On the subject of payroll software program, Paycom and Paychex are two of probably the most well-known. Paycom is a full-service human capital administration (HCM) supplier providing HR options and payroll companies for companies of assorted sizes. And Paychex is a software program answer that helps companies automate payroll, HR and different human-capital companies.
These platforms have related options along with related names, however that doesn’t essentially imply that each choices will work for your online business. We’ll break them down on this comparability information that can assist you decide which one is a greater match for your online business.
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Paycom vs. Paychex: Comparability desk
| Options | Paycom | Paychex |
|---|---|---|
| Beginning month-to-month value | Contact for quote | $39 fastened price + $5/worker |
| Expense administration | Sure | Sure |
| Advantages administration | Sure | Sure |
| HR instruments | Sure | Sure |
| Free trial | No | No |
Paycom vs. Paychex: Pricing
Paycom pricing
Paycom doesn’t disclose its pricing on its web site. As a substitute, you need to contact the gross sales group for a demo, and after that, they’ll put collectively a customized quote primarily based in your particular wants.
Paycom doesn’t supply a free trial possibility both. Due to the shortage of transparency, it’s troublesome to check Paycom and Paychex straight in terms of affordability.
To study estimated prices, see our full Paycom overview, and you should definitely take a look at our listing of the highest Paycom opponents as effectively.
Paychex pricing
Paychex Flex presents three pricing tiers however solely discloses the pricing for the bottom tier:
- Paychex Important: Begins at $39 a month plus $5 per worker per 30 days.
- Paychex Choose: Contact the gross sales group for a customized quote.
- Paychex Professional: Contact the gross sales group for a customized quote.
Paychex additionally presents quite a few paid add-ons that may enhance the value, together with paycheck preview, job posting integration and time and attendance monitoring. It doesn’t supply a free trial both, though you may e-book a demo with the gross sales group earlier than committing to a paid plan.
For extra data, see our full Paychex overview.
Paycom vs. Paychex: Function comparability
Payroll processing
Paycom’s payroll companies (Determine A) embrace direct deposit, payroll playing cards, tax submitting and withholding, deductions, paid vacation monitoring and extra. Paycom has an automatic payroll assistant instrument referred to as Beti that helps staff troubleshoot and confirm their very own payroll. Paycom additionally debits and deposits payrolls taxes and remits filings in your firms behalf. Paycom can deal with garnished wage calculations, funds and record-keeping for firms, whereas the GL Concierge function helps enterprise house owners keep their basic ledger knowledge.
Determine A
Paychex’s payroll system (Determine B) will mechanically calculate paychecks for each hourly and salaried staff and deduct taxes on your online business’ behalf. You’ll be able to select from many alternative fee choices, together with direct deposit, paper checks and pay as you go playing cards. Paychex additionally presents a precheck function that lets staff overview their scheduled funds beforehand to scale back payment-related points.
Determine B
Each of them present cellular apps for iOS and Android in order that customers can handle payroll on the go. See our listing of the very best payroll apps of 2023 for extra choices.
Expense administration
Workers can add receipts to Paycom’s self-service app to eradicate handbook entry or hyperlink firm bank cards so costs mechanically move into the app. The system additionally mechanically allocates bills to the suitable basic ledger account, decreasing time spent on handbook knowledge entry. Paycom additionally presents handy mileage monitoring for much more correct reporting and expense administration.
Paychex’s computerized costly reporting lets staff do bills reporting from any system on the go, and in addition points alerts for bills that violate firms limits and insurance policies. The software program lets managers approve bills with one click on, or you may arrange guidelines for preapprovals. Pacyhex additionally offers reporting and analytics so you may observe the place your organization is spending cash.
Advantages administration
With Paycom, you may automate the enrollment course of and cut back errors which may result in violations of HIPAA, COBRA, and others. The self-service worker app lets staff make their very own enrollment selections on cellular or desktop, whereas the Advantages to Provider instrument centralizes data from quite a few insurance coverage carriers. If you wish to outsource your advantages administration, you may even add a Paycom advantages coordinator to the plan.
Paychex additionally presents advantages administration for an extra price (Determine C). The HR group can use Paychex to seek out aggressive group well being advantages and worker retirement plans, similar to 401(ok)s. In the meantime, staff can use their Paychex dashboard to join advantages throughout enrollment intervals, verify their advantages, view payslips and see their paycheck deductions.
Determine C
HR and expertise administration
Through the use of Paycom’s expertise acquisition instruments (Determine D), HR groups can streamline their hiring course of to make sure solely certified candidates get by it, decreasing the time it takes to seek out and rent the proper individuals. Employers also can confirm staff’ eligibility by way of Paycom’s e-verify system and run a number of sorts of background checks on candidates to make sure they don’t pose any dangers to the enterprise. Further instruments embrace efficiency administration, studying administration, and compensation budgeting, which is why it made our listing of the very best compensation administration instruments for 2023.
Determine D
Paychex presents an entire vary of HR instruments, however most of those are confined to the upper tier pricing plans or can be found as a la carte add-ons on-line. HR options together with hiring instruments, applicant monitoring, worker growth and doc administration. Paychex additionally presents a complete group of HR specialists that may supply extra superior help to firms that want hands-on steering.
SEE: The Greatest Payroll Software program for Accountants in 2023
Paycom professionals and cons
Execs of Paycom
- Worker self-service choices.
- Intuitive Android and iOS cellular apps.
- Worker efficiency administration and compensation budgeting capabilities.
- Useful studying administration system.
Cons of Paycom
- No clear pricing plan or free trial.
- Restricted third-party integrations.
- Could also be too costly for small companies.
Paychex professionals and cons
Execs of Paychex
- Reporting and analytics options.
- Extremely customizable fee fee plans.
- Many integrations plus API developer entry.
- Voice-assisted payroll enhancement.
Cons of Paychex
- No free trial accessible.
- Pricing not clear moreover the entry-level plan.
- A number of add-on charges for important companies.
- Not price efficient for small companies.
Methodology
To match Paycom’s and Paychex’s payroll options, we reviewed software program documentation, seen product movies and evaluated aggregated consumer evaluations. We thought-about elements similar to pricing, payroll processing, HR options and extra.
Ought to your group use Paycom or Paychex?
Each Paycom and Paychex are payroll suppliers that additionally supply extra instruments for HR administration.
Paycom is an effective selection for medium and enormous companies which might be searching for a payroll software program mixed with sturdy human capital administration (HCM) options. Nevertheless, Paycom could be too difficult and costly for smaller companies who merely want an easy-to-use payroll platform and a handful of straightforward HR instruments.
Paychex is a more sensible choice for smaller companies which might be searching for an answer that may scale with them, which is why it made our listing of the very best payroll software program for small companies (and Paycom didn’t). The truth that Paychex presents a number of pricing tiers implies that companies can choose and select which one fits their wants and finances finest, then improve as wanted. That being stated, if you wish to profit from Paychex’s options, then it’s essential be ready to pay for all the additional add-ons, which may positively enhance the associated fee.
Since neither platform presents a free trial, the easiest way to determine if they’re proper to your wants is to schedule a customized demo with their respective gross sales departments.
Should you’re not bought on both Paycom or Paychex, there are a lot of different platforms on the market that mix payroll with HR options — to not point out garner rave evaluations. See our listing of the very best payroll software program of 2023 to develop your search.