HR is the core of any company handling and managing the needs and wants of the employees within. Hence it is requisite that businesses have a robust HR operating system. A single yet powerful system integrated with compensation tools and data backend guidance can help in empowering businesses and their team.
In this article, we will guide you through developing a feature-rich employee benefits administration solution as Gusto.
What Makes Gusto an Important Software?
Employee engagement is the most important to run the business. It takes more than just a paycheck to engage the employees. An absolute management helps in fulfilling every need of employees as well as the business.
An employee benefits administration software can offer affordable, extensible, and financial benefits that helps companies manage and support their team extensively. Gusto is a robust solution that comprises compliance, benefits administration, and payroll features for business and employee scalability. However, you can also get in touch with an LMS development company, to offer a learning and training environment to your workplace.
“66% of the US workers experience financial difficulties when their pay gets delayed even by a week”
The software is a great example of a SaaS software development solution that can be used by small businesses to large businesses to manage their HR needs. Its easy-to-use interface and impressive automation and innovation tools simplifies business processes. Gusto renders extensive features, such as direct deposit, new hire reporting, unlimited payroll runs & much more.
Gusto offers both health and financial benefits. Gusto’s financial benefits offer smart paycheck management, automatic short-term savings, and long-term savings accounts for the team and their family members. Gusto’s Wallet app helps employees in managing paychecks, saving money through auto-saving, and accessing emergency cash with Gusto cash out.
Gusto empowers organizations to assist their team to have a simplified and protective future by offering 401(K) retirement savings, life and disability insurance, and 529 college savings.
The Health benefits of Gusto can be easily synced with payroll offering medical, dental, and vision insurance administration. Gusto lets employees opt for reimbursement, transfer health insurance and render compliance support hassle-free.
Other benefits of integrating Gusto within your existing business systems are mentioned below.
Benefits of Gusto Administration System
Gusto is an agile and flexible software that can be seamlessly integrated into the existing business systems and automatically run on a set schedule for employees to pay them on time. The feature also minimizes the risk that could unnecessarily be caused through manual entry. These factors will also help in deciding to choose Gusto or even develop a feature-rich software like Gusto.
The advanced technology enterprise software development solutions have eliminated the paperwork. With the digitized solution, Gusto can automate calculations, payments, and submission of the firm’s payroll taxes. Additionally, the software allows charitable employees to create an account to donate to some charities.
You can easily integrate Gusto with a popular accounting system because of its flexible bookkeeping. Moreover, Gusto renders –
- Time-Saving
With Gusto, companies can easily manage their year-end forms, ACA compliances, forms, payroll taxes, time off calculations, and much more that can save a lot of time and put complete focus on critical tasks.
- Error Reduction
Manual work is arduous, mundane, and prone to errors. Gusto automates calculations and deductions to store your business data in one place for quick and easy access.
- Single Sign-on
Finding employee information has never been easy. Gusto offers a single-sign-on to find crucial employee information such as time off balances, phone numbers, birthdays & more.
- Automated Payroll
Instead of deciding on how every team member must get paid or pay stubs, W-2s, tax filings, and other details, companies can simply automate these with just a few clicks and selects.
- Simplified Benefits Administration
One of the prime aspects of picking Gusto is simplified benefits administration. This intuitive software allows companies to customize benefits plans according to their needs.
- 401(k) Integration
Companies can easily set up and manage their 401(k) for their employees to help them save funds for retirement.
- Streamlined HR
Companies can consolidate all employees’ information in one place, such as documents, new hires, emergency contacts, & others.
The benefits and prices are for a white-labeled solution. Since purchasing a ready-made solution has limitations for large organizations. In such cases, some organizations prefer a tailored solution that contains similar features as Gusto. If you are looking for a tailored solution, you can look for an IT consultation services provider.
But, before that, let’s highlight the features that need to be integrated to make your benefits admin software reliable and scalable.
Features To Integrate Into other Software Systems a Software Like Gusto
Automated Payroll, Taxes, and Filings
Automated Taxes
In order to create software like Gusto, this feature must be created. Automated taxes can lift the burden of paying payroll taxes of all kinds – local, federal, and state.
Auto Pilot Payroll
This feature of benefits administration software enables IT professional services providers, handling huge strength of employees to automatically set and run payroll for each pay periodically.
Child-support Garnishments
Large organizations consisting of multiple chains in different states can accommodate automatic payments to all with the help of this feature.
New Hire Reporting
State or regional governments must be notified each time you hire a new employee or an entire dedicated software development team for enrolling benefits. Through hire reporting features, companies no longer have to manually notify the government for the same.
Minimum Wage Adjustment
Just like Gusto, you can also adjust wages automatically for your employees (categorizing their designation) and comply with the FLSA Tip Credit minimum wage requirement.
All the Forms
One of the essential aspects for any business is to file and send tax forms to all local, federal and regional governments through digital technologies making every transaction paperless.
Form W-2
This form is used when the company has to create an annual report and file employee’s tax withheld with other compensation, wages, or tips paid to every employee.
Form 940
This form is about submitting an annual report of all payments, wages, and tax liabilities made that fall under the Federal Unemployment Tax Act (FUTA).
Form 8974
Gusto supports and automatically files each quarter for the organizations claiming Federal R&D Tax Credit with Form 941.
Form 1099
This form is used for companies collaborating with an independent contractor or unincorporated business.
Form 941
This form helps the company fill out the total tax deposits, including tax withheld from employees’ side, social security or Medicare tax, and federal wages every quarter.
State and Local
Any taxes and compliance forms can be filled, and Gusto can seamlessly process them, avoiding any penalties to incur.
Flexible & Advanced Payroll Features
Unlimited off-cycle Payrolls
Gusto contains some of the extensive features such as unlimited bonuses & pay-off cycles so, no more waiting until the next pay period.
Hourly and Salaried Employees
The flexibility Gusto offers like none other software system. Companies can easily manage both employees, be it hourly or salary-based.
Paperless Paychecks
The technology integrated benefits solution Gusto is an environment-friendly software that renders direct deposits and paycheck access for employers and employees.
Multiple Pay Rates
Assign every rate as per their performance. Gusto can align with these rates easily, leveraging pay daily, weekly, or monthly.
Easy Cancellation
Gusto being a flexible enterprise-grade software solution for companies allows easy cancellation of payroll who do not want to continue with the feature with just two clicks.
Flexible Payment Schedules
Gusto offers a comprehensive payroll functionality inclusive of flexible payment. Companies can pay their employees bi-weekly, weekly, twice a month, or even monthly.
Handle the Multiple States
Companies with chains in multiple cities and states can easily manage the payroll of all their employees with this feature. Additionally, Gusto leverages companies to run payroll as many times as they want.
Garnishments
Most states have deductions for child support garnishments. Gusto automatically sends payments to the state or local or federal.
Net-to-gross Calculations
This feature helps companies to plan their bonuses easily. Gusto helps in entering and calculating the net amount of every employee in order to figure out the gross amount before paying taxes.
Reimbursements
Companies who are looking to integrate employee benefits solutions similar to Gusto will be able to easily pay reimbursements to their employees at the same time when they run payroll.
Contractor Payments
Companies with multiple collaborations, such as contractors, can easily be managed and send files and forms like 1099s.
Multiple Pay Schedules
Software such as Gusto offers complete customization where you can schedule the team’s pay as per their needs.
Deductions
Companies, with the help of Gusto, can easily add deductions for the pre-tax benefits or post-tax, such as garnishments.
Direct Deposit
With Gusto, you can have limitless payroll. Also, run payroll whenever it is convenient or hold the money until the payday or payroll deadline.
Payroll Report
Gusto allows quick generation and download of payroll reports which includes, history, bank transactions, contractor payments, paid time off, tax payments & more.
Integrated Pre-tax Benefits
Gusto allows companies to easily administer benefits, like 401(k), medical insurance, and much more while automatically syncing with payroll and calculating deductions.
Expense Integration
Gusto allows easy synchronization with partners or the Recipient’s bank for expenses or payment delivery.
Accounting Integrations
Gusto can be easily integrated with third-party applications or software, such as Xero, Freshbooks, QuickBooks, and more.
Federal R&D Tax Credit
For companies that are eligible for claiming Federal R&D Tax Credit, Gusto can seamlessly help claim them.
FICA Tip Credit for Restaurants
Gusto offers a comprehensive report with details of the accountant, which is requisite for claiming the FICA Tip Credit Tax incentive on the corporate tax return.
Time-tracking Integration
Gusto allows companies to automatically import employee hours by integrating with one of our time-tracking partners.
Employee Management
Lifetime Accounts
Companies can render lifetime access to paystubs, W-2s, and wallet apps, even when they change their jobs with the help of this employee management software.
Direct Deposit
Employees can directly have their paychecks directly into their bank accounts without any interruptions.
Paperless Employee Onboarding
Employees, whether new or old, can easily fill out information online, such as contact info, bank account details, and others.
Teams
Companies can organize their contractors, partners, and employees through easy management and reporting Gusto offers.
Vacation and Sick Policies
Companies will not have to struggle with their employees’ vacation and sick balances tracking as well as setting time-off policies.
Charitable Donations
Those employees looking to support others through charitable contributions can easily and directly do that with paychecks as well as automatic deductions.
Digital Paystubs
Gusto offers digital paystubs for the employees to easily access in their daily payday email or Gusto account.
Online and On the Go
No Extra Cost for Payroll
In order to create software like Gusto, payroll will be easily integrated and accessible, offering helpful support to get started.
Digital Signatures
Gusto also surprisingly offers digital signatures to use. So no more printing documents and signing them manually and then scanning them to send.
Mobile
Gusto is also responsive and compatible with all kinds of devices. So, any employee can have access to their accounts, or administrators can run payroll any time.
Collaboration
Gusto allows quick and seamless collaboration of companies with any employee, such as accountant or bookkeeper, to easily manage the payroll.
Calendar Sync
Gusto is flexible enough to sync with companies’ calendars, such as Outlook, iCal, and Google Calendar, to get notified about payroll deadlines, employee anniversaries, birthdays.
Conclusion
Gusto, unlike any other employee management system, offers a plethora of features, easy to use interface, and innovative tools to manage and automate payroll and HR. Connecting with the right product engineering services provider can help you develop a robust and feature-rich tailored solution like Gusto.
To go paperless, automate calculations, payments, and submission of all level payroll taxes as well as flexible bookkeeping system integration with popular accounting systems, connect with A3logics.
