The Company’s Employee Retention Tax Credit and Paychex Pre-check Offerings Were Recognized for Innovation and the Critical Support the Services Provide to Businesses
Paychex, Inc., a leading provider of human resources, payroll, benefits, and insurance solutions, has won two Brandon Hall Group Excellence in Technology Awards. The company’s Employee Retention Tax Credit (ERTC) Service was recognized by Brandon Hall Group with a gold award for Excellence in Technology in the “Best Advance in HR or Workforce Management Technology for Small and Medium-Sized Businesses” category, and Paychex Pre-Check received a silver award for “Best Advance in Business Strategy and Technology Innovation.” This is the ninth consecutive year that the research and analyst firm has recognized Paychex technology solutions.
“HCM solution providers must be experts and visionaries in technology, but they also must have the ability to anticipate the diverse needs of employers as they work to adapt to ongoing change,” Brandon Hall Group CEO Mike Cooke said. “This requires a blend of curiosity, empathy and agility that is difficult to achieve. We have seen an extraordinary level of insight and creativity from our Excellence in Technology winners that has been exciting to see.”
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Employee Retention Tax Credit (ERTC) helps businesses claim tax credits on qualified wages paid to employees and health plan expenses in 2020 and 2021. Paychex introduced a new offering – the Paychex ERTC Service – to help businesses retroactively identify tax credits and file amended returns to claim the credit based on wages already paid. The Paychex ERTC Service leverages the Paychex Flex® technology to streamline and automate the amendment process, providing support for customers to identify and access government stimulus funds that could keep their business open. To date, the company has helped its customers apply for $6 billion in total tax credits in addition to $65 billion in Paycheck Protection Program (PPP) stimulus funds.
“It is an honor for Paychex to be recognized by Brandon Hall Group for our ERTC service, which is a perfect blend of our compliance expertise, leading technology, and powerful customer support,” said Martin Mucci, Paychex CEO. “Our team’s speed and agility in implementing this solution has resulted in billions of dollars in stimulus for Paychex customers at a time when they need it the most to offset wage increases and address supply chain challenges.”
Also recognized for advancements in technology innovation is Paychex Pre-Check. The Pre-Check technology provides employees the opportunity to preview their paycheck with a self-review of the gross-to-net paystub on a device of their choice to confirm its accuracy before payday. Payroll is the foundation of the employer-employee relationship. When errors occur, employers may increase the risk of losing trust and compromising retention. This critical solution was designed to increase payroll processing accuracy, reduce errors and expenses associated with payroll corrections, and offer a streamlined feedback loop between employers and employees through Paychex Flex.
“Finding ways to simplify the business challenges that were amplified by the pandemic has been a driving force behind each innovation released within our cloud-based Paychex Flex software over the past year,” said Tom Hammond, Paychex vice president of corporate strategy and product management. “Coupled with the human element of what we do as a service provider has led to an incredible opportunity for Paychex to make a difference for small and medium-sized businesses. We’re proud of the work done to meet the needs of our customers and thankful for this validation by Brandon Hall Group.”
A panel of veteran, independent senior industry experts, and Brandon Hall Group senior analysts and executives, evaluated the entries based upon the following criteria:
- Product: What was the product’s breakthrough innovation?
- Unique differentiators: What makes the product unique, and how does it differ from any competing products?
- Value proposition: What problem does the product solve and/or what need does this product address?
- Measurable results: What are the benefits customers can expect to experience as a result of using this product?