Running your business usually involves tasks that fall into two major categories – the stuff that you want to do and the stuff you have to do. Administrative tasks like invoicing and payroll are likely to fall in the latter category.
While there an abundance of time tracking and invoicing solutions available, choices for online payroll processing have seemingly been sparse. Most businesses use a manual process to trudge through the task or delegate a portion out to their accountant with mixed results. If you are looking to streamline your payroll process, you may want to check out PayCycle as an alternative.
PayCycle is the only 100% online payroll service targeted at small businesses with less than 20 employees. It’s a one stop shop for the entire process, from employee payments to the filing of your payroll taxes.
A new user wizard allows you to get started quickly and their PayToday Setup means you can even run your first payroll the same day. Once configured, it takes only minutes to do your regular payroll online. Simply enter hours worked and it automatically withholds the appropriate taxes and deductions using the most up to date tax tables. It is also flexible enough to accommodate other voluntary deductions like insurance and retirement plans as well as for HSAs.
Checks can be printed on blank or pre-printed check stock or handwritten using the paystub detail. Free direct deposit is available with a 2 day processing time which is a great option. Employees can even be notified by email of their payment details.
Once your employees are paid, PayCyle also stays on top of the other part of the process. To-do items on your dashboard and email reminders help make sure you file and pay your Federal tax, and depending on your plan and availability, your state taxes as well. It fills out forms automatically and allows the flexibility to file and pay online or print and pay manually.
One thing I learned from talking to the PayCycle folks that I think is tremendously important is that they do no impounding. Some payroll services will actually collect and hold your tax liabilities with each payroll run, impounding that money until it is due – sometimes up to 120 days later. PayCycle gives you the flexibility to manage your own cashflow during that process and ultimate control over when to remit your tax dollars.
PayCycle integrates with QuickBooks and other leading accounting packages keeping double data entry to a minimum. Reporting options are plentiful and they can be batched together in a set for easy printing. Options to export to Excel allow further analysis or transfer to your accountant. Another great feature made possible by the web interface is that employees and contractors can access their paystubs online – particularly useful for self-service reporting and employees working virtually.
They seem to have thought of everything to make managing your payroll as painless and efficient as possible. I found the interface clean and easy to use. Integration with other external time tracking services would be a nice touch but the data entry process is quick and painless. Excellent online help is a click away and direct support is available, even on the weekends.
PayCyle is is a well established company in the online payroll business since 1999. With over 60,000 customers and 3.5 million payrolls processed, this isn’t a fly by night perpetual beta web 2.0 service. Bank of America and others have partnered with them to offer the PayCycle service to their business clients, and their total satisfaction guarantee means that if there is an errror in calculation they will pay any penalties.
Basic plans start at 24.99/mo while their Plus Service runs $42.99/mo for 5 employees with a $1.50 charge for each employee over the first 5.
How much time do you spend managing your payroll? Could a service like PayCycle help you work more efficiently?