Paychex Reviews 2020
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PROS:
Paychex was founded over 40 years ago with an idea to make payroll easy through an outsourcing system. Today they not only make outsourcing payroll easy and affordable, there are several other services that are available including: Retirement Services, Human Resource Services with Outsourcing through PEO, and Insurance. The Paychex Flex system is one of their most popular tools that allows customers to access the platform from anywhere, have a dedicated payroll specialist along with 24/7 support, and a convenient mobile app for employees and employers. Aside from their exceptional suite of payroll services, Paychex has really set the standard high for customer service with local agents in your area and no automated answering systems. Their customer service staff is very knowledgeable and readily available to assist you with any task. Lastly Paychex is a continued recipient of awards for the products they provide, and for how they run their company. Already in 2020, Paychex has been named a World’s Most Ethical Company® for the 8th time by Ethisphere Institute, and the 2020 TekTonic Award for their Paychex Flex System (Best-in-Class Mobile and Cloud-Based Technology Suite for integrated human capital management services.)
- Payroll Outsourcing Leaders With Over 590,000 Clients
- Solutions for Payroll Processing, Retirement Services, Insurance, & Outsourced Human Resources
- 2017 TekTonic Award for Paychex Flex℠ (Best-in-Class Mobile and Cloud-Based Technology Suite)
- March 2020 Named a World’s Most Ethical Company® for 8th Time by Ethisphere Institute
- Paychex Flex System One of the Best in the Payroll Industry
CONS:
After talking with several customers and asking about their experiences and taking all factors into account, I did find a few drawbacks to the Paychex services. Several customers noted that there are hidden fees with the 401k accounts, or fees that are not otherwise mentioned by the sales rep. If you read the fine print, you can actually find where the fees are listed. A handful of customers complained about the functionality of the website itself and having issues with connecting to the Paychex system. This problem seemed to be limited to a small portion of customers, and not affecting the overall service. Customers also noted experiencing issues with dealing with FSA programs and the systems not functioning properly. As I don’t have access to these systems, I can’t say whether these issues have been mediated or not. Lastly the price of the service can be steep depending on the level of service you choose. There are lower cost payroll companies, but the functionalities of those low-cost alternatives are quite limited. Paychex.com outlines what their service covers, and it most cases it is substantially more than it’s competitors.
- Hidden Fees in Their 401k Plans (Restatement Fees)
- Online Interface Functionality Could be Improved
- Customers Using FSA Programs Experiencing Occasional Issues
- Price of Service
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