Paychex, Inc., a provider of payroll, human resource, insurance, and benefits outsourcing solutions for small and medium-sized businesses (SMBs), recently introduced a new product line with the launch of Paychex Accounting Online – simple, secure cloud accounting for small businesses.
Paychex Accounting Online is a software-as-a-service (SaaS) accounting solution that is intuitive and accessible directly through the cloud. Subscribers can access the online accounting product through all major Internet browsers or through a free companion iPad® app.
“Paychex’s entry into the cloud accounting market reflects our commitment to providing small businesses with products they need to succeed, and it complements our industry-leading payroll and HR solutions by expanding our suite of services designed specifically for new businesses and entrepreneurs,” said Martin Mucci, Paychex president and chief executive officer
Mucci added, “Our research shows that for most new businesses, determining how to manage their finances is one of the first decisions they make – even before hiring their first employee. We also found they want simpler tools and, ultimately, integration between accounting and payroll. Paychex saw an opportunity to help these businesses through the early stages of their business lifecycle, by leveraging our strengths and delivering an easy-to-use cloud accounting solution.”
Paychex Accounting Online automates invoicing and billing, tracks expenses and income, and provides small business owners with real-time visibility of their cash flow and financial position. Specialized accounting knowledge or experience isn’t required.
The cloud accounting solution also benefits accountants and business advisors, as it allows real-time collaboration with their clients. Additionally, Paychex Accounting Online gives business owners an easy way to manage financial records, which eases accountants’ year-end burden and lets them focus on the advisory aspects of their practice.
Paychex has partnered with Kashoo, a leading cloud accounting provider, to create and deliver Paychex Accounting Online. Paychex last month announced a strategic partnership and equity investment in Kashoo.
“By leveraging Kashoo’s years of experience and industry expertise, we are able to offer new businesses a simple, easily accessible cloud accounting application they need now, and then support those businesses as they start to grow and hire with our full suite of payroll and HR solutions,” said Andy Childs, Paychex vice president of marketing.
Click here to view the entire Paychex press release.
Cloud-based payroll services like the Paychex solution are becoming increasingly popular in the SME market, as more enterprises strive to free up human and capital resources that could be better utilized for developing and implementing value-added strategic business initiatives.
Payroll and human resources (HR) are common starting points for outsourcing business operations, which make them one of the most outsourced administrative tasks, estimated to reach $162 billion by the year 2015, according to Outsourcing Insider. As a result of the growing payroll and HR provider market, PayStream Advisors is developing a Technology Insight report for finance professionals who are actively seeking information regarding outsourcing payroll processing and HR services, in an effort to improve productivity and simplify administration.
This upcoming report will provide valuable insights into emerging payroll technology and HR services that provide companies with the much needed relief from day-to-day administration processes, so they can focus on their core business. The report will provide current payroll and HR trends, statistics and a detailed view of current payroll and HR outsourcing providers and their product/service offering.
The Outsourced Payroll and Human Resources report is slated for Q1 2014.
