Square has launched employee benefit offerings within Square Payroll, providing small businesses who use Square Payroll access to quality, affordable benefits like health insurance and retirement savings. Benefits are flexible, easy-to-use, and seamlessly integrate with the rest of Square Payroll, removing the administrative complexity businesses typically face with offering benefits. In addition to providing businesses a new tool that can attract and retain world class talent, certain employee benefits can even save businesses money by reducing their payroll tax burden, at no out of pocket cost.
“With today’s launch, Square Payroll is giving small businesses access to ‘big company’ benefits,” said Caroline Hollis, Head of Square Payroll. “We’re empowering businesses to provide their employees a comprehensive set of benefits and the financial security that comes with having them.”
Benefits available through Square Payroll include health insurance, retirement savings, pre-tax spending, and workers’ compensation. To provide these benefits to businesses and their employees, Square Payroll partnered with innovative, technology-focused partners including SimplyInsured, Guideline 401(k), Alice, and AP Intego Insurance Group that offer high quality products at affordable prices. Through Square Payroll, any business owner can select the specific benefits that fit their business and their budget – whether that’s one or all of the available options. After completing a one-time benefits enrollment, there’s no extra work as benefits automatically sync with Square Payroll to ensure employee deductions and business contributions are always accurate.
“With Square Payroll we are able to simply and affordably provide employees with the benefits they need and reduce administrative time in the process,” said Shatisha M. Wilson, LPC, RPT, the owner of Wilson’s Garden of Hope, a play therapy & counseling center in Augusta, Georgia that serves active duty, retired, and reserve members of the military and their families. “Options we looked at before had employee minimums that prevented us from qualifying, but with Square Payroll the benefit plans are designed to meet the needs of businesses my size.”
Offering benefits can dramatically improve the overall employment experience a seller offers its employees. According to the Employee Benefit Research Institute, 83% of employees said that health insurance was very important or extremely important when deciding to choose or stay at a job, and 73% said the same about retirement benefits. In a recent survey, Square Payroll employers selected benefits as the top product request with 42% of respondents wanting to purchase benefits policies.
Square Payroll is an elegant, all-in-one service for small businesses looking to run payroll quickly and efficiently. Earlier this month, Square Payroll became available nationwide. Square Payroll also introduced the Square Payroll App for employers and Square Payroll Team App for employees this fall, providing greater access to core payroll features including automatic payroll tax calculations, payments and filings, and payroll support for W-2 employees and 1099 contractors.
Employers can access all payroll information, including benefits enrollments and contributions, from the Square Dashboard, which provides an up-to-date view of all employee information in one place. More information about Square Payroll can be found at squareup.com/payroll.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Benefits, Technology
