Automated PayCycle Solution Makes Payroll Easy
If you’ve been thinking about adding client payroll services to your firm, I recommend taking a close look at PayCycle.
The impressive online payroll solution includes everything you need to automatically manage client payroll, from paychecks to W-2s, for an all-inclusive price of $14.99 per client per month. It integrates with QuickBooks and QuickBooks Online Edition, so you don’t have to enter data twice.
PayCycle’s co-founders Rene Lacerte and Martin Gates, built QuickBooks Payroll functionality, before leaving to start PayCycle in 1999. Since then, the company has added over 20,000 customers, and is well-known in the industry for making client payroll easy and profitable for accounting professionals.
Easy To Learn and Use
You can signup and use PayCycle from any computer (PC or MAC) with Internet access. There is no training or manuals. Step-by-step instructions walk you through the entire setup process so you always know what to do and when to do it. PayCycle even provides all the setup forms you need, including W-4s, I-9s, employer registration forms, and state new hire reports. You can add clients and run payroll the same day.
Accountant-Focus
PayCycle’s Wholesale Program for Accounting Professionals is designed with the accountants’ needs in mind. When you log into your account, a Client Overview screen lets you access all your clients from one screen. You can decide on a per-client basis, whether you want to maintain complete control over your clients’ payroll, or delegate some payroll tasks such as entering pay hours or printing paychecks. Your firms’ name also appears across the top of the Web site for login-enabled clients to see.
Automated Calculations – Guaranteed Accurate
When its time to do payroll, PayCycle sends email reminders and puts a To Do item on your client’s customized To Do list. To run payroll, you or your client simply click the email link, login and enter hours. Paychecks are instantly calculated, and can be viewed in seconds. All federal, state, and local tax calculations are automatically updated, and are guaranteed 100% accurate.
Paycheck edits can be made in real-time if necessary. Once checks are approved, employees can be paid by free direct deposit. Employees can be given access to view and print their pay stubs online, or you can print and distribute pay stubs. Or, paychecks can be printed on pre-printed or blank (MICR) check stock. PayCycle claims that for an average client with 5 employees, it takes 5 minutes or less to pay employees.
As you sell your clients on payroll, be sure to position free direct deposit as a huge convenience to your clients’ employees, who no longer have to run to the back each payday. Plus, it saves you the hassle of having to deal with purchasing and maintaining paper checks.
Electronic tax payments and filings
PayCycle was the first company to partner with the IRS to offer electronic filings of 940’s and 941’s. All federal tax deposits and filings, including W-2s, can be submitted electronically with a click. State deposit coupons and filing forms are available in all 50 states and D.C., and can be sent electronically in most states. PayCycle also reminds you of tax deadlines for each client, so you don’t have to keep notes on your calendar or on paper.
This functionality alone puts PayCycle’s payroll solution significantly ahead of the pack. QuickBooks Enhanced Payroll Plus for Accountants includes only paper-based forms, and traditional payroll companies charge an arm and a leg for depositing and filing forms on your client’s behalf. PayCycle’s wholesale rate of $14.99 per client per month includes quarterly and annual payments and filings. If your client has more than 5 employees, you pay $0.25 extra per employee per month.
Customer Service With Payroll Experts
Another distinguished aspect of PayCycle’s service is its customer support team. The PayCycle team has taken great measures to ensure that when you call or email for help, you get to someone right away. Unlike QuickBooks, there is no charge for support, and most calls are resolved right away, because PayCycle reps can view the same data that you are viewing. According to PayCycle, most issues are resolved in six minutes or less.
The company’s success in this area gets high kudos from customers, who give the service an 8.8 or higher out of 10 on overall satisfaction. In May, the company was nominated as a Stevie Awards Finalist for the “Best Customer Support Organization” in the country.
Integrates With QuickBooks
Unlike other payroll solutions, PayCycle integrates seamlessly with QuickBooks and QuickBooks Online Edition for no extra charge. To setup the export, you enter your QuickBooks account names in PayCycle. After running payroll or paying taxes, PayCycle prompts you to export your payroll to QuickBooks. In the case of QuickBooks, you save the file on your hard-drive and then import the data into your QuickBooks data file. The imported information is recorded by paycheck item, not as a lump sum journal entry, so you get the same precision in reconciliation as if you were using QuickBooks Payroll.
With QuickBooks Online Edition, the PayCycle servers talk directly with those at Intuit, so the data exchange is instantaneous. There is no need to export and then import files. PayCycle was one of the first developers within the Intuit Developers Network (IDN) when it launched this functionality in 2002.
Marketing Resources To Help Grow Your Business
PayCycle’s commitment to help you grow your client payroll business is evident from the rich marketing materials within the “Resources” section of your account. You get customized brochures and sales letters with your firms’ information that you can print and give clients. PayCycle also provides a marketing guide with best-practice tips and suggestions to solicit new clients. There’s also a free white paper called “The Secret To Offer Profitable Payroll” written by industry expert Robert Wolff.
All Inclusive Wholesale Price
PayCycle’s monthly fee of $14.99 per client per month includes everything – paycheck calculations, direct deposit, 941’s, 940’s W-2s, electronic services, state tax forms, customer support, marketing resources and more. If you have clients with more than 5 employees, you pay $0.25 extra per employee per month. There are no other charges, and you can charge clients whatever you want.
Depending on local market conditions, some PayCycle accounting professionals charge clients $50-$120 per month, while others bundle the fees with other services, or provide the services a-la-carte.
In sum, PayCycle gives you the opportunity to make payroll highly profitable for your firm. If you want to learn more about PayCycle, I encourage you to see the PayCycle demo (link to https://www.paycycle.com/demo/FlashDemo/ACExternalFlashDemo.html ), or call the company at 1-866-729-2925.