What is Paychex?
Industry Specialties: Serves all industries
Benefits and Insights
Key differentiators & advantages of Paychex
- Reduce Errors: Ensure accuracy in payroll processing with the help of a variety of safeguard features, such as sending managers notifications when the system detects potential issues so that these problems are avoided entirely.
- User Support: Access 24/7 online support to assist with all aspects of processing, and the option for a dedicated specialist that can act as a personal support expert for both payment and tax needs.
- Convenience: The mobile app enables employers and employees to access the system from any device. By leveraging the cloud, they can start work on a desktop and pick up right where they left off directly from their mobile device, allowing them to complete core tasks from anywhere.
- Informed Employees: Employees can get information about their time off, upcoming paychecks, benefits information or retirement funds. This saves time from HR and accounting by answering their more pressing questions while also building transparency and trust in the entire process.
- Products: It has many different products for different applications. Here are the most important:
- Payroll: The platform offers payment for businesses with one employee, under 10 employees, from 10-49 employees and from 50 to over 1,000 workers. This includes online payroll, taxes, deductions and many tools to generate reports and look at costs.
- Time and Attendance: The online time and attendance function ties in directly to payroll, saving time when trying to calculate paychecks. In addition to the software, it also offers TrueShift physical time clocks and the InVision iris recognition clocks. Users can track team activity in real time through the manager’s dashboard, and allow employees to record time, approve timecards and check schedules through the employee dashboard.
- HR: It has a range of HR services and software including employee development, hiring, records administration, compliance, benefits administration, learning management and more.
- Professional Employer Organization: This is a full-service HR consulting program that helps organizations with liability issues, daily worker problems, risk management, benefits administration and other related issues.
- Hiring Service: The software can make the hiring process easier with applicant tracking, screening, recruiting and onboarding capabilities. Please note, they don’t have employee leasing, temp staffing or contract staff services.
- Employee Benefits: Managers and workers alike can get access to health insurance for groups or individuals, financial wellness and retirement planning.
- Business Insurance: Users can get property and casualty insurance with the help of agents who assist in the selection and implementation process for the new benefits. This includes business owner policies, cyber liability and workers’ compensation.
- Finances and Payments: Besides payroll, this program also has business loans, expense management, tax administration and processing for payments.
- Startup Solutions: For new businesses, it offers guides, consulting, advice and more for multiple aspects of the process. They give aid with marketing, the incorporation process, business management and access to free online tools.
- Payroll and Tax Filing: Process payroll and automatically calculate taxes. Paychex can calculate, file and pay taxes at the federal, state and local level automatically. The platform can calculate hours, doing setup for direct deposit and setting hours per pay period.
- General Ledger: Synchronize payroll data with integrations offered by Paychex. The system is compatible with a variety of popular accounting systems, including QuickBooks Online and Xero.
- Reporting and Analytics: Generate custom analytics and reports or choose from over 160 customizable templates to track and visualize relevant data.
- Learning and Development: Employees can take advantage of online courses to stay educated on relevant topics. Not only does this increase productivity, but it makes employees feel more invested in.
- Core HR: It gives employee feedback, manages employee training and tracks important documents through the system’s interface.
- Onboarding: Applicants and new hires can complete new hire documents, such as tax forms, and set up direct deposit directly through the platform.
- Paycheck Protection Program: Introduced by the CARES Act as a measure for economic stability during the COVID pandemic, the Paycheck Protection Program loans encourage small businesses to keep or rehire workers that have been furloughed. This system offers a quick way to apply for this loan.
Paychex Suite Support
Average customer reviews & user sentiment summary:
of users would recommend this product
Synopsis of User Ratings and Reviews
Based on an aggregate of reviews taken from the sources above, the following pros & cons have been curated by a SelectHub Market Analyst.
Note: These reviews are for the Paychex company and its products as a whole. For Paychex Flex reviews specifically, please see the Paychex Flex product page.
Paychex incorporates a range of different solutions and is used widely by small, medium and large-sized companies. While around 40% of users were happy with the functionality of the system, the majority expressed dissatisfaction with its tax capabilities, pricing and customer service. Many described it as dishonest and complained especially that they were oversold on its capabilities and that the salespeople used pushy tactics to try and upsell them. Other complaints of the system included making errors, overpaying employees or even miscalculating taxes resulting in serious penalties. Current and former clients greatly disliked the service.
The UI was the most positively reviewed element of the platform with around 80% expressing satisfaction with the design and navigation. Around 50% were happy with the pricing structure and a minority of around 30% of users said they had positive experiences with some select customer service members. This disparity in experiences may be in part to the high turnover rate in representatives which is mentioned many times during the reviews. This solution could be appropriate for small and medium-sized businesses. It supports larger enterprises, but buyers should make sure it has the necessary functionality before purchasing.
Based on 2188 reviews: