Paychex is a leading payroll processor that works with all types of companies, from small, family-owned businesses to major multinational corporations. It offers a series of packaged plans along with enhanced user accessibility features that make it easy to use Paychex on both mobile and desktop devices.
Paychex traces its history to 1971, when founder B. Thomas Golisano established the company with just $3,000 in startup capital. Golisano envisioned Paychex as an easy solution for businesses looking to outsource their payroll processing needs. As a result of his guidance, the company went on to enormous success. Today, Paychex is one of the largest payroll processors in the United States.
Right now, the company even has an enticing special offer for new customers: sign up and get three months free! Before you take advantage of that deal, familiarize yourself with Paychex. To this end, let’s take a closer look at the company.
Pros and Cons of Paychex
- Dedicated account managers
- 24/7 phone and chat support services
- Comprehensive reporting and analytics tools
- User-friendly desktop and mobile platform
- Permissions-based, multi-step security settings
- Excellent accounting software integration
- On-site check printing not available
- Can get a bit pricey
What Does Paychex Offer?
In order to meet the needs of different companies, Paychex offers four main packages. Each one comes with different features and is designed for businesses of particular sizes.
For payroll tax features, we want to note that all Paychex plans offer support features that help clients prepare and submit claims for state and federal payroll tax benefits. Paychex can also help you determine eligibility if you’re not sure whether or not you qualify for tax savings.
As an alternative to direct deposit, all Paychex plans also include the option to use paycards. This additional payment option works much like a debit card. So, Paychex gives you this option if any of your employees would prefer a paycard to direct deposit.
Additionally, all plans come with a core set of essential features that give employees access to personal information via an online portal, as well as accounting software integration, historical reporting tools, and secure multi-step authentication.
Paychex Express Payroll
First, the Paychex Express Payroll option offers basic functionality to companies with small budgets. In addition to employee pay processing and direct deposit payment services, Express Payroll clients receive:
- Payroll tax administration
- Support for new hire reporting
- Access to the mobile app
- 24/7 phone and chat support
- Income and employment verification services
- A financial goal tracking program for employees
Paychex Flex Select
Paychex Flex Select is the next tier up from the basic level. In addition to all the above services, this plan provides:
- Dedicated account manager
- Labor compliance support features
- Optional paper checks, automatic check signing, and checks with logos
- Employee education services to help growing businesses
This solution is designed to meet the needs of small and growing businesses.
Paychex Pro Flex
Paychex Pro Flex is the next rung up the ladder. This option, meant for medium-sized and growing enterprises, builds on the Paychex Flex Select service plan by adding:
- Ledger services
- Support for workers’ compensation claims
- Support for state unemployment insurance claims
- More than 160 reporting and analytics tools
- Wage garnishment options
- New employee screening and onboarding tools
Paychex Flex Enterprise
Finally, the comprehensive Paychex Flex Enterprise caters to large companies. This all-inclusive solution adds the following features:
- Custom reporting and analytics tools
- Human resources administration support
Paychex uses a size-based pricing model, which requires prospective customers to request a custom quote. The quote is free and comes with no obligation. In order to get your custom quote, Paychex asks you to provide your:
- Name and contact information
- Company name and zip code
- Number of employees (selected from a range)
Because Paychex does not disclose its rates before you enter your information, we can’t generalize about the pricing. However, Paychex quickly returns quotes, so it doesn’t take long to learn your price.
The Bottom Line
Paychex is a good option for companies looking to streamline the payroll process. Since it offers plans for both growing businesses and established companies, Paychex can meet the needs of a variety of customers. This flexibility is especially valuable for businesses with scalable needs.
So, thanks to its wide variety of plans, industry-leading security, and 24/7 customer support, Paychex has a lot to like. Given these points, Paychex is worth considering as you look into the best payroll software.