The human society is known for a myriad of different things, but more importantly than the rest, it is known for getting better on a consistent basis. This unfaltering commitment towards growth has already fetched the world some huge milestones, with technology appearing as a rather unique member of the stated group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right goods. The same has grown to become a lot more evident in recent times, and assuming one new HRM-themed development shakes out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.
Novo, the powerfully simple® financial solutions platform, has officially announced the launch of a new solution called Novo Payroll, which is geared towards serving the needs of a small business. Powered by Check, the leading payroll infrastructure company that pioneered the ability for platforms to embed payroll into their products, the stated solution comes decked up with an ability to streamline the entire payroll process, right from calculating wages to facilitating direct deposits and managing tax withholdings. Such a comprehensive reach means businesses can focus on their core function without ever having to worry about the usual administrative tasks, and not just that, they also don’t have to spend any effort whatsoever on achieving compliance with regulatory standards. Now, to give you a slightly deeper understanding of the product, it brings to the fore an affordable flat pricing model where, unlike those traditional payroll platforms that ask users to pay extra on their original amount to access different features, you can enjoy all essential features at a clear-cut $35 per month plus a small fee per worker. These features include state and tax filings, end of year reports, and more. Next up, we must get into how the platform can also provide you with working capital to fulfill those payroll requirements. This is applicable for all those small businesses that may need additional funds for a payroll cycle. If someone is looking to get this promised capital, they can simply apply for Novo Funding, a fast and flexible way to access working capital which is available exclusively to Novo customers. Once your application is approved, you should be able to use the new funds in no more than a few minutes. Complimenting the same is a feature which allows your employees to opt in to receive their paychecks the day after payroll is processed, something again they can do at no additional charge. Such a feature means businesses are no longer required to have the necessary payroll funds ready days before in advance, as they only need them on the day of payroll processing. Then, there is the prospect of built-in accounting and budgeting tools. You see, owing to Novo Payroll’s complete integration with the company’s proprietary platform, users should be able to, for the sake of an example, leverage a tool like Novo Reserves to proactively set aside funds for payroll, taxes, savings, and more.
Hold on, there is more, considering we still haven’t discussed the solution’s single and multi-state payroll capabilities that enable small businesses, having employees in a single state or in multiple states, to effectively automate their tax filings. Finally, rounding up the highlights is a human-powered customer service, which hands you an uninterrupted access of wide-ranging resources that are there to guide you in the text of your payroll-related queries. In case you aren’t satisfied with the given resources, you can also avail the option of calling a human Novo Payroll expert.
The development in question follows up on Novo’s recent moves where the company introduced notable updates to its Novo Invoices product, a free invoicing application. Another major move was the release of Novo Funding, which will now also do a critical job for the brand-new Novo Payroll solution.
“Traditional small business payroll solutions consist of standalone applications characterized by high fees, burdensome cash-on-hand requirements, and either clunky or non-existent integrations between payroll and business bank accounts,” said Michael Rangel, founder and CEO of Novo. “In collaboration with Check, we built a payroll solution that simplifies and speeds up the process of paying small business employees.”
Turning our attention to what makes Check an ideal partner for such an initiative, the answer resides in its ability to help companies differentiate and open up new revenue streams by embedding payroll into their platforms. You see, leveraging the company’s best in class infrastructure, flexible API, and deep expertise, customers can easily launch profitable payroll businesses much faster, and with little overhead or administrative burden. Check’s excellence in what it does can be understood once you consider it currently serves more than 250,000 businesses and over 4 million employees, all while thriving on the financial support from giants like Stripe, Thrive Capital, Index Ventures, and Bedrock.
“We founded Check with the goal of making payroll easier for as many small businesses as possible. By partnering with Novo, we’re able to reach an even broader set of businesses, giving them the tools they need to save time and money on what is all-too-often a cumbersome task,” said Andrew Brown, co-founder and CEO of Check. “Novo has already burnished its credentials as a leading provider of financial services for small businesses. By embedding Check’s payroll, Novo is able to provide a one-stop-shop for small business financial needs.”
As for Novo, it has made a name for itself by guiding customers on their journey to realize effective financial management. This the company has done through features like smarter check transactions that allow you to deposit and send checks right in the Novo app, and smart insights that ensure automatic categorization of a business’ finances. Apart from them, Novo also offers you virtual cards for faster transactions, and as we are on the topic, we must also mention how it doesn’t put any cap on the number of transactions a single user can make. To gauge the company’s credentials, we can simply take into account how it has already processed more than $500 million in payments, a sum which should only grow bigger on the back of its 200+ clients-big customer base.
