Gusto Payroll Review: Key Features, Pricing, and Comparison to Competitors

September 1, 2023
Comparisons
Business Finance
Gusto Payroll Review: Key Features, Pricing, and Comparison to Competitors

Gusto Payroll is a comprehensive payroll management platform designed to streamline and simplify the payroll process for businesses of all sizes. With its user-friendly features and functionalities, Gusto Payroll enables business owners to efficiently input employee information, track working hours, and run payroll with automation and ease. This platform offers a range of benefits to enhance payroll management, employee satisfaction, and compliance.

How Does Gusto Payroll Work?

Gusto Payroll operates as a powerful tool for managing payroll processes effortlessly. Business owners can easily input employee information, track working hours, and calculate pay with a few clicks. This automation minimizes errors and ensures accurate payments. With Gusto, employers can focus on core business activities while relying on the platform's capabilities to manage payroll efficiently.

 

Benefits of Using Gusto Payroll

Utilizing Gusto Payroll provides numerous advantages that simplify HR processes and ensure employee satisfaction. One standout feature is the Next-Day Direct Deposit, allowing employees to receive their pay on the next business day. This feature improves cash flow for employees and streamlines financial operations for employers. Additionally, Gusto offers a Premium Plan tailored to businesses with more complex HR needs, providing access to a complete HR resource center, compliance alerts, certified HR experts, and a dedicated support team.

Next-Day Direct Deposit

Gusto Payroll's Next-Day Direct Deposit feature stands out as a benefit to both employers and employees. With this feature, employees receive their pay on the very next business day, enhancing financial convenience. Employers can set up this feature easily, ensuring a smooth transition to expedited payroll processing.

 

Premium Plan

Gusto's Premium Plan is designed to cater to businesses with advanced HR, policy, and compliance requirements, particularly those with 30-plus employees. This plan offers a range of additional features, such as a comprehensive HR resource center, compliance alerts, unlimited access to certified HR experts, and dedicated support. Unique aspects include the ability to create an employee handbook, access to SHRM and HRCI professionals, and integration of existing health insurance plans.

 

Unlimited Payroll Runs

Gusto Payroll provides the advantage of unlimited payroll runs at no extra cost. This feature allows employers to run multiple payrolls per month without incurring additional fees. Options for paying employees and contractors include direct deposit, printed checks, or prepaid debit cards. The autopilot setting automates payroll processing, enhancing efficiency and convenience.

 

Automated Payroll Processing

Gusto's automated payroll processing feature simplifies payroll management by allowing easy entry of pay rates, health benefit deductions, and hours worked. The platform seamlessly integrates with time-tracking apps, supports bonuses, commissions, and tip credits, and provides comprehensive summaries after each payroll run.

 

Full-Service Payroll Migration Assistance

Gusto offers full-service payroll migration assistance to facilitate smooth transitions for businesses shifting their payroll processes. The service includes data migration, tax setup, and employee onboarding, ensuring a hassle-free switch to Gusto Payroll.

 

Employee Benefits and Performance Reviews

Gusto Payroll stands out for its comprehensive employee benefits offerings, including 401(k) plans, life insurance, HSAs and FSAs, commuter benefits, and 529 college savings plans. The platform collaborates with insurance brokers to offer medical, vision, and dental plans without additional costs, while the benefits management feature allows employers to create comprehensive benefits packages.

 

College Savings Plans and Health Insurance Options

Gusto Payroll provides valuable college savings plans and health insurance options, contributing to employee financial wellness and satisfaction. These offerings empower employees to save for education and secure health coverage, enhancing their overall well-being.

 

Commuter Benefits

Gusto Payroll's commuter benefits assist employees in saving on transportation expenses. With options for transit and parking expenses, the platform offers a convenient way to manage these benefits, supporting employees' daily commutes.

 

Pricing Plans for Gusto Payroll

Gusto offers various pricing plans to cater to different business needs. For those requiring more features, Gusto offers additional plans with varying pricing structures.

Gusto offers three main payroll pricing plans:

Simple Plan - $40/month base fee plus $6 per employee. Includes basic payroll features. This plan covers employee time off management, health insurance, and worker's comp.

Plus Plan- $80/month base fee plus $12 per employee. Adds HR tools and support.

Premium Plan - Contact sales for exclusive pricing

Source: https://gusto.com/product/pricing

Additional Cost for W-2 Employees, Per Person or Per Month

Businesses utilizing W-2 employees with Gusto Payroll should be aware of the additional costs associated. This cost can be per person or month, depending on the chosen plan. The pricing structure and associated fees should be considered when planning the payroll budget.

 

Comparing Gusto to Other Popular Payroll Providers

Gusto Payroll stands out in the payroll management landscape by offering a range of features and benefits that distinguish it from other popular payroll providers. When considering options for payroll solutions, it's important to weigh factors such as pricing, tax management, and flexibility. Here's a closer look at how Gusto compares to its competitors:

Starting Monthly Price: Gusto's pricing structure is competitive, making it an appealing option for businesses of various sizes. The clear pricing tiers, starting with the Simple Plan, offer transparency and flexibility. This allows businesses to choose a plan that aligns with their specific needs and budget.

Payroll Tax Filing: Gusto's payroll tax filing service relieves businesses of the burden of managing complex tax obligations. The platform automatically calculates, files, and pays federal, state, and local payroll taxes, reducing the risk of errors and late payments. This comprehensive tax management ensures compliance and minimizes potential penalties.

End-of-Year Tax Form Filing: Gusto simplifies the year-end tax reporting process by generating and filing necessary forms, such as W-2s and 1099s. This streamlines the often time-consuming task of preparing and distributing tax forms to employees and contractors.

Multi-State Payroll Capabilities: Businesses operating in multiple states benefit from Gusto's ability to handle multi-state payroll requirements. Gusto's platform can navigate the complexities of state-specific tax regulations, ensuring accurate payroll processing across various jurisdictions.

Competitor Comparison: When comparing Gusto to other well-known payroll providers, Gusto consistently shines in its user-friendly interface, comprehensive features, and emphasis on customer support. Competitor offerings may have limitations in terms of tax filing, additional fees, or complexities in navigating through their platforms.

 

In the realm of payroll providers, Gusto stands as a robust solution that combines affordability, automation, tax management, and multi-state capabilities. Its user-friendly interface and range of plans cater to businesses of all sizes and complexities. While other providers may offer specific features, Gusto's holistic approach to payroll management, combined with its transparent pricing, makes it a strong contender in the market. Ultimately, the choice of a payroll provider should align with a business's unique needs, budget, and desire for streamlined payroll processes.

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