FINSYNC Payroll: Streamlined Finances for SMBs

Many small and medium-sized businesses struggle with managing payroll and finances.

FINSYNC Payroll aims to solve these problems by offering an integrated solution for automated payroll, accounting, HR, and more.

In this review, we'll take a close look at FINSYNC's key features like customizable workflows, real-time reporting, and Smooth integrations with popular software. We'll also discuss pricing, ideal users, and make a final recommendation on who can benefit most from this platform.

Introduction to FINSYNC Payroll

FINSYNC Payroll is a cloud-based payroll and HR software designed specifically for small and medium-sized businesses (SMBs). It aims to help SMBs synchronize their payroll, accounting, HR, and other financial workflows by automating manual processes.

What is FINSYNC Payroll?

FINSYNC Payroll is an all-in-one platform that handles payroll processing, tax calculations, payments, reporting, and more. Key features include:

• Automated payroll runs
• Integration with popular accounting software
• Custom workflows to connect payroll with accounting, HR, etc.
• Mobile access and employee self-service
• Real-time reporting and analytics

It strives to provide an intuitive user experience so SMBs can optimize workflows between payroll, accounting, HR, and other systems.

Top Benefits and Features

Key benefits of FINSYNC Payroll include:

• Automated payroll - Runs payroll automatically based on customizable rules and workflows. Supports multiple pay types and schedules.

• Accounting software integrations - Syncs payroll data with QuickBooks, Xero, Sage 50, and other accounting platforms in real-time.

• Custom workflows - Workflows can be tailored to connect payroll with specific accounting, HR, time tracking, and other software based on unique business needs.

• Analytics and reporting - Provides real-time analytics and custom reports on payroll costs, taxes, deductions, hours, etc. to inform better decisions.

• Mobile access - Managers and employees get self-service mobile access to pay info, time tracking, leave management, and more.

Ideal Users and Use Cases

FINSYNC Payroll is designed for U.S.-based SMBs looking to simplify and automate how payroll connects with the rest of their financial tech stack. Typical users include:

• Small businesses wanting an all-in-one payroll & HR solution
• Companies currently doing payroll manually or using Excel
• Businesses looking to integrate new accounting or HR systems with payroll
• Organizations seeking real-time analytics to control payroll costs

It’s especially helpful for SMBs with hourly/seasonal employees and complex organizational structures across multiple locations.

Key Payroll Features and Capabilities

FINSYNC Payroll provides robust capabilities to efficiently process payroll and ensure compliance. Key features include:

Automated Payroll Processing

FINSYNC Payroll automates time tracking, calculations, and processing for hourly, salary, and 1099 contractor pay. This eliminates manual errors and saves significant time compared to traditional payroll systems.

Key benefits include:

• Automated time tracking from web timesheets or integrated time clocks
• Configurable pay rules to calculate regular, overtime, double time and more
• Supports shift differentials, piece rate, and other complex pay types
• Automates federal, state, and local tax calculations each pay period

By automating payroll processing, FINSYNC reduces administrative workload by up to 80% compared to manual payroll.

Custom Pay Types and Deductions

In addition to standard payroll capabilities, FINSYNC Payroll enables businesses to configure specialized pay types, deductions, garnishments and more.

Customization options include:

• Special pay categories like bonuses, reimbursements, allowances
• Pre-tax and post-tax deductions for health insurance, 401K, etc.
• Garnishments, child support payments, wage attachments
• Custom accruals for PTO, vacation, sick time and more

This flexibility supports businesses in nearly any industry with unique payroll needs. The system centralizes all employee payment and deductions for simplified tracking and reporting.

Tax Filing and Payment

FINSYNC Payroll fully automates federal, state, and local tax payments and filings. This ensures full compliance and avoids tax penalties due to missed deadlines or reporting issues.

Key features include:

• Automated federal and state quarterly and annual filings
• Supports local/city tax payments and filings
• Same-day or next-day tax payments available
• Full audit trail for payroll tax activity and payments

By managing tax calculations, payments, and filings directly within the platform, FINSYNC Payroll saves businesses significant time while reducing compliance risk. The system guarantees accurate payroll tax processes across all jurisdictions.

Accounting and HR Integrations

Review of native and third-party integrations for syncing payroll data with accounting, HR, benefits and other systems.

QuickBooks Integration

The FINSYNC Payroll platform offers seamless integration with QuickBooks Online and QuickBooks Desktop editions. This bidirectional sync allows easy sharing of payroll data between the two systems.

Key features of the QuickBooks integration include:

• Automatic syncing of payroll transactions like paychecks, tax payments, deductions etc. This eliminates dual entry and ensures payroll data flows into QuickBooks without manual work.

• Ability to push employee payroll details from FINSYNC into QuickBooks when onboarding new hires. This includes details like salary, department, location etc.

• Support for syncing payroll journals into QuickBooks expense accounts. This enables easy categorization and reporting of payroll spend.

• Scheduling flexibility to sync data daily, weekly or monthly based on needs.

Overall, the native QuickBooks integration reduces accounting workload and ensures payroll data is accurately reflected across both systems.

HRIS and Benefits Integrations

In addition to QuickBooks, FINSYNC Payroll also integrates with many popular HRIS, benefits and insurance platforms including:

• BambooHR
• Zenefits
• Gusto
• Namely
• Paylocity

These integrations allow bidirectional flow of employee data between the payroll system and the HR/benefits providers. Key capabilities include:

• Automatic transfer of employee profile updates from the HRIS into FINSYNC. This maintains data consistency.

• Ability to push payroll details like earnings, deductions, time tracking etc. from FINSYNC into the HRIS. This gives HR teams full visibility.

• Compatibility with many regional and national insurance carriers to share coverage details.

• Flexibility to schedule daily, weekly or monthly data syncs based on preferences.

The availability of these integrations eliminates duplicate data entry and provides a centralized view of employee records across platforms.

Bank Account Integrations

To enable direct deposits for employees, FINSYNC Payroll integrates with all major US banks and credit unions. This allows easy, secure transfer of payroll funds into employee accounts on pay day.

Companies can connect business checking accounts to FINSYNC Payroll during setup. Key features include:

• Simple bank account verification using micro-deposits. No need to manually provide account details.

• Ability to split net pay among multiple employee bank accounts. Useful for savings plans.

• Support for same-day or next-day direct deposit processing. Funds are immediately available on pay day.

• Automatic handling of rejected transactions with adjustment in next pay cycle.

Overall, the bank account integrations create a seamless direct deposit experience for both employers and employees within FINSYNC Payroll.

Customizable Workflows and Permissions

Conditional Rules and Alerts

You can set up customized rules and alerts in FINSYNC Payroll based on various payroll events. For example, you can configure the system to automatically send an email notification to the HR manager if an employee's overtime hours exceed a set threshold for the pay period.

Other examples of conditional rules include:

• Triggering an approval workflow if a timesheet submission exceeds X hours
• Blocking any changes to payroll records after they are approved
• Flagging late timesheet submissions for follow up

Setting up these rules helps streamline workflows by automating repetitive tasks. It also adds an extra layer of control and visibility over your payroll processes.

Access Controls and Permissions

FINSYNC Payroll allows you to create customized roles with granular permissions to restrict access. For example, you can set up roles such as:

• Payroll Administrator: Full access
• Payroll Viewer: Read-only access
• Timesheet Approver: Access limited to approving timesheets

In addition, you can restrict access to only certain entities, departments, or locations. This helps improve security and privacy by limiting access to sensitive payroll data on a need-to-know basis.

Multi-location Support

If your business has multiple locations, subsidiaries or entities, FINSYNC Payroll supports configuring workflows, rules, and permissions uniquely for each.

For example, you can set up location-specific approval chains for overtime based on the management structure of each entity. Or apply custom deduction rules tailored to the benefit plans available at different sites.

This flexibility ensures your payroll processes are optimized for the requirements of each business unit while keeping the overall system centralized.

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Reporting and Analytics

FINSYNC Payroll provides robust reporting and analytics capabilities to give businesses insight into key payroll metrics. These tools help monitor costs, liabilities, deductions, and other KPIs in real-time to inform data-driven decisions.

Real-time Dashboards

FINSYNC offers interactive dashboards that surface timely data on essential payroll parameters like:

• Gross wages
• Taxes
• Benefits
• Overtime
• Reimbursements
• Net pay

The dashboards automatically update with the latest figures so finance teams always have an accurate, up-to-date view of payroll costs and liabilities. Users can customize dashboard components to focus on the most relevant KPIs for their business.

Custom Reports

In addition to pre-configured reports, FINSYNC enables custom reporting tailored to each company's specific requirements. Users can:

• Build reports from scratch or edit existing templates
• Add/remove data fields like pay codes, GL accounts, departments, etc.
• Schedule reports to run automatically
• Export reports to CSV, Excel, PDF and other formats

These flexible reporting tools make it easy to generate payroll reports containing exactly the data needed to inform business decisions, monitor compliance, reconcile payments, and more.

Export and Share Data

FINSYNC facilitates seamless data sharing through report exports and permissions-based access controls. Users can export custom payroll reports to Excel, CSV and other formats to share with stakeholders inside and outside the organization.

Additionally, the software allows admins to selectively grant report access to employees, accountants, auditors and other parties. This enables seamless collaboration while maintaining data security and privacy.

With robust reporting and analytics, FINSYNC Payroll provides the visibility finance teams need to control labor costs, optimize payroll processes, and drive data-informed business growth.

Implementation and Support

Onboarding and Implementation

The onboarding and implementation process with FINSYNC Payroll is designed to be quick and easy. Once you sign up, you will be assigned a dedicated implementation manager who will walk you through the entire setup.

The implementation typically takes 1-2 weeks. During this time, your implementation manager will:

• Gather information about your business, employees, payroll schedules, etc.
• Assist you with importing employee data
• Configure payroll tax calculations specific to your state and locality
• Set up direct deposit for employee pay
• Train you on using the system and running payroll

Throughout the implementation, you'll have full support via email, chat or phone. The FINSYNC team aims to make the transition as smooth as possible.

Ongoing Training and Resources

Even after implementation, FINSYNC provides resources to help you get the most value from the system:

• Webinars: Live and pre-recorded webinars walk through payroll processes, year-end tasks, reporting, and advanced features.
• Knowledge base: Searchable articles and video tutorials provide step-by-step instructions for every payroll task.
• Context-sensitive help: Tooltips and informational popups within the software provide quick answers without having to search documentation.

You'll have continuing education opportunities as regulations and features change over time.

Technical Support

The FINSYNC support team is available to help during regular business hours via:

• Email and in-app messaging for documented inquiries
• Live chat with fast response times during business hours
• Toll-free phone number for urgent requests or complex issues

Support reps have in-depth product knowledge and aim for first-call resolution. Common requests include payroll troubleshooting, help importing data or assistance understanding reports.

Pricing Options

FINSYNC Payroll offers flexible pricing options to meet the needs of different sized businesses.

Monthly vs Annual Billing

You can choose between paying month-to-month or upfront annually.

• Month-to-Month: More flexibility but costs more over time
• Annual Billing: Cheaper overall but less flexibility. Best for established businesses with steady payroll needs.

Annual billing can save over 10% compared to paying month-to-month.

Per User Pricing

FINSYNC uses a per user license model based on number of seats.

Seat licenses start at $X per month for the base plan. Additional user seats cost $Y per month. Volume discounts available.

The more employees and managers using FINSYNC, the more you save per user. Makes it easy to scale up as your team grows.

Volume-Based Pricing

In addition to per user licensing, costs scale up or down based on transaction volume like:

• Number of employees paid
• Total payroll amounts processed
• Number of integrations connected

Higher volume customers can qualify for custom enterprise pricing plans with increased discounts.

If your business processes over 500 paychecks per month, contact their sales team to discuss volume-based pricing options suited to your payroll needs.

Conclusion and Recommendation

FINSYNC Payroll provides a synchronized financial management solution tailored to the needs of SMBs. By centralizing and automating key financial processes, FINSYNC enables businesses to optimize workflows, strengthen reporting, and drive growth.

Top Reasons to Choose FINSYNC

FINSYNC stands out for SMBs due to:

• Real-time synchronization of payroll, accounting, banking, and other systems
• Automation of manual processes like payroll tax filings
• Seamless integrations with over 350 common small business platforms
• Customization to adapt to each business' unique needs

By bringing financial data together into one unified platform, FINSYNC alleviates pain points around disjointed systems, redundant data entry, and reporting inconsistencies.

Best-Fit Businesses

FINSYNC is an ideal choice for SMBs that:

• Seek an all-in-one financial management solution
• Want to automate and modernize workflows
• Need robust and dynamic reporting capabilities
• Have complex multi-entity business structures
• Use a variety of other platforms (POS, ERPs, etc)

For SMBs matching this profile, FINSYNC can drive major efficiency gains and provide data-driven insights to inform smarter decisions.

Next Steps for Evaluation

Interested SMBs can learn more about FINSYNC Payroll's capabilities by:

• Scheduling a custom demo
• Starting a free 30-day trial period
• Requesting quotes tailored to their business' needs

Detailed pricing, features, and customer reviews are also available on FINSYNC's website. Reaching out to the vendor's team directly is encouraged for SMBs wanting to evaluate if FINSYNC is the right financial platform for their needs.

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