Best Time Sheeting Solutions November 2020
It seems like a crowded space, but we like 4 of the main workforce management solutions in market and call out their strengths and weaknesses below.
There are a lot of options available for time sheeting. Forget excel spreadsheets, the disruptors are all in one HR solutions; websites where you can easily collect & verify timesheets, calculate wages, process payroll with one click and see who’s on the tools (or most importantly off the tools). The software either does it all for you, or integrates with third party HR applications and allow labor demand forecasting, scheduling, reporting on and attendance tracking.
But they are very different in their approach and pricing also differs.
The top options are: Paycom (all in one), Deputy (cheaper), Zenefits (more expensive, but possibly better for enterprise customers) and Bamboo HR (an interesting mix of features, great interface design).
Let’s take each in turn:
Who are the Competition?
Paycom target larger clients, with the average size of clients growing significantly since they launched in market.
They make the vast majority of their revenue from payroll processing. Their payroll application is the foundation of their solution and all of their clients are required to utilize this application in order to access their other applications.
Their payroll application allows clients to customize the services to fit their specific needs. The application can be accessed at any time to make changes, run payroll and generate custom reports. We also help our clients by handling their payroll taxes and deposits, regulatory correspondence and amendments as well as assisting with penalty and interest disputes.
Timesheet Management Software
Paycom (22 years old, $737m in revenue, 26,500 registered businesses)
Paycom offers the only full HR solution contained in one database, from recruitent to retirement. So, the technology you use to hire new employees is the same tech you use to pay your workforce, comply with regulations, train your people and much more. Many managers and business owners would find that quite a useful feature.
It is all there – all of your workforce data – in one system, and that is important.
Paycom help businesses streamline their employment processes from recruiting to retirement and everything in between. Their features operate from a single database, eliminating redundant data entry and the integration of multiple systems.
Because Paycom developed the entire solution on a single platform, there is no need to integrate, update or access multiple databases, which are common issues with comptitor offerings that use multiple third party systems in order to link everything together. It acts as a single source of truth for all employment related matters. All their revenue come from payroll processing.
Deputy (165,000 workplaces currently use it, 4.7 out of 5 star rating)
Deputy has a really great way for staff to easily manage shift allocation, particularly if staff want to switch shifts or makr changes. It doesn’t allow staff to easily track their earnings though, which is one criticism levelled against the software.
However scheduling, timesheets, tasking, employee communication and administrative tasks are all brought together under one platform. It has brilliant apps and one click payroll integration.
If you have physical locations, you can load up Deputy onto iPads or Tablets and get staff to log in, including taking photos to authenticate that an employee is physcially present at a location.
Deputy doesn’t always play nicely with local payroll software – we have heard that in jurisdictions with loads of pay rates, the software might need to be customised, which Deputy will do, for a fee.
Zenefits (7 years old, $583m in venture capiutal funding from Andreesen Horowitz & others)
Zenefits is a SaaS cloud-based human resources platform that helps more than 11,000 small and mid-sized companies empower their workforce, manage change and stay compliant. Zenefits’ People Platform delivers the most comprehensive, intuitive HR experience in the market. Its HR, Benefits, Payroll and Performance apps combine with advisory services and tightly integrated partner apps to radically simplify HR administration – reducing paperwork and complexity so companies can focus on starting, running and growing their businesses.
4. Bamboo HR
At $4.95 per employee per month, Bamboo have a different focus than the players above. They address the HRMS market, which stands for Human Resource Management System. They are pricier than the competition, but their interface feels better and more intuitive to use.
HRMS is used for hiring, training, managing, evaluating and maintaining information of all employees (Human Resource) in an organization. Unlike the other providers, you can upload job listings and distribute via social media, LinkedIn and Twitter.
Bamboo includes performance reviews for employees to track goals and performance on a daily basis.
They all have pros and cons. Paycom is the best all in one, Deputy starts from the cheapest monthly price, Bamboo HR has a great interface.
All of them monetise users and payroll processing, and in that regard you could start at the beginning of the list and work down to see which one suits you best.