Our Verdict
Paychex is an old player in the payroll services space with the infrastructure and services to prove it. It combines multiple services like benefits administration, time tracking, business insurance, employee recruitment, onboarding, and automated payroll taxes into one. On top of the solid feature set, you're paired with an account representative that makes sure you get the most out of Paychex.
The integration marketplace picks up where Paychex leaves off and allows you to connect with the other tools in your business stack. The entry-level plan is reasonably priced for small businesses but the Flex Select and Flex Enterprise can get expensive fairly quickly. This is even more apparent if you take advantage of the add-ons available. Paychex is the ideal tool for you if you want to manage everything related to payroll and human resources in one place and don't mind paying a bit more for advanced features and dedicated support.
Pros
Easy-to-use platform- Custom reports
- Personal account manager for customers
Cons
Employees unable to change their e-mail address in portal- The app is slow to load at times
Products & Pricing
For payroll pricing, there are many options built specifically for small businesses. Paychex has payroll packages starting as low as $39 + $5 per employee per month. That being said, there is only limited pricing information that is publicly available because each company that signs up for Paychex gets a solution tailored to their needs. There are three core pricing plans and multiple add-ons you can choose from.
Select
The entry-level plan brings the core payroll features for smaller teams. It offers a streamlined payroll solution with easy online setup and access to 24/7 customer support. It features flexible payroll processing, automatic tax administration, and a range of employee pay options. With over 160 customizable reports, new hire reporting, and an employee self-service mobile app, this plan simplifies payroll management.
Pro
This plan builds on the previous features by adding garnishment payment services, general ledger integration, and pre-employment screening tools. You also gain access to an online employee handbook builder, state unemployment insurance assistance, and a workers' compensation report service. These additional features can help streamline payroll management and enhance HR support for your business.
Enterprise
The final plan is geared towards large enterprises and continues to build on top of the previous plans. It adds advanced tools for larger businesses such as a customizable performance management system, secure document management, and job costing with labor distribution to optimize profitability. The Paychex Pre-check feature allows employees to preview and approve their paychecks, reducing errors and ensuring payroll accuracy.
Paychex is more expensive than many other tools on the market - especially if you have a smaller team. Part of that is because it bundles many services that would be an add-on with other providers into its core offering.
In-depth review
Features and Functionality
Paychex brings a lot to the table in terms of features. It covers the bases such as allowing you to register employees and run payroll through an online platform or on a mobile device. It also provides basic and custom reports so you can see exactly how well you're managing your human capital and benefits administration. Paychex goes a bit further by offering additional features to users.
360-Degree Feedback
Paychex provides the tools that allow staff to get a clear picture of their performance based on feedback from bosses, peers, direct reports, and even clients. The information is stored and easily accessible to gauge performance over time.
Wage Garnishment
There are many reasons why wages need to be garnished and Paychex allows you to handle the entire process automatically. Garnish wages, remit them, and report the activity so there's a clear paper trail in case you need to defend your actions.
Time and Attendance tracking
Time tracking through Paychex uses multiple biometric safeguards to make sure the right person is punching in and getting paid for the work. It calculates over time and keeps you compliant with the applicable regulations in your region with no extra work on your part.
Integrations & Add-ons
The platform has a healthy integration ecosystem where over 100 providers are represented. It includes partners across many categories like Bank of America in banking and Clover in POS systems. In addition to the integrations, it offers add-on services that help you achieve more in your business.
Employee Benefits
Many employee benefits can be administered directly through Paychex and it'll even help you find providers. Group health insurance, 401K, and even HSA accounts are available.
Business Insurance
Depending on your industry, you may need multiple types of insurance. Paychex provides different business insurance like worker's compensation and general liability. After finding the plan that's right for you, it's possible to administer it directly from your Paychex account.
Quickbooks
Of course, it integrates with popular accounting software like Quickbooks. With this integration, you can sync your payroll expenses and add them to the right account while drastically reducing human error and the time it takes for manual data entry.
Ease of Use
Paychex seems to have mixed feelings associated with its ease of use. Some say it's simple to learn and set up while others complain that it's convoluted. It seems that if you're making the switch from another payroll provider, you will feel right at home. If it's your first time, it may be more challenging. It can be used right out the box after you add your information and there are many ways to customize it to meet your needs. The good news is that there are multiple training resources to take advantage of so you can get up and running quickly.
Customer Service
The support team at Paychex is often lauded for its quality and responsiveness. You are paired with a dedicated account manager who acts as your primary point of contact for any questions or issues. 24/7 phone and online support are also provided.
Phone Support
24/7 dedicated customer phone support and personal account representative.
Live Online Chat
Live chat is accessible 24/7 to assist with payroll and HR queries.
Email
Paychex provides full email support with prompt response times.
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Andrew is a freelance writer crafting valuable pieces of content relating to personal finance and payroll.
Asya specializes in evaluating small business financial & HR software solutions.
Information presented is subject to change.
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