As I begin this Paychex Payroll Software Review, there’s one thought that immediately jumps out at me. I’m thinking this thought may come to anyone who is looking into their services for the first time too. I’m not entirely sure if the company is aware of the impression its website gives off at first glance or not.
Perhaps it comes down to each user’s perception, but as a consumer, it may bring to mind a few concerns right from the start.
What might those concerns be? Keep reading…
A Quick Bit Of History About Paychex Payroll Software
Paychex is a software company that specializes in providing small and medium-sized businesses with accounting and bookkeeping services. Paychex’s Flex is its main software product, which is used by thousands of business clients in the United States and Europe.
It also handles tax, benefits, compliance, and risk management issues in addition to payroll and HR concerns.
Their company was founded in 1971 by B. Thomas Golisano and is currently serving 710,000+ business clients across the U.S. and Europe.
They claim to have been serving over 18,000 consistent repeat clients for over 10 years and have approximately 15,000 employees working for them.
The PayChex Payroll Software Plans
Paychex Flex Essentials
Paychex offers a variety of plans for everyone from the Solopreneur with their Paychex Flex Essentials plan, all the way up to larger business entities.
Workers and company owners may benefit from a retirement plan in a variety of ways. You may be self-employed, so you fulfill both of these categories, which means you might have significant 401(k) accumulation potential.
Paychex Flex Essentials does have a few perks for the independent business owner such as:
- S-corp savings and deductible contributions may help you reduce your tax burden.
- A business may choose to register with the state and commission a company formation attorney to assist them in filing certain papers such as articles of incorporation, employee handbooks, and financial statements. These services also protect your personal and commercial property by allowing you to file these documents early with little or no additional cost.
- K admins and record keepers can assist you in setting up, tweaking, and monitoring your plan.
- Give yourself a safe retirement fund vehicle in uncertain times.
That said, the greatest benefit of Paychex Flex Essentials for owner-only firms is that you can contribute a lot to your 401(k) as both an employer and an employee, maximizing your retirement contribution and tax advantages on business deductions.
The Flex Essentials plan does come in at a base rate of $39 per month, plus $5 per employee.
Paychex Flex Select Plan
According to Paychex, Flex Select is their most popular choice. This level is reflective and tailored to the demands of a specific business. Aside from that, there is integration with more advanced third-party human resources, point-of-sale, and accounting software.
Paychex, at this level, provides an online app for administrators so payroll may be handled from any location. They also provide a $1,000 cash incentive to the organization. This includes hands-on help from a consultant to aid in the selection of social media and business platforms that will increase online presence as well as an evaluation of the results. The Paychex Flex Pro Plan
Paychex Flex Pro offers more perks over the Paycheck Flex, which was built on top of the Paycheck Essentials. Paychex is more than a payroll firm at this point. It functions more like a human resources consultant, assisting with tough, complicated issues.
Paychex uses Flex Pro to manage the unemployment insurance process and garnishment payments/deductions. It does a limited number of background checks on prospective employees.
The Paychex platform also has a mobile-friendly onboarding process that includes paperless entry for direct deposit and tax forms. Paychex also helps with worker compensation insurance and payments at this level. Last but not least, the Pro level includes cloud-stored feedback and HR training and compliance data for organizational efficiency.
Remember that each of these levels includes basic features that Paychex refers to as a place to begin. The company can develop a unique package to suit the needs of an organization. Online chat, phone, and in-person meetings may all be accessible representatives depending on your location.