Paycom Review: Pricing, Features, Pros & Cons 2023

Paycom Software, Inc., known simply as Paycom, is an American online payroll and human resource technology provider. It is a cloud-hosted payroll and human capital management (HCM) platform that empowers businesses to track all stages of the employee lifecycle.

Based in Oklahoma City, Oklahoma with offices throughout the United States, Paycom is attributed with being one of the first fully online payroll providers. It has been recognized by Fortune and Forbes as one of the fastest-growing publicly traded companies in the world and as one of the World’s Most Innovative Enterprise Companies by Fast Company in 2022.

Paycom centralizes the management of a company’s entire employee information. From hiring, engaging, paying, managing, and tracking employees, everything is stored in a single platform.

Advancing from just the payroll module, today Paycom also offers HR Management, Talent Management, Talent Acquisition, and Time and Labor Management tools.

How Paycom Works

Paycom helps users automate the entire process of talent acquisition. It includes a fully featured applicant tracking system that automatically posts to online job boards and filters out unqualified candidates. The onboarding process is self-serve, assigning candidates checklists and online forms to be completed. The system automatically finds tax credits and monitors the federal tax code for any updates.

The automatic payroll system allows employees to manage their expenses through an intuitive app. Paycom also allows users to conduct background checks and e-verify candidates.

Paycom also allows companies to manage their HR and payroll data in one place. Due to its single database architecture, all of the platform’s HR tools are housed in one software instead of being scattered across multiple systems. This means that employees can access and manage their data from one central location, without the need to jump between multiple programs or remember multiple login credentials.

With a true single database, the platform eliminates data reentry, enhances data accuracy and provides comprehensive security. By allowing employees to manage their own data, Paycom frees HR to focus on strategic tasks.

Paycom Features

Payroll

Paycom provides a complete online payroll management system that ensures employees are paid correctly and on time. With these tools, businesses can streamline processes for expenses, garnishments, and more.

Talent Acquisition

Paycom offers comprehensive tools for recruiting, hiring, and onboarding top talent. The software provides automated hiring and staff management, streamlining the recruiting process to ensure that no potential candidates fall through the cracks. Features like applicant tracking and E-Verify help filter out unqualified candidates and verify employment eligibility.

Enhanced Background Checks also offer drug testing and health screening services, as well as customizable searches to verify criminal, education, and employment histories.

HR and Talent Management

Paycom’s single software solution combines both HR and talent management tools to simplify the complex tasks of managing personnel and their development. The software offers a range of features, including customizable reporting, streamlined benefits administration, and enhanced Affordable Care Act (ACA) and Consolidated Omnibus Budget Reconciliation Act (COBRA) administration.

These features help organizations comply with ever-changing state and federal regulations and avoid the costs associated with manual processes and outdated technology.

Time and Labor Management

The software automates time and labor tracking and offers precision-built time clocks, customizable scheduling, and tools to combat time theft. With a single software, time and labor data flows seamlessly throughout the app, providing accurate, real-time information that informs scheduling, payroll, and reports.

Analytics and Reporting

Paycom’s Report Center allows HR departments to generate and review customizable or predefined reports easily across all workforce data, providing deep insight into the business for more informed decision-making. With advanced report writers that include charts, graphs, and more, HR managers can build detailed analyses of their workforce and budget.

The software also offers Push Reporting, which allows users to schedule reports once and send them daily, weekly, monthly, or yearly in the correct format.

Learning Management System

Paycom has a learning management system (LMS) that empowers employees to receive tailored training through courses at their convenience.

Unique Self-service Automation

This is based on the idea that employees should handle their payroll to increase accuracy and engagement. Paycom encourages this with its automated software, Beti, which helps employees monitor, debug, verify, and approve its payroll processing. Beti helps it spot mistakes and fix them before submission.

This decreases employer liability and increases payroll control and assurance.

Time Tracking

The Time and Attendance module helps you track employee attendance at work. With customizable rules, batch editing and timecard management features, it can accommodate even the most complex time attendance systems. Employees can clock in and out using various methods, including a mobile self-service app, web-based time clocks, kiosks or hardware terminals.

There is also approved time, which automatically syncs to payroll and thus eliminates data re-entry. The software also includes features to combat time theft, such as geofencing and Microfence using Bluetooth beacons.

Tax Filing

Paycom automates the entire tax filing process, including debiting payroll taxes, depositing them on their due dates, and remitting filings. This means that clients only need to submit their payroll and Paycom will handle the rest. The software is also capable of handling IRS Forms 941 and Forms 940, ensuring that employees receive only one W-2.

Additionally, it can assist clients in managing tax laws in their state and local jurisdictions, alleviating their payroll tax burden.

Benefits Administration

Paycom simplifies and automates the enrollment process, resulting in less paperwork and more informed decisions. The software allows employees to easily view and select benefits, preview the impact of deductions on take-home pay and access plan documents.

It also generates reports to prevent overpayment for benefits and ensure eligible employees enroll.

Who Can Use Paycom?

Paycom is fantastic for small to large organizations searching for a streamlined HR package. These are

Companies with hourly workers: Paycom has a time and attendance tracking feature that makes it easy to manage hourly employees. This feature enables employees to clock in and out using their mobile devices, which helps eliminate time theft and errors.
Businesses seeking complete HR and payroll software: Paycom provides a comprehensive HR management system that covers everything from payroll to benefits administration. This means that businesses can manage all their HR processes in one place, making it easier to keep track of employee information and data.

However, Paycom may not be the best choice for small businesses seeking a cost-effective payroll service that works with their current HR software. These are:

Businesses with a limited budget: Paycom software may not be recommended for businesses that have a limited budget or a small number of employees. Paycom’s pricing model is based on a per-employee, per-month fee, which can be expensive for small businesses with only a few employees.
Companies that want a customizable system: Businesses that require a lot of customization and flexibility in their HR and payroll processes may find Paycom’s software too rigid. While Paycom offers a range of features and tools, some businesses may require more tailored solutions to fit their unique needs.

Paycom’s Customer Service and Support

Paycom’s customer support is easily accessible. In-house receptionists answer all calls and direct clients to the right person during business hours. Each client is also assigned a primary point of contact for all software questions and a team member is available to assist in the absence of the dedicated specialist.

Accessibility

Paycom has a mobile app that allows you to view employee information on the go. This includes pay stubs, W-2 forms, and other various records related to payroll or HR functions. The self-service approach of Paycom makes it easy for employees to navigate through the platform.

Compliance

Paycom is designed to help organizations reduce their risk of audits and penalties related to employment laws. The software stays updated on changes to the most relevant employment legislation, such as the Fair Labor Standards Act (FLSA), Family and Medical Leave Act of 1993 (FMLA), Equal Employment Opportunity Commission (EEOC), Occupational Safety and Health Administration (OSHA), COBRA and more.

This allows organizations to prepare and respond accordingly and on time.

Ease of Use

The sentiment on Paycom’s ease of use is mixed. Some users find it helpful and efficient while others encounter issues with accuracy, accountability, and updating information.

However, the platform receives praise for its comprehensive HR solutions, user-friendly interface, and stress-free payroll and tax reporting. Some users, though, still find its scheduling feature rigid and its system clunky and hard to navigate.

Paycom Pricing & Plans

Paycom does not provide any pricing details on its site. Instead, it offers a personalized demo after which a custom quote is presented according to your business requirements.

The platform’s service providers usually charge a monthly subscription in addition to a monthly per-employee fee. Paycom users report that the setup fee, which also includes training and implementation, runs up to $500 for 15 employees and $1,200 for 40 employees. Each employee attracts a monthly $4 to $6 fee.

Does Paycom have an app?

Paycom has an iOS and Android app, called Beti, for employees to manage their benefits, expenses, and payroll.

Is Paycom better than ADP?

ADP RUN is a great choice for small and medium businesses, as it offers a high degree of automation and an easy-to-use platform. However, with its advanced customization features and scalability, Paycom is ideal for larger businesses that need a comprehensive payroll solution.

In Conclusion

Payroll is the core of Paycom, and the company understands the importance of paying employees on time and accurately. At the heart of Paycom is Beti, an employee-driven payroll experience that guides employees to identify and correct paycheck errors before payroll submission. All of these are within the Paycom app.

This empowers employees to manage their payroll data, which increases data accuracy. It also sets the stage for a culture of trust, autonomy, productivity, and innovation.

Paycom stands out for its excellent customer support as it provides one-to-one service to its clients as they get a single point of contact for all their queries. Dedicated specialists offer personal support to improve efficiencies. In short, you can use Paycom to hire, engage, pay, manage, and track your employees effortlessly.

Paycom Review: Pricing, Features, Pros & Cons 2023

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How Paycom Works