TECHNOLOGY
PR Newswire | January 09, 2024
When I Work, a market leader in shift-based workforce management software used by more than 200,000 workplaces worldwide, is excited to announce its new product, When I Work Payroll. When I Work Payroll is designed to make it incredibly easy for small businesses to run payroll. Because the employee schedule and time tracking data are on the same platform with payroll, businesses can pay their hourly workers quickly, with a single click. There's no data entry or uploading timesheets, so there's less chance for errors, letting small business owners spend time on their customers, instead of being stuck in the back office.
"It's been great to have all of our scheduling and payroll information in one place. We don't have to verify numbers in two places anymore—we're able to verify and run payroll in 10 minutes now," said Tim Hogg, owner of Tressia, a popular North Carolina restaurant.
Payroll from When I Work is comprehensive. Your employees track their time by clocking in and out of the mobile app and our payroll software calculates all the data in real time, including hours, breaks, overtime, and paid time off. When I Work automates payments and tax filings to make everything transparent. Employees can update their own payroll forms and personal information through the app. The system automatically handles taxes and sends direct deposits. When I Work also files your payroll taxes with the IRS.
"We consistently hear stories from small business owners about the countless hours they spend manually syncing and reconciling errors between systems," said Kavitha Radhakrishnan, Chief Product Officer at When I Work. "Our customers want an easier alternative to legacy payroll software, and they have a long history of trust with us, so we created Payroll for them. Now our small business customers can focus their valuable time on what they do best—building their teams and running their business."
About When I Work
When I Work is a market leader in shift-based workforce management software and delivers a powerful, employee-first experience that creates happier and more productive teams. Trusted by more than 200,000 workplaces worldwide, When I Work puts scheduling and collaboration at the center of workplace operations and brings empathy, agility, and consumer simplicity to the small business workplace.
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TECHNOLOGY
Business Wire | January 12, 2024
Global compliance technology solutions and services provider Sovos announced today it has acquired North Dakota-based Aatrix Software, a leader in payroll tax forms, extending our leadership in compliance with enhanced capabilities across e-Filing for 1099 and ACA 1095 reporting and W2/payroll reporting – increasing our local, state and federal coverage. This acquisition brings together two companies with significant experience and expertise in helping small and medium-sized businesses navigate the complexity of tax and regulatory compliance.
As the regulatory landscape continues to evolve and electronic filing thresholds are lowered, it’s important that SMBs have access to the technology solutions and services they need to ensure proper and timely tax filings to maintain compliance. Together, Sovos and Aatrix will better inform users about changing mandates and provide them easy access to the tools and support they need. Between our two companies, we bring to bear extensive reach in terms of existing partnerships and configurations to work with nearly any platform or systems provider.
“The continued digitization of tax compliance affects businesses of every size, and this is especially true for SMBs,” said Kevin Akeroyd, CEO, Sovos. “Small businesses really are the backbone of the U.S. and we have made a commitment at Sovos to provide them with the technology and support they need. We believe that Aatrix shares these same principles and fits perfectly into our existing portfolio, we are excited to welcome them into the fold.”
Aatrix occupies a strong segment of the market and offers customers a deep level of form functionality as well as a flexible solution that can adapt to their various software offerings. Primarily focused on serving customers through integrations with ERP and payroll providers, Aatrix has been able to leverage its critical business functionality, embedded relationships with payroll partners, and high customer satisfaction to create a highly sticky solution. Its ‘sweet spot’ is primarily mid-sized companies with geographic scale to require multiple tax forms, however the solution has broad appeal across market segments and industries.
“Aatrix has been a leader in helping small and mid-sized businesses meet their compliance obligations for nearly four decades and we are extremely proud of the work we’ve done and the partnerships we’ve created,” said Steve Lunseth, CEO, Aatrix. “I believe that the timing is right for us to bring our solutions portfolio under the Sovos umbrella to create even stronger opportunities for our customers, partners and employees. Our combined expertise and reach will assure that any business that wants to streamline their filing process will have access to the best people and solutions on the market.”
The terms of the deal were not disclosed. Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses, and TA Associates. Holland & Hart LLP served as legal advisor to Sovos.
About Sovos
Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes.
More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
About Aatrix
Aatrix Software is a leading provider of W2, 1099 and ACA reporting solutions servicing over 300,000 businesses. Aatrix has been developing innovative accounting software solutions since 1986. Aatrix' finance software has received numerous awards, including Software Digests highest overall rating and Home Office Computing Editors Pick. Today, the Aatrix Electronic Forms Division is one of the nation's premier payroll reporting specialists.
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FINANCE
PR Newswire | January 10, 2024
According to new data revealed today by vcita, the business management platform for SMBs and the organizations that serve them, economic factors are dominating the concerns of SMBs in the new year, with 67% of SMBs citing the financial elements of their business to be their biggest worry. These findings underscore the pivotal role financial stability, and the technology that secures it, plays for small and medium-sized businesses navigating the business landscape in 2024.
As SMBs brace themselves for the challenges of 2024, economic elements loom large on their horizon. Cash flow, deemed a pressing concern by 25% of SMBs, stands alongside the equal worry of attracting new clients. Moreover, rising inflation is weighing on small business owners, with 17% citing it as a major concern. Reflecting this sentiment, they have an increasing demand for comprehensive financial tools, which have proven to be major contributors in the development of financial resilience and healthy cash flow management, with 38% expressing a preference for an all-in-one digital solution that encompasses billing, invoicing, payments, and accounting reports. In fact, 49% of SMBs are already using digital tools to automate the financial elements of their business. In addition, 31% of SMBs have indicated early adoption of AI technology, leveraging AI applications to gain insights and generate content for marketing and client communication. These statistics emphasize the growing reliance of SMBs on digital solutions to navigate the complex business terrain ahead.
"As economic headwinds intensify, the need for reliable digital tools becomes paramount for sustaining business resilience," said Itzik Levy, CEO and Founder of vcita. "SMBs are increasingly embracing digital solutions and recognizing the critical role they play in ensuring their adaptability and continued success in an ever-evolving market. We have been supporting the SMB community with digital solutions for over a decade, and are committed to continue expanding our platform, including the incorporation of AI technology, to facilitate the growing needs of the SMB segment."
In terms of willingness to spend their hard-earned dollars on these digital tools, 72% of SMBs are already spending a minimum of 1200 USD per year on digital tools with 58% spending between 1200-6000 USD every year. This highlights how SMBs are leveraging digital innovations as a means of navigating the complexities posed by business and financial uncertainties.
Additional findings include:
The State of AI: 31% of SMBs are already using AI in their business operations. For the 69% who are not using AI in their business, the main reasons are that they don't feel it would help their business (31%) and that they don't understand how to use AI (30%). The SMBs that are using AI saw a multitude of uses for the technology in their businesses from helping with pricing services and products based on competition (20%), to writing email and SMS campaigns (18%), to following up with clients (16%).
Multiple Digital Tools: As SMBs continue to navigate the intricate landscape of digital tools, a prevailing trend emerges – reliance on multiple tools to manage diverse business needs. 79% of SMBs are utilizing two or more digital tools, with a notable 13% juggling five or more tools to efficiently operate their ventures. However, amidst this multiplicity, there's a resounding desire for consolidation, with 90% of SMBs expressing interest in combining all the capabilities of their digital tools into just one tool.
Peer Recommendations Key: When it comes to choosing these tools, SMBs heavily rely on peer recommendations, with 49% valuing word of mouth from friends and fellow business owners. Google reviews also hold sway, influencing the decisions of 23% of SMBs seeking reliable digital solutions.
About vcita
vcita is an SMB tech company dedicated to helping small and medium businesses thrive in today's digital world by providing them with the tools to manage and grow their business. With vcita's solution, small businesses can manage all aspects of their day-to-day operations and client engagement including scheduling, billing, payment collection, client management, email and SMS marketing. inTandem by vcita is a platform designed to serve the needs of SMB service providers, offering a customizable, white-label, platform that allows organizations that serve SMBs to bring their clients all the essential vcita tools under their own brand. With inTandem, partners can deliver great service and value to their SMB customers and unlock new revenue streams, reduce churn, and increase customer loyalty. With hundreds of thousands of small business users worldwide and partnerships including marketing agencies, banks, financial service providers, telcos, MSPs, and fintechs, vcita delivers an innovative digital solution uniquely designed to serve the needs of SMBs and the companies that support them.
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