Finding the best payroll provider for your business can be a long and tedious process. Just one google search can turn up what seems like an endless list of options with various different advantages and disadvantages - to compare them all would take far too much time.
Luckily for you, we're here to help. We’ve done the research, and have conducted head to head comparisons of some of the top payroll providers in the industry. In this blog we’ll be taking a look at how Knit and Ibex Payroll stack up against one another.
Like all businesses, no two payroll providers are exactly alike. When looking into what payroll provider is best suited for your business, it is clear to see that not all are created equally. It’s important to take a look at the software itself to see if it meets all of your businesses unique needs. Now let's take a look at the software that Knit and Ibex Payroll have to offer.
Both Ibex Payroll and Knit are cloud based platforms, which means that their clients data is stored on remote servers as opposed to their desktop. This is a benefit for many businesses as it allows them to access the software online from anywhere and on multiple devices as opposed to just a single one.
When it comes to Ibex Payroll’s software, their name says it all. What they offer is primarily just their payroll software. It allows businesses to automatically calculate their employees pay, applicable earnings, benefits, and deductions by merely entering the employees hours into their system.
On the other hand, Knit is not strictly just a payroll tool, they are an all in one payroll, benefits and HR platform. This gives businesses the choice of either just using the payroll software like Ibex Payroll, or if they are interested in a more comprehensive platform they can choose the HR and benefits options that meet your businesses needs as well.
In addition to the software needs, it is also important to take a look at the specific payroll features when choosing the payroll provider that is best for your business.
Ibex Payroll’s online payroll system allows businesses to both pay employees based on their salary or an hourly rate. Employers also have the ability to enter in factors such as overtime, benefits, deductions, accrued vacation, etc.. in order to calculate the final payroll. Once submitted, the funds are transferred to Ibex’s trust account, where they then make payments, email paystubs. Ibex also also gives businesses the opportunity to run their payroll data through any of their 37 different types of report templates.
Now let's take a look at Knit’s payroll features. Knit is designed to handle a wide array of payrolls that vary from the very simple, to payrolls that are quite complex. Their platform supports functions that are less common among other payroll providers such as multiple pay groups, off cycle pay runs, automated WSIB remittances, as well as the ability to pay third party payees. Knit platform also includes some extra frills that benefit their users such as email reminders to process payroll, email pay stubs for employees, and complementary ROEs and T4s. Another great feature that is included with knot is their self-service employee portal that allows employees to easily access important documents such as their pay stubs, ROE’s and T4s.
HR & Benefits
Many businesses today realize that when it comes to employee management there is quite a bit more to take into account than just payroll. These modern businesses are looking for a platform that can integrate payroll, HR and benefits under one roof.
As mentioned before Ibex Payrolls name says it all. They are strictly a payroll provider. If their users are interested in HR or benefits management software, then they will have to get it elsewhere.
On the other hand, Knit, not only has their payroll platform, but they have a great HR offering as well, which allows its users to manage their HR, payroll, and benefits in one place. Some of Knits key HR features include an employee database, document storage, a time off calendar, custom access levels, email alerts & reminders, customizable employee profiles, automatic time off calculations, custom time off policies, and manager approvals.
Quality customer service is key for any product or service provider, but it is especially important for payroll and HR platforms due to the time sensitivity associated with these things. Both Knit and Ibex Payroll realize this and have made great customer service a top priority.
Ibex Payroll is backed by a great support team of payroll experts and as a smaller company they will have intimate knowledge of the users business. Ibex users have access to a 24-hour emergency hotline if needed, in addition to their regular hours.
Like Ibex, Knit also has a great team of in house payroll experts, that include both licensed accountants and bookkeepers. They also are similar in the fact that they are smaller teams so they are often familiar with their users' accounts. Another great resource that Knit offers to their users is their extensive library of support documents that can help get through problems and answer any FAQs.
One of the final, and for some businesses one of the most important factors when making the decision of what payroll software to choose is the cost.
Like many payroll providers, Ibex Payroll does not make exact pricing publicly available. It does however have a cost estimator tool on their site that can give you a rough idea based on the amount of employees that you have, before speaking with someone about a quote.
Alternatively Knit makes its pricing known to the public on its website for the Lite, Complete and Concierge packages. For their “Lite” package that includes complete payroll and most of the HR tools Knit charges a $39 base price + $4 per employee per month. For the “Complete” package that includes the full payroll and HR suite of products Knit charges a $39 base price + $6 per employee per month. Knit also offers their concierge product this includes everything that is in their “Complete” package and the payroll and HR will be managed by Knit - this option has a $199 base price + $15 per employee per month.
The Bottom Line
While both Knit and Ibex Payroll are well equipped to meet the payroll needs of most small to medium sized businesses, only Knit offers a unified platform that includes HR and benefits along with the payroll services.
To find out how Knit compares to other payroll providers, read our full Guide to the Best Payroll Software in Canada.