Paychex Payroll: Features, Plans, and Benefits
Paychex is an all-in-one payroll platform that is trusted by over 700,000 businesses nationwide and has won several awards and recognitions from many industry experts such as Forbes. It packs more than basic payroll services, such as HR modules, recruiting and hiring, time and attendance, benefits, and a lot more. Continue reading our full review to know everything Paychex has to offer and to know if it is the right payroll service for your business.
Paychex has been in the payroll industry since 1971 and has grown to have over a hundred offices around the US. It is accredited by the Better Business Bureau and has earned an A+ rating.
Paychex has designed its services to suit businesses of any size. It offers automatic tax calculations for federal, state, and local taxes with the ability to self-operate payroll runs. Paychex software is also mobile compatible, and thanks to its cloud-based services, you can run payrolls and access your business data from anywhere.
Paychex offers three payroll packages Flex Essentials, Flex Select, and Flex Pro.
1. Paychex Flex Essentials - $39/month, + $5 per employee
The Flex Essentials plan is more suited for small businesses, and it comes with all the basic payroll services you will need, such as automated payroll runs and automatic tax calculation and filing.
Moreover, you also get a mobile application for you and your employees, where you are able to run payrolls online and give your employees a self-service channel where they can complete activities on their own. You are also provided with standard analytics and reporting, including the general ledger report of all your financial transactions. You can also automatically deduct and remit garnished wages to the appropriate agencies.
As for regulatory compliances, the Flex Essentials plan provides you with new-hire reporting so you can meet state reporting requirements for new and rehired employees and independent contractors. In addition, you get a labor compliance poster kit which provides you with the latest printed or electronic federal and state posters to display in your workplace.
Furthermore, you also get to select a worker's compensation insurance plan from top-tier national carriers with the help of licensed agents of Paychex Insurance Agency.
Paychex also offers some optional services at no additional charge; these include:
- Paycard, to electronically deposit payroll funds onto a prepaid Pay card for easy access.
- Financial Wellness Program to help your employees meet their financial goals.
- Tax Credit Services helps you find and apply for tax credits.
- Employee Assistance Program (EAP) to help your employees solve personal issues that may affect their productivity at work.
2. Paychex Flex Select – Quote-based
The Flex Select plan offers a fully integrated payroll system with HR services for midsized businesses. This plan provides you with a highly trained payroll specialist who serves as your single point of contact for all your payroll and tax needs. In addition, you also get additional employee pay options such as paper checks, check to sign, and check logo services.
Moreover, you also get 24/7 US-based support and the Paychex Learning Management System, which provides online courses designed to keep your employees educated to improve their retention and reduce turnover.
All the other features offered in the Essentials plan are also included.
3. Paychex Flex Pro – Quote-based
The Flex Pro plan provides you larger businesses with full-featured payroll software, which packs all features offered in the previous plans in addition to accounting software integrations like QuickBooks, Sage Intacct, and Xero.
Furthermore, you will also be gifted with the following HR services:
- Paychex Flex Onboarding Essentials
- Paychex Employee Screening Essentials
- Employee Handbook Builder
Paychex provides a variety of employee benefits that will keep your employees happy. Such benefits include:
- Group Health Insurance
- Individual Health Insurance
- Retirement Services
- Health Savings Accounts
- Dental and Vision
- Tax-Saving Plans
Some employee benefits are legally mandated by federal, state, and local laws. Business owners can build their employee benefits packages and offer non-traditional benefits such as tuition reimbursement or remote work. Paychex makes it easier for businesses owners by providing all the benefits they would need in one system package.
Time & Attendance
Paychex offers businesses its own time and attendance software, the Paychex Flex Time.
Flex Time is a cloud-based system that fully integrates with the Paychex payroll system. It provides a variety of time collection methods which include:
- Web Punch
- Mobile App
- Kiosk App with facial recognition
- Biometric Iris and Finger-scan Time Clocks
- Interactive Voice Response System
Flex Time provides you with a wide range of administrative, scheduling, overtime, reporting, and communication services.
Administrative services include:
- Time Card approvals
- Pay Adjustments
- CA Meal Penalty
- IP User Restrictions
- Labor Level Transfers
Scheduling tools include:
- Overtime rules
- Approaching Overtime Alerts
- Weighted Overtime
Communication tools include:
- Calendar Integration
- Email Alerts
- Configurable Alerts
- Employee Messaging
Reporting and Tracking tools include:
- Manager Dashboard
- Job Costing
- Labor Distribution
- Report Scheduling
- Ad Hoc Reporting
- Time Off Accruals
- Time Off Requests (Including Via Mobile)
- Leave Tracking
- Shift Differentials
- Points Tracking
- Real-Time Analytics
- Mileage Calculator
Paychex has a dedicated help center with a frequently asked questions section to help you find the right answers you are looking for. You can also reach their support team through live chat or phone at 833-299-0168.
You can reach the sales at 833-799-8200 to request your free quote or a free product demo to try out before purchasing.
Paychex's reputation lives up to its name and wins awards and recognition with its comprehensive payroll, HR, and employee benefits services. Its time and attendance tool can also provide you with unbeatable services to keep managing your team and business swiftly. Paychex can sell to your business with its flexible plans and provide you with all the tools you need.