Paycom: Solutions for Streamlining Payroll Processes

Chad Richison, President & CEO, PaycomChad Richison, President & CEO
Human Capital Management (HCM) market is growing at a rapid pace with an inclination towards cloud. Existing organizational complexities like increased global operations, and the lower total cost of ownership that a cloud-based solution offers are the contributors for the shift towards cloud. However, organizations are cautious to adapt these cost effective solutions in case they don’t support compliance-friendly payroll models, and ensure employee confidentiality in terms of limited access to the payroll data and system. Fulfilling these requirements, Paycom—a provider of single application human capital management solutions helps employers streamline their payroll and HR processes with the latest cloud-based HCM technology. The company automates clients’ processes with a single application, eliminating the errors and frustration associated with manual data entry and multiple systems integration. “As we empower businesses with one system of record for employees, any information that impacts payroll is entered once with the changes taking effect throughout the system,” cites Chad Richison, Founder and CEO.

Paycom delivers a suite of tools that simplifies payroll management by allowing data integration, reducing system errors and improving overall effectiveness. Paycom Pay is one such tool that eliminates the tedious job of check reconciliation by issuing live checks to clients’ employees. Another tool, GL Concierge simplifies the process of entering payroll data into the organizations’ General Ledger (GL), by generating perfectly mapped GL reports for direct import into the accounting software. Further, manual, paper-based processes associated with employee expense reimbursement are a complicated task. Paycom’s Expense Management tool enables employers to control expenses by specifying the type of deduction, amount and modes of reimbursing the expenses. This tool allows employees to enjoy the convenience of uploading receipts through Employee Self-Service when submitting their expenses.
Apart from these beneficial solutions, Paycom also facilitates analytics for efficient payroll management by measuring payroll activities. The company creates custom reports like employee check listing, approved expenses and expense audit for a comprehensive and graphical analysis of the organization’s activity. Additionally, realizing the rising internet usage, Paycom offers the benefits of seamless online payroll processing.“Our system updates automatically to changes in employee information and offers time saving functionalities such as batch editing and effective dating,” says Richison. Supplementing all these solutions, the company addresses organizations’ major concern of protecting sensitive employee information through its audit trails and custom logins functionalities. “Data security is ingrained in our employee culture and we strive to set the standard for the best security practices in the industry,” says Richison. Paycom also handles Affordable Care Act (ACA) compliance in a simple and comprehensive manner, reporting all the ACA data in a real-time dashboard through it Enhanced ACA offering.

Extending unique features in a single solution to achieve organizations’ business goals, Paycom has enlisted many success stories from varied industry verticals in its portfolio. For instance, a dealer of John Deere, which is an American corporation that manufactures agricultural, construction, and forestry machinery recently implemented Paycom’s online payroll solution. As a result, the firm realized greater efficiency and cost savings among their four locations in Missouri.

Paycom delivers a suite of tools that simplifies payroll management by allowing data integration, reducing system errors and improving overall effectiveness

Moving forward, Paycom desires to continue providing additional real-time compliance-related data, reports and alerts through its newly launched extensive Affordable Care Act (ACA) compliance offering—Enhanced ACA. The company has also unveiled plans for corporate expansion to accommodate growth. “This marks another milestone in our organization’s path and is a testament to the strength of our solution and people,” concludes Richison.