April 13, 2015
ZenPayroll is a company that offers a modern, hassle free payroll processing experience with its cloud based application. Its SaaS based online payroll software helps in automation of all payroll tax calculations, payments and government filings effortlessly. This DIY (Do it Yourself) model of payroll processing reduces the time and resources employed in performing the function. It is like a tailor made solution for organizations seeking to save time, reduce costs and at the same time concentrate on the core business with efficiency.
ZenPayroll was started in 2011 by entrepreneurs from Stanford University and the company is based out of San Francisco, CA. It employs approximately 84 people in its headquarters. ZenPayroll concentrates on providing a simpler payroll experience for small businesses that perform payroll processing manually; its clientele primarily includes businesses that do not have corporate support functions such as bakeries, law firms, flower shops, hotels, dentist offices, restaurants and more. As per the recent report, the company is serving more than 10,000 small businesses across the country.
Seeing its potential and the clear objective of simplifying payroll processing, companies such as Yelp, Box, Dropbox, Yammer and others with Google Ventures and Salesforce joined hands with the company through an initial round of Series A funding and raised $6.1 Million in April 2012. After this, the company has grown 10 times by increasing their customer base and by processing billions of dollars in annual payroll. This growth has attracted others such as Emergence Capital, Ribbit Capital, and existing investors such as General catalyst partners, Kleiner Perkins, Caufield & Bayers and Google Ventures for a second round of funding in ZenPayroll to raise $60 Million.
The company offers services which enable cloud based automation of all payroll functions such as tax calculations, payments and direct deposits to employees. It also helps in filing all government documents in a paperless way. Other features include:
a) Zen Autopilot- which allows for processing payroll without logging into ZenPayroll
b) Deduction of fixed amount monthly for any cause (charity)
c) Spot Net Bonuses
d) Employee-facing features such as self on-boarding and visually informative pay stubs
In 2013, the company released an API which allows third-party software providers to integrate data from their offerings to the payroll app. It helps to send data including hours worked, tips, bonuses, commissions and reimbursements directly to the payroll app, thus automatically removing the barrier of manually importing the information.