How does your company implement this platform or software?
For administration, I let my bookkeeper pretty much do it, but I have access at any time and can make changes. What I find is that everything is automated, so I have been able to say: “This is what I want to happen every two weeks for pay,” and it just happens. I don’t have to go in and approve every single time; it can automatically approve.
The other thing is that when holidays happen, I get a notice saying, “Hey, you need to go in now and approve a day early to make sure that you don’t miss payroll,” and that’s huge. I had been late on a few days of payroll because of holidays when I was using Ceridian; now, I am never late with paying my employees because of holidays.
Anytime I have a problem, I just shoot an email or pick up the phone. Within seconds, I have a customer service rep that has fixed my problem for me. It’s often just because I’m too lazy to go into the system and do it myself. I know that it’s faster to call them, and Wagepoint will do it for me. They give me the nicest customer support I’ve ever had.
My bookkeeper will go in and set up a new payee, and it’s a very simple process. Because I’m paying my bookkeeper, it costs next to nothing to set it up. I know that if I called Wagepoint, they would just do it for me if I wanted to. When I’ve done it myself, it’s incredibly seamless and easy to do. All of my employees get a notice when it’s payday; they can go in, check their stuff, print any paystubs they need, and get reports. I go in when I need reports for different things.
I would say the other function I use is the reporting, which is very valuable to me. Because we’re in technology, we have to do the SR&ED [Scientific Research and Experimental Development] tax credits. We also have an accounting firm that does our year-end. I’ve also just been able to add additional users. When it’s end-of-the-year tax time or claim time, I just automatically add them as users, and they can go in and get all the information they want self-serve, which I find incredibly valuable.
Was your company considering other platforms? Why this platform?
I wasn’t really interested in something that was made over 15 years ago; so much has changed from the technology standpoint. I wanted something that was very easy for me and my bookkeeper to use, and a beautiful easy-to-use solution for my employees. It literally is the difference between me pulling out my hair before and me having a huge smile across my face now.
I enjoy using it. I enjoy the user interface, and I know that when my employees go in and look at it, it’s such an easy experience for them. I think ease of use, customer service, not missing a payday because of holidays, and not having to go in and do something every two weeks, are the top benefits for me. Wagepoint is great on every level. Also, it’s a no-brainer on how cost-effective it is.
On an annual or monthly basis, how much does your company spend to utilize the platform?
I don’t remember the exact price point that we’re doing, but it’s around six dollars per employee per pay cycle. The nice thing is how transparent they are about pricing. You go on their site, you put in the number of employees you have, and their little slider tells you what you’ll be charged. I know that when I did comparative research on what others charge or what it would be to pay a bookkeeper to do our own direct deposits and things like that, I found that Wagepoint is basically either the same cost or less. I didn’t see anything that was going to be cheaper because I would’ve had to be paying somebody to manually do a lot of that work.
People use Wave Accounting to do direct deposits and things like that, and maybe the per-deposit is slightly less, but somebody manually has to go in and do a bunch of that work. Because it’s so automated, I didn’t find anything cheaper than Wagepoint. Cost per unit is often the same price or cheaper; the actual time saving makes it significantly less expensive than other products. I saved so much time and, indirectly, money moving from Ceridian to Wagepoint. If I was spending two hours a month on Ceridian versus near-zero time now, that’s a huge savings in itself.
I think it’s been over two years since we switched to Wagepoint. I would never move away from Wagepoint. Any chance I get, I tell people that they should be using it. I really don’t think that there’s any company too small to start using it because this is one of the most important things you can do at your company. The sooner you automate and streamline payroll, the more problems you can avoid. Even if you only have a couple employees, do you really want them to have to wait until after a holiday weekend to get paid just because you forgot to pre-approve the payroll? That’s just unacceptable. That’s the kind of stuff that was happening when I was on Ceridian.
When you’re just a small few-person team, your time is so precious; do you have time to be tripping over a legacy product? I don’t think that there’s any company too small to use it. I think that it pays for itself ten times over. I tell everybody to use it. I don’t know what range they’re doing right now, like if they stop at 50 or 100 employees; but to me, until you’re going with somebody at the next level because you need a whole bunch of other tools, I would be using this up until the time I had 100 employees, for sure. It doesn’t make sense to switch to anything else.