Employees are key resources for any organization, hence aptly called human resources or people success. For startups and small businesses, providing and managing employee payroll & insurance and benefits can be a huge pain. In the early stages of a startup, this responsibility generally falls into the hands of founders, who either manage the payroll services and benefits themselves or work with local accountant and insurance brokers. The entire process and volume of work is tedious and very time-consuming – not necessarily providing the value for the time spent by the founders, despite the fact that this whole process is indispensable in ensuring that the employees are happy, healthy and productive. Then to manage all these requirements founders needs to interact with multiple apps.
To disrupt and streamline all the HR requirements, a FinTech startup Workzippy launched its beta version of new Web/ Mobile app in the market this week. The Company is working to change the way that people get paid, simple as that. It does that on both sides of the equation, first by making it super-easy for an employer to do payroll and secondly by improving the actual experience of getting paid for employees, choosing benefits and filing tax returns.
Most Startups and small/medium-sized businesses today don’t have a good system in place for managing payroll, benefits, expenses and tax filing. According to Workzippy founders, the vast majority of the small businesses and startups do it manually or with old school desktop software which involve a lot of mistakes resulting in delays & fines levied against them for accounting disparities. Workzippy has built a solution where the employer only need to put in employee information once and then on auto pilot mode it will take care of all recurring payrolls. There are awesome features like payment to vendors, one-time bonuses or hourly wages to employees / contractors etc. Workzippy enable employers to seamlessly and painlessly setup group health insurance and ancillary benefits for their employees, whether it be medical, dental etc. The process traditionally takes weeks, requiring co-founders or (unlucky!!) staffers to contact brokers for quotes and manage the tedious enrollment process themselves, which usually involves dozens of follow ups and sorting through stacks of paper forms for each employee. Workzippy will turn this multi-week, paper-filled process into something that can happen in just a few minutes from the comfort of your local browser or app — even the actual signing of those forms.
The company had a key focus in their mind while designing the whole system is to improve the experience for employees. Usually, employees today get their pay direct-deposited into an account and dont even look at their pay stub – typically because they’re greeted with something that looks like this:
Many employees don’t understand anything from the payslip and neither does this solution provide any kind of analysis to them. The company set out to change that, and to make the notification that an employee receives about their periodical pay an actual knowledgeable experience.
The best approach is to simply provide a more visual, intelligent and smart way to show the breakdown of an employee’s salary and where all of a person’s money went as part of its email notifications. This is the hardcore analysis of a person’s finances that a user will really appreciate and be interested in knowing. By making the payslips easier to understand and by providing a more meaningful analysis, the employees will actually look forward to receiving their payslips. To add to these awesome basic feature Workzippy has also formulated handy tools for employees to evaluate their expected take home pay with the help “In hand Pay Calculator. This tool pre-determines the expected pay of an employee so as to enable him to calculate and advise him to invest into various tax saving schemes so as to lower his taxes and increase the take home pay. With Workzippy analytics employee can make a smarter decision for the tax planning.
Now employees can configure their health benefits and select the plan which fits best for their needs rather than compromising and buying their own individual plan. WorkZippy provides can awesome dashboard where employee can see summary & make changes to benefits.
Workzippy is also integrated with Taxzippy which helps employees to file their individual tax return seamlessly. The whole process of filing taxes takes less than couple of minutes. It’s a haven for the employees as both solutions work hand in hand and compliment each other.
The Company is also working on an app for its solution which is expected to be launched later this month. The app is designed to help employees to onboard on company’s payroll, view their payslips, uploading their receipts to file expenses and many more. In next phase app will be designed to help employers to run their entire payroll process from their mobile phones, without having to jump on the desktop to do things like view a payroll history, run a new cycle, payslips and receive notifications to remind them of tasks that need completion. Notifications can be set for employees, too, to alert them exactly them a payment has been received.
Henceforth the team is working on much more intuitive feature and is believed to release very attractive features in the near future.