Are Payroll Solutions Helpful to SMBs? Most Say ‘Yes’
Users praise their payroll solutions’ technological advancements, valuable features, and effective customer support, according to a new survey.
WASHINGTON, DC – JULY 20, 2016 – The majority of small and medium-sized businesses (SMBs) indicate they are satisfied with both the features and customer support of their payroll solutions, according to a new survey by Clutch, a leading B2B ratings and reviews site.
The three most commonly used features are generating payroll reports, W-2s, and direct deposits. The most popular customer support feature is phone support.
85 percent of SMBs report being satisfied with their payroll solution’s current features. Regarding customer support – phone is the most commonly used, followed by email and chat – 71 percent of respondents say they are satisfied.
Despite the central importance of payroll to any business, little-to-no analysis has previously been conducted on this issue prior to the Clutch survey. Payroll solutions are typically assumed to be outdated, hard to use, and/or have poor customer service.
However, the findings suggest that SMBs are generally pleased with their systems’ features and support. This satisfaction is likely due to payroll solutions becoming more technologically advanced and providing effective customer support.
“Technological enhancements are important, but it's imperative to maintain a relationship with our clients,” said Eric Hernandez, VP of Client Success at PrimePay, one of the largest privately held payroll companies in the country. “Clients must have faith that we have the technical ability and agility to maneuver through the complexities while providing expertise in areas where they may require support.”
Mobile accessibility is a top ‘wish-list’ feature for survey respondents – one-third of SMBs indicated they would like to see their payroll solution offer a mobile app or mobile-friendly version of the software.
“Convenience is critical for modern business. Time spent on administrative tasks is often lost time,” said Alice Azzaro, owner of Management Accounting and Payroll Solutions, an independent provider of small-business financial services. “As businesses increasingly move away from bricks-and-mortar, they require increased portability and functionality.”
Despite market dominance by industry leaders like Inuit, Paychex, and ADP, newer and/or smaller payroll companies can still capture some market share.
“The small business segment is the right place to be for a newcomer,” said Shrad Rao, CEO of Wagepoint, a new payroll company serving the US and Canada. “There is much millennial activity in new businesses, which is helping companies like ours to gain visibility… There is always an opportunity to reach one of the new entrants to the market.”
Clutch’s survey was conducted in April 2016 and included 301 payroll administrators at SMBs with 2-500 employees. 98 percent of respondents hold a manager position or higher.
For the full survey report, please visit: https://clutch.co/payroll#survey
A B2B research firm in the heart of Washington, DC, Clutch connects you with the agencies and software solutions that can help you enhance your business and meet your goals. Our methodology maps agencies and software solutions based on consumer reviews, the type of services offered, and quality of work.