Top Benefits Administration Software to Lighten Your HR Lift
Enabling the Backbone of the Economy
They say small businesses are the backbone of the economy (it’s true!). In this scenario, I think that would make employees the legs, enabling the backbone and keeping everything moving forward. As such, we certainly owe a great deal to our employees by way of benefits including great pay, healthcare, retirement plans, and perks galore. With so many balls to juggle in the air to keep our employees deservedly happy, it helps to have a little help of our own to make sure we can easily administer benefits to our employees and they can easily access them as needed.
This is where benefits administration software enters the picture making our lives much easier and helping us keep our employees bolstered for their tasks at hand.
What is Benefits Administration Software?
Benefits administration software or benefits management software, whatever you call it, helps employers plan, update, and administer employee benefits from one central location while also keeping up with any applicable government compliance regulations. In addition to the functionality of the software for the employer, typically there is a self-service portal for employees to review and access their benefits, sign up during open enrollment periods, request PTO, update their address, and all sorts of other key activities.
What Is Included in a Good Benefits Administration Software?
A really good benefits administration software will be fairly robust and be both functional for the employer and the employee. This software will likely include:
- An administrative dashboard for employer management
- A self-service portal for employee access
- Onboarding and offboarding support
- Employee data management
- Health benefits administration (medical, dental, and vision)
- Life insurance
- Integration with insurance providers
- Compliance management for the Affordable Care Act (ACA) and Consolidated Omnibus Budget Reconciliation Act (COBRA)
- Retirement plan management
- Tax management (withholdings and forms)
The overarching purpose of the software is for human resources (HR) practitioners to be able to manage everything for their employees in one place, while also making it incredibly easy for employees to access their benefits whenever they need to. With this vision in mind, the following are our top recommendations for benefits administration software so you can implement a great solution for your company.
Recommendation 1: Gusto
Calling themselves the “people platform” it makes sense Gusto is our top recommendation – we also love using Gusto internally too! They make it easy to onboard, pay, insure, and support employees and have an especially easy-to-navigate admin and employee portal. They allow you to customize the employee onboarding process so it’s perfectly aligned with your company’s practices. And they’ll file payroll taxes on your behalf – how easy is that!
They also offer some really cool features to your employees like the Gusto wallet app, Gusto cashout, Gusto debit card, and savings accounts so that your employees can learn and practice sound personal financial management. You may hear us sing the praises of top-notch business financial management often, but keeping your personal finances in check is a pretty big priority too.
You can expect to pay a base price of $39 per month and then a per-employee price of $6 per month for Gusto. Their full list of features includes the following items:
- Employee benefits
- Health insurance
- Financial benefits
- Hiring and onboarding
- Expert HR
- Time tracking tools
- Workers’ comp
- Gusto Wallet
Recommendation 2: BambooHR
Our second recommendation, BambooHR, is another software that claims to lay its major focus on people and calls themselves “HR software with heart (can we be accountants with a heart?!).” BambooHR organizes all employee information and benefits through one secured platform throughout the entire employee lifecycle making them an ideal holistic solution for the benefits administration needs of any small and medium-sized business.
One thing we really like about BambooHR is their data and analytics capabilities which allow your HR team to pull reports and analyze employee data to look at trends in employee bandwidth or even uncover potential hiring opportunities. As a growing business, all of this insight is pretty important to planning your next moves. In addition to its data and reporting capabilities, BambooHR has tools to manage company culture, evaluate employee performance and satisfaction to help you keep your organization healthy from the ground up.
BambooHR’s pricing is customized for the organization, so you’ll have to request a quote on their website. If you’re interested in giving Bamboo HR a try, you can expect their software to include the below features:
- Hiring, applicant tracking system, and onboarding
- Employee record management
- Mobile app
- Workflows and approvals
- Reporting and analytics
- People and data graphs
- Compensation and payroll
- Time tracking and paid time off management
- Culture, satisfaction, and performance management
Recommendation 3: Zenefits
Zenefits, our third recommendation, aims to fill the gap that many technology providers leave by focusing largely on big businesses at a price point only accessible to these behemoth businesses too. As such, Zenefits prides itself on having created a product customized to the challenges uniquely faced by small to mid-size businesses like minimizing time spent on HR and streamlining all associated processes.
Zenefits’ app covers everything from employee onboarding and benefits management to payroll, PTO, and performance reviews. And with 3 different base plans, starting at just $10/month per employee, there’s an option suitable for every type of small business. You can expect their software to include the below features:
- Core human resource functions
- Time management and scheduling
- App and software integrations
- Mobile application
- Compensation management
- Performance management
- Well-being support
- Employee engagement
- People hub
- HR advisory services
- Use your own broker
7 Bonus Software Recommendations
- Namely – “Powerful HR software for mid-sized companies—designed to be used by everyone, every day.”
- Paychex – “Award-winning support for your business.”
- Paycor – “From the way you recruit people to the way you coach, develop, pay and retain them, Paycor helps leaders create great places to work.”
- Uzio – “Helping businesses unlock happier workplaces.”
- Paylocity – “A unified product suite backed by innovation, HR expertise, and best-in-class service.”
- SurePayroll – “Small business is our business.”
- Rippling – “One place to manage all your employee data and operations – onboarding, offboarding, and everything in between.”
Why is Benefits Management Software Important?
It’s nice to have choices when it comes to selecting the top benefits administration software for your business, whether you’re a startup on the heels of major growth, a small established business, or a high-growth company preparing to go public. So let’s recap why benefits management software is important. Well, it allows you to streamline all HR functions in your business from the start of onboarding a new team member to completing payroll, managing performance, and everything in between. This matters because your team is what keeps the wheels moving in your business and if they’re happy then that’s half the battle of building a successful and sustainable company!
Do You Have a Benefits Administration Software?
If you’ve been asking yourself questions like, “How can I minimize my HR lift?” Or “How can I streamline my core HR processes and focus my time on company growth?” Then we can help. Part of our job as accounting experts is to make sure our clients are working with all the latest and greatest tools that integrate well with their accounting software so they have more time to spend spreading the word about their awesome company and have lots of great data to make major (and minor) business decisions. Give our experts a call by booking a quick 30-minute meeting and we’ll take care of the rest.