Paychex Inc. Introduces Updated Paychex Flex® HR Software for Businesses to Manage Pandemic-Related Challenges
Paychex | March 08, 2021
The global pandemic has widely stimulated technology adoption, presented new challenges and changed how, where, and when work gets done. To help address these challenges, Paychex, Inc., the Human Resource software and services company that offers the power of effortlessness for increasingly complicated workplaces, announced several enhancements to its analytics offering in Paychex Flex®, the company's cloud-based HR-tech platform. Paychex also included a new retirement services solution and a pair of new additions to help users streamline workforce and cash flow management in this past quarter's software release.
In its most recent Paychex Flex release, Paychex presented a Diversity and Equal Pay Live Report, giving users the facility to analyse their pay and diversity data via a simple, customizable report.
Tom Hammond, Paychex Vice President of Corporate Strategy and Product Management said, "While vaccines have brought welcome optimism for many, the impacts of COVID-19 will be long lasting and far-reaching, especially when it comes to working. The solutions Paychex has introduced over the last quarter are designed to help business leaders secure critical funding, meet shifting employee expectations, make data-driven business decisions, and create a more equitable workforce."
Paychex solutions introduced this quarter include:
• Pooled Employer Plan (PEP) – In response to the SECURE Act, reduces fiduciary liability for employers, simplifies retirement plan management, and lessens plan expenses when compared to single-employer retirement plan offerings. The Paychex PEP surpassed 1,500 new plan sales in the first 60 days of being in the market.
• Clover® Integration – Streamlines payroll, time, and attendance management for business owners using the popular Clover app from Fiserv. With Paychex Flex available in the Clover App Market, business owners can proficiently achieve the essential tasks of payroll, time tracking, staffing, and scheduling all within a single application to help save time, increase accurateness, and reduce cost.
• Biz2Credit Integration – Allows fintech provider Biz2Credit whose subsidiary Itria Ventures LLC has protected more Paycheck Protection Program loans than any U.S. lender, to get the necessary payroll data for the loan application form from Paychex Flex, streamlining the PPP loan application process.
• Diversity and Equal Pay Live Report – Builds on a recently released EEO-1 compliance solution and gives administrators the facility to analyse their pay and diversity data via a simple, customizable report. With elevated access to this critical data, businesses are better placed to reveal opportunities to produce a more varied and reasonable workforce, while also meeting compliance requirements.
• General Ledger Live Report – Dynamically expands visibility of general ledger data – such as credits, debits, and account types – and offers opportunities to drill-down, customize, and segment report information.
• Enhanced Live Report Functionality – Expands the existing thresholds feature in Live Reports to help clients more efficiently monitor how key business metrics are performing against benchmarks and goals. Based on historical data, Paychex Flex will suggest appropriate thresholds to help administrators stay on track in critical areas like daily headcount, overtime hours, and payroll labor costs.