Paychex product overview
Paychex is a cloud-based payroll management system offering payroll, HR, and benefits management systems for small to large businesses. Paychex covers payroll and taxes, employee 401(k) retirement services, benefits, insurance, HR, accounting, finance and Professional Employer Organization (PEO). The software also offers accounting and finance solutions including payment processing services, expense management, Kashoo online accounting integration, and online benefits management, while also taking care that federal state laws and local regulations are observed. It also includes a searchable database of webinars, articles, videos, and blue papers to stay on top of an HR field with frequently changing requirements.
This software automates applicant tracking and expense management to help make recruiting and expense processes more efficient, and has flexibility for businesses to scale it to their operations. Because it is cloud-based, users are able to view Paychex from anywhere they have browser access whether desktop or mobile device via single sign-on. Businesses have the option to manage tax payments completely on their own if they so wish in order to manage cash flow. With more than 160 standard reports and dashboards, which include customizable and configurable reports, businesses have ready access to the data they need to make the choices beneficial to them.
Paychex enables employees to check their retirement balances, update any allocations, and clock in/out to record time and attendance, as well as enrolling, viewing, and updating their benefits information. It is a 24/7 U.S. based support system and includes the option to work with a dedicated HR professional, as Paychex employs over 100 analysts to track changes that occur in regulations, taxes, and tax law.
Pros of Paychex
- Direct Deposit
- Check/W-2 Printing
- Check/W-2 Delivery
- Customer Service
- Easy to get W2s and paystubs
- “Live” Flex software
- Easy for employees to use
Cons of Paychex
- Accounting Integration
- Core HR Integration
- Time Tracking Integration
- Logging in can sometimes be difficult
- Can be glitchy
Breakdown of core features
Payroll and tax filing
Paychex will automatically process payroll and calculate taxes, including filing and paying taxes at federal, state and local levels.
General ledger, reporting, and analytics
Paychex is compatible with a large number of other popular accounting systems including QuickBooks Online and Xero. Users can create custom analytics and/or reports from over 160 customizable templates to help track and visualize important data.
Employee learning and core HR
By taking advantage of online courses, employees can keep themselves educated and up-to-date on topics relevant to their employment and pay. With the Core HR, businesses can give employee feedback and manage employee training, as well as track important documents. Applicants and new hires can complete any new hire documents needed from tax forms to setting up direct deposit directly through the platform.
Time and attendance
Businesses and managers can track team activity in real time using the manager dashboard, and employees are able to record time, approve their timecards, and check schedules through the employee dashboard.
(Last updated on 03/16/2020 by )