroll software can include HR tools to help extend the functionality of the software. These tools include applicant tracking, employee onboarding, new hire reporting and other tools used by HR to manage the workforce. If you want a centralized platform to handle payroll and HR tasks, consider using software that offers an all-in-one service. A mobile app for payroll can help businesses become more efficient as users can complete certain payroll tasks on the go. This includes approving timesheets, accessing pay stubs or tax documents, or scheduling time off. To select the best payroll software for your business in Canada, you will need to consider several factors based on your needs. This includes determining which set of features is the top priority for your business, such as the user interface, customer support, ease of use, pricing and other parameters. Some businesses need payroll solutions only, while others require a comprehensive payroll and HR management solution. A payroll solution that works in other parts of the world might not be suitable for Canada, so you need to establish parameters that are relevant to your region. For example, you need to ensure that the payroll solution complies with Canada’s employment and taxation laws. You also need to consider your existing software solutions to determine if the new payroll solution will integrate with the existing tech stack. To ensure we offer our readers the best payroll software for Canadian businesses, we extensively researched several payroll solutions. Our research included expert reviews and user testimonials from reputable websites so we could gain a comprehensive understanding of the software. We looked at several key factors in choosing the best software, including payroll features for the Canadian market, customer service, pricing and ease of use.
ADP: Best for scalability
Payworks: Best for analytics and reporting
Wave: Best for freelancers and small businesses
Knit: Best for all-in-one payroll and HR solution
Wagepoint: Best for basic payroll
Ceridian Dayforce: Best for businesses with 100+ employees
Top payroll software for Canadian businesses: Comparison table
Automatic tax filing Free trial Employee self-service Built-in time tracking Mobile payroll app Starting price (per month) ADP Yes Yes Yes Yes Yes Custom pricing Payworks Yes No Yes Yes (extra charges) No $20.90 per pay run plus $2.10 per employee Wave Yes Yes Yes Yes No $25 base fee plus $6 per employee Knit Yes Yes Yes Yes No $39 base fee plus $6 per employee Wagepoint Yes Yes Yes No No Custom pricing Ceridian Dayforce Yes Yes Yes Yes Yes Custom pricing Jump to:
ADP: Best for scalability
Pricing
Features
Pros
Cons
Payworks: Best for analytics and reporting
Pricing
Features
Pros
Cons
Wave: Best for freelancers and small businesses
Pricing
Features
Pros
Cons
Knit: Best for all-in-one payroll and HR solution
Pricing
Features
Pros
Cons
Wagepoint: Best for basic payroll
Pricing
Features
Pros
Cons
Ceridian Dayforce: Best for businesses with 100+ employees
Pricing
Features
Pros
Cons
Key features of payroll software for Canadian businesses
Automatic tax filing
Built-in time tracking
Employee self-service
HR tools
Mobile app
How do I choose the best payroll software for my business?
Methodology
Get up to date on the best payroll software for Canadian businesses. Learn about features, pricing, and pros and cons to help you choose the right payroll software for your business. ADP: Best for scalability Payworks: Best for analytics and reporting Wave: Best for freelancers and small businesses Knit: Best for all-in-one payroll and HR…