Payroll
Check | January 25, 2024
Novo, the powerfully simple® financial solutions platform for small businesses, announced Novo Payroll. Working with Check, the leading payroll infrastructure company that pioneered the ability for platforms to embed payroll into their products, Novo has launched a payroll solution that is fully integrated into Novo’s platform of small business banking, budgeting, and working capital solutions, enabling small businesses to manage their finances from a single platform.
“Traditional small business payroll solutions consist of standalone applications characterized by high fees, burdensome cash-on-hand requirements, and either clunky or non-existent integrations between payroll and business bank accounts,” said Michael Rangel, founder and CEO of Novo. “In collaboration with Check, we built a payroll solution that simplifies and speeds up the process of paying small business employees."
Novo leveraged Check’s embedded payroll API to build Novo Payroll. With coverage in all 50 states, Novo Payroll streamlines the entire payroll process, from calculating wages to facilitating direct deposits and managing tax withholdings. This provides businesses with a comprehensive payroll solution that not only reduces administrative burdens but also ensures accuracy and compliance with regulatory standards.
Novo has conducted a beta of Novo Payroll, and will make the product available to Novo’s more than 200,000 small business customers in the coming weeks. Key features of Novo Payroll include
Affordable, flat-rate pricing: Unlike other payroll platforms where individuals have to pay extra for a range of features, Novo offers all of its essential features — including state and tax filings, end of year reports, and more — at $35 per month plus a small fee per worker.
Working capital for payroll: Small businesses who may need additional funds for a payroll cycle can apply for Novo Funding, a fast and flexible way to access working capital that’s available exclusively to Novo customers. Once approved for Novo Funding, customers can use the capital in minutes.
Next day payments: With Novo Payroll, recipients can opt in to receive their paychecks the day after payroll is processed at no additional charge. Instead of needing the necessary payroll funds days in advance, small business owners simply need to have funds available the day of payroll processing.
Built-in accounting and budgeting tools: Since Novo Payroll is fully embedded into the Novo platform, customers can seamlessly set aside funds for payroll, taxes, savings, and more using Novo Reserves.
Single- and multi-state payroll: Novo Payroll automates state tax filings for small businesses that have employees in a single state, as well as in multiple states.
Human-powered customer service: Novo Payroll customers have access to a range of resources to assist with payroll questions, including the option to call a Novo Payroll expert.
“We founded Check with the goal of making payroll easier for as many small businesses as possible. By partnering with Novo, we’re able to reach an even broader set of businesses, giving them the tools they need to save time and money on what is all-too-often a cumbersome task,” said Andrew Brown, co-founder and CEO of Check. “Novo has already burnished its credentials as a leading provider of financial services for small businesses. By embedding Check’s payroll, Novo is able to provide a one-stop-shop for small business financial needs.”
Novo Payroll is the latest in a series of products Novo has built for its small business financial solutions platform. Recently, Novo announced a range of updates to Novo Invoices, the company’s free invoicing application that small businesses have used to receive more than $500 million in payments. Novo also announced Novo Funding, offering small businesses a fast and flexible way to access working capital.
About Novo
Novo Platform, Inc. (“Novo”) is the powerfully simple financial platform for small businesses.
About Check
Check is the leading payroll platform that pioneered the ability for companies to differentiate and open up new revenue streams by embedding payroll into their platforms. Historically, complex regulatory structures stagnated payroll innovation, making it harder for businesses to create their own payroll offerings. By building on Check’s best in class infrastructure, flexible API, and deep expertise, platforms can launch profitable payroll businesses much faster, and with little overhead or administrative burden.
Since Check’s public launch in January 2021, leading vertical SaaS companies and large scale workforce management horizontal platforms have built successful payroll businesses on its infrastructure. Check’s partners collectively serve more than 250,000 businesses and over 4 million employees. Check is backed by Stripe, Thrive Capital, Index Ventures, and Bedrock.
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Payroll
ADP | February 02, 2024
ADP®, a leading global technology company providing human capital management (HCM) solutions, announces the availability of ADP Assist, a cross-platform solution powered by generative AI (GenAI). ADP Assist enhances HR productivity, aids decision-making with data-driven insights, and streamlines day-to-day tasks for practitioners, managers, employees and executives with simple, human-like conversations. It harnesses the power of ADP's unparalleled data and expertise along with GenAI to simplify the world of work. ADP Assist builds on ADP's current AI capabilities and is currently in early release with some ADP clients today with a planned rollout for all clients.
"For 75 years, ADP has been at the forefront of payroll and HR innovation. With ADP Assist, we're providing an intelligent platform that simplifies HR tasks, leaving time for people leaders to be more strategic," says Maria Black, president and chief executive officer of ADP. "It's not just another technical solution; it's a comprehensive experience that combines ADP's unmatched HCM dataset and expertise to empower HR professionals, leaders and employees."
Data Drives Innovation
Data is at the core of all ADP products and solutions, informing and driving ADP's approach to innovation and AI technology. ADP has the industry's largest and deepest HCM dataset with over one million clients spanning 140 countries and 41 million wage earners globally. ADP's extensive and unique dataset is used to train ADP's AI to anticipate what users want and need. ADP Assist turns unmatched data into highly credible and actionable insights so that clients can make smarter decisions.
Easy, Smart and Human
"In a constantly changing workplace, innovation must keep up and meet people's real-world needs," says Sreeni Kutam, president of global product and innovation at ADP. "ADP Assist is the next step in our vision to create an HR ecosystem that is not only efficient but empowers employees and HR professionals alike. We've created a platform that understands the complexities and dynamics of modern HR management and offers smart, user-centric solutions. And, as always, we are committed to the secure and ethical use of data to support these technologies."
ADP Assist seamlessly integrates with ADP products across multiple ADP platforms. It anticipates what users want and proactively delivers actionable insights in plain language. Using an intuitive, conversational interface, ADP Assist provides valuable and contextual insights which touch every aspect of HR – payroll, time, talent, benefits, recruitment, analytics, reporting and compliance.
ADP's portfolio of currently available GenAI- and AI-powered tools deliver the following capabilities
Easy payroll. ADP Assist validates payroll information. It checks for payroll anomalies and uses GenAI to identify and help resolve missing tax registrations and answer questions by drawing on ADP's large, up-to-date dataset of compliance information. This saves HR effort and helps clients to ensure employees are paid accurately and on time.
Smart analytics. ADP Assist uses GenAI to dramatically simplify report creation by understanding context and generating insightful reports in an easy-to-understand format. HR practitioners and leaders can easily access internal, national and global workforce data from ADP's deep HCM dataset to analyze compensation, turnover, candidate profile relevancy and talent market insights.
Human insights. Intelligent and AI-based HR support for employees and clients can anticipate and solve common employee problems across HR, payroll, time and benefits. This reduces frustration for employees and eliminates certain low-value tasks for managers and HR practitioners.
ADP Assist can send personalized, proactive notifications to employees on their mobile device or desktop to help resolve HR issues quickly, keeping them productive.
AI-powered conversational interface makes it easy for employees to get the information they need without involving HR.
Search by Intent. The RUN Powered by ADP payroll and HR solution features an omni search bar that understands intent behind the search terms and uses GenAI to mine ADP's deep knowledge base to deliver easy-to-use and effective content.
"In the age of AI, the better the data, the better the artificial intelligence," says Holger Mueller, vice president and principal analyst for Constellation Research, Inc. "ADP is uniquely well-positioned in the field of HCM vendors given the breadth and depth of its data. ADP is using that data to make AI more human, focusing on customer success in a worldwide space. This really makes a difference not only for HR practitioners but for leaders and employees."
About ADP
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people.
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HR Practice
Factorial | February 05, 2024
With the New Year underway, many businesses are reevaluating their HR software solutions to increase efficiency and effectiveness in the evolving HR management landscape. Gartner data highlights that businesses frequently replace HR software due to system inefficiencies, missing features, and reliability concerns. Key reasons for dissatisfaction include inefficiency (34%), insufficient functionality (29%), and unreliability (13%).
In response to these challenges, modern HR software solutions are offering five new features designed to enhance efficiency within its software
AI-powered Applicant Tracking System : New AI-powered Applicant Tracking System (ATS) to streamline the traditional CV screening process, a major bottleneck in recruitment. This innovative feature allows hiring managers to assess applications based on various criteria such as company values, job descriptions, CVs, offer letters, and custom questions. The result is a significant reduction in screening time, ensuring a comprehensive evaluation process.
Geofencing Precision: Geofencing Precision addresses challenges faced by organizations with multiple locations or flexible policies. By incorporating geofencing capabilities into its time-tracking features, HR software solutions help prevent unauthorized overtime, a key contributor to increased labor costs and decreased workforce productivity. This enhancement allows HR leaders to enforce accurate clock-ins at designated workplaces, thereby reducing labor costs and enhancing employee accountability. Insights V2 Data Analytics.
Insights V2 provides organizations with comprehensive data for informed decision-making. Users can now filter company data using multiple parameters, simplifying the process of checking and exporting valuable metrics in real-time. This timely and accurate insight is crucial for strategic decision-making.
Time-Saving Documentation: Time-Saving Documentation enables users to pre-fill forms with document templates and fillable PDFs. This streamlined process, combined with personalized data, enhances efficiency for employees verifying information, meeting the growing demand for tools that simplify administrative processes.
Seamless Payroll Integration: HR software solutions are seamlessly integrating payroll and benefits administration with HR management processes. This aims to enhance organizational efficiency by reducing manual errors, improving accuracy, and fostering collaboration between HR and finance departments.
Recognizing this, Factorial, a leading provider of HR software solutions, is introducing innovative features from AI-powered applicant tracking to payroll integration. Jordi Romero, Co-founder and CEO of Factorial, emphasizes, "These new features reflect our dedication to empowering HR teams globally. By harnessing the power of technology, we aim to transform the way organizations approach human resources, fostering efficiency, collaboration, and success."
As businesses strive for greater efficiency and effectiveness in the new year, Factorial is committed to providing support and solutions.
About Factorial
Founded in 2016, Factorial offers people-centric solutions for HR teams, automating processes so they have more time to dedicate to the people within their organization. With over 75,000 users across 65+ countries, Factorial serves clients such as KFC, Booking.com, and Whisbi. Factorial became Europe's newest Unicorn in 2022 following a Series C investment round.
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Workforce Management
Mercans | January 24, 2024
Mercans continues to disrupt the global payroll industry and solidify its leadership position by rolling out exciting new features to its flagship, G2N Nova payroll engine. The recently launched features include game-changing technology and address some of the biggest challenges of global payroll, including international data privacy compliance and processing latency limitations.
Mercans’ G2N Nova leverages groundbreaking stateless application architecture to enable completely anonymous payroll processing. This unprecedented technological approach enables processing gross-to-net payrolls without any sensitive Personal Identifiable Information (PII) ever being passed from clients to Mercans’ G2N Nova global payroll application.
The stateless application architecture has never before been successfully deployed in the global payroll industry, and G2N Nova, is the only payroll engine that is able to generate 100% accurate gross-to-net calculations for 100+ countries. And that’s not all, it does so through a single, native platform in real-time without accessing or storing any identifiable information related to employees. This evidently innovative, payroll technology solution completely overcomes the complex data privacy compliance requirements, as confidential employee data never leaves the clients’ systems and is not needed by G2N Nova for gross-to-net payroll calculations. Thus, proving its technological prowess and independence.
Additionally, this approach is a game-changer for the industry because data breaches and ransomware attacks have created concerns about data security and privacy in the payroll sector. These concerns have been significant hurdles for companies trusting external service or software providers for international payroll processing. G2N Nova’s stateless app architecture eliminates these concerns entirely. Clients’ PII never leaves their data centers and payroll-related information used by G2N Nova is completely anonymized.
G2N Nova upgrade also includes a ground-breaking Continuous Calc feature that fundamentally changes how payrolls are processed. Until now, all payrolls had to go through a multi-step payroll processing cycle. G2N Nova breaks this legacy paradigm and introduces real-time net pay. The Continuous Calc feature maintains full gross-to-net values for each employee in real-time and automatically updates the net pay amounts of employees whenever there is an update to an employee’s record. This feature, thus, eliminates the need to wait for a payroll processing cycle to be completed to determine an employee’s net pay for a period. The gross-to-net values for all employees will be always available in real-time.
In addition, the new version of G2N Nova lays a foundation for incorporating blockchain technology into payroll processes, allowing instantaneous and 100% tamper-proof verification of payroll calculations and payments using blockchain technology. Blockchain will create a permanent, unchangeable record of real-time record of all payroll transactions and amounts — so no one can alter or remove it. This revolutionary approach, thus, solidifies the foundation for third parties, including financial institutions, tax authorities, etc.
The new ground-breaking version of G2N Nova offers global, gross-to-net payroll processing capabilities across 100+ countries, making it the world’s most advanced and powerful native payroll engine. G2N Nova is available as a SaaS or service delivery platform that can be used as a stand-alone global payroll platform or deeply integrated with all major HCM or Workforce Management software solutions.
About Mercans
Mercans is a global leader in payroll technology. Mercans’ revolutionary global payroll engine G2N Nova enables Enterprise businesses & HCM providers to perform gross to-net calculations across 100+ legislation.
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