Paychex is one of the best payroll software Platforms for small and medium businesses. With this platform, you can easily manage payroll for dozens of employees and integrate benefits such as healthcare and retirement into your payroll process. In addition, all Paychex plans include tax documentation and accounting software integration. The biggest downside is that the software is surprisingly expensive.
In our Paychex test, we will help you decide whether this payroll software is suitable for your company.
Paychex: Plans and Pricing
Paychex offers three plan levels: Go, Flex Select and Flex Enterprise.
Paychex Go costs $ 59 plus $ 4 per employee per month and is designed to have your payroll system up and running within 24 hours. It includes time tracking, accounting integration, and automatic tax form creation. However, you cannot incorporate benefits into your payroll, and Go does not provide access to the Paychex mobile app.
Flex Select prices apply to offers only. This plan offers a variety of add-ons compared to the Go tier, including the ability to integrate your health and retirement benefits with payroll. It also provides access to the Paychex mobile app and gives you a dedicated account manager at Paychex. The Flex Enterprise plan is also only offered on offer. This plan has features for larger businesses such as B. Custom analytics, an employee compensation dashboard, and employee screening during onboarding.
Paychex is equipped with practical features for managing your payroll. To start with, the software makes it easy to keep track of employees’ hours. Employees have access to individual dashboards with an integrated time recording program. The tracker allows for commenting and makes it easy to see what your employees have been spending time on throughout the payment period.
To pay your employees, you can make direct deposits with Paychex or print out your own checks. You have some flexibility as you can set up multiple payment accounts for each employee. You can also request prepaid debit cards for each employee and set up Paychex to automatically transfer payments to these cards.
The software also does a good job of dealing with taxes, which is vital for any payroll software. Paychex will automatically issue W-2 and 1099 forms ahead of the tax season. Importantly, Paychex can also be integrated with the most popular accounting software such as Quickbooks and Xero to make the calculation of quarterly and annual tax payments much easier.
One of our favorite things to do at Paychex is using the software to help you keep track of healthcare, retirement, and other key benefits in addition to payroll. You can set up a 401 (k) for your company through Paychex Retirement Services or enroll employees with an HSA or FSA. When you enter the payroll, Paychex automatically calculates your employer contributions to these accounts and transfers the money at the same time that checks are issued to employees.
Interface and in use
Paychex offers a simple online dashboard that is pretty easy to navigate. You can see at a glance how much cash you need to have available to cover your last accounting period and on what date the accounting for the current period must be approved. To enter employee hours, Paychex uses a simple grid layout that saves a lot of time compared to the drop-down menus that some other payroll platforms use.
Another nice thing about Paychex is that it includes detailed analysis of your payroll. You can generate reports sorted by employee, office location, position, or any number of custom filters. In total, Paychex has more than 160 built-in standard reports for Go and Flex Select customers – and Flex Enterprise customers can set up even more.
We were happy to see Paychex have a mobile app, although we would like it to be available to Go plan subscribers. The mobile app is particularly suitable for employees as it allows them to review their payroll, change their payment account information, or manage their 401 (k) plan and healthcare benefits.
Paychex provides 24/7 phone support to employers and 24/7 chat support to employees. Employees can call Paychex Monday through Friday from 8:00 a.m. to 8:00 p.m. Eastern. The company has more than 100 offices in the United States where customers are welcome to ask questions in person.
Paychex has a lot of features, but this platform can be prohibitively expensive for some small businesses. For a cheaper option, consider SurePayroll.
SurePayroll is offering a no-tax return self-service plan for just $ 19.99 plus $ 4 per employee per month. The company’s full service plan, which includes payroll tax forms, is $ 29.99 plus $ 5 per employee per month. However, SurePayroll doesn’t offer nearly the same breadth of integration as Paychex, and its reporting capabilities are limited.
However, another competitor, Gusto, is in line with Paychex when it comes to integrating reports and accounting. The company’s core plan is $ 39 plus $ 6 per employee per month. Therefore, it may be a cheaper option if you don’t need retirement and health benefits other than payroll.
Paychex is feature-rich payroll software with a lot to like. If you want to incorporate health, retirement, or other benefits into your payroll, there are few better options for your business. However, if you don’t need these integrations, Paychex’s price tag can be difficult to justify. The platform is very powerful, but its main features are customized by Gusto at a fraction of the price.
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