Gusto files employee W-4s and contractor W-9s as part of their profile setup, and it creates and distributes W- forms each January for tax returns. That makes it easy to run payroll tied to an hourly rate. Turn on the time tracking app in Gusto to let employees and contractors track their hours right on the platform. Housing and wellness benefits: Add custom benefits, such as housing or wellness stipends to your employees’ paychecks, and Gusto will automatically track and tax them accordingly. Retirement and savings: Administer a variety of retirement plans and a 529 college savings plan.Employees can opt in or out of the benefit through the platform. Life insurance: Purchase employee life insurance plans through Gusto and administer benefits on the platform.Commuter: Manage a commuter stipend or company car perks.You can also administer flexible spending accounts and health savings accounts. Employees will be able to opt in or out of benefits through the platform, as well. Health benefits: Purchase group health, dental and vision insurance plans through Gusto, and administer benefits on the platform.With any level account, you can set up a range of employee benefits through Gusto, including: It’ll even email contractors automatically to let them know when their forms are ready, and they can retrieve forms through their profiles. Gusto tracks contractor payments and generates a 1099 form for each contractor each year. You can enter all contractor payments in one sweep and set payments to be delivered via direct deposit. Pay ContractorsĬontractor payment is just as easy for any contractors with a Gusto profile for your company. It doesn’t have an option to automatically print and mail physical paychecks. If you pay anyone by check, you have to manually print checks Gusto generates. Employees also get an email each payday letting them know their money’s coming in. Gusto takes care of calculating and filing payroll taxes for you and your employees, and it keeps a record of pay stubs accessible to employees through their online profiles. You can set a salary or hourly wage in an employee’s profile and set up payroll on autopilot to let Gusto run payroll for you automatically on the schedule you set. Running employee payroll through Gusto is simple and flexible to your company’s needs. While Gusto comes equipped with many features and integrations, these are the software’s core features and draws. You should compare Gusto’s monthly cost to your normal cost of operating. Lastly, Gusto’s monthly pricing is a turnoff for a lot of companies-and, if it seems like an unnecessary cost for you, it may be. That means your accounts receivable and accounts payable will need to operate on separate platforms-though Gusto’s integrations with accounting software could solve that problem for you. Unlike some popular software, such as QuickBooks and Wave, that includes both accounting and payroll platforms in one place, Gusto doesn’t offer any accounting or billing features. Full-time employees can even take advantage of Gusto’s spending account to get paid up to two days earlier, and high-yield savings account to grow their earnings beyond their paychecks. Gusto is also easy to use for both employers and employees alike. If you’re a small, scrappy operation trying to automate as much as possible, Gusto could offer significant time and cost savings over hiring HR professionals or small business accountants, or DIYing a lot of vital business tasks. One of the biggest reasons companies choose Gusto is because it automates so many HR, accounting, compliance and other vital business tasks. Depending on the size of your company and your line of business, you may find Gusto to be a worthwhile investment for your day-to-day operations. As with any software, Gusto excels in some areas and not others.
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