Everee Competitive Analysis

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Everee Competitive Landscape

Everee, Patriot Software, and OnPay are payroll solutions that cater to small businesses. While Everee is run by CFOs with years of experience, Patriot Software is the most affordable, and OnPay offers the most features and capabilities. A competitive assessment of these companies can be found in the attached spreadsheet.

EVEREE

  • Everee is a financial technology company that was founded in 2018. The company offers an innovative payroll software to make the payroll experience seamless.
  • Through its platform, HR documents can be created, stored, and updated in one place. Everee's platform has a feature for same-day direct deposits.
  • In addition, it tracks time, attendance, and auto-approvals.
  • Everee makes it clear that it specifically targets small businesses, HR professionals, and chief financial officers.
  • Since Everee was only established a year ago, there are not a lot of reviews about its platform yet. It is rated 5 stars based on five reviews on Best Company.
  • It appears most of the reviews are a bit biased as evidenced by reviews like "Tyler and Ron have created Everee based on years of experience working as financial executives..." The few unbiased reviews applaud the company's impressive customer service - particularly when onboarding.

PATRIOT SOFTWARE

  • Founded in 2002, Patriot Software offers small businesses a convenient, affordable, and fast online payroll and accounting software.
  • It is specifically made for "small business owners with 1-100 employees." 
  • The company is headquartered in Canton, Ohio and has over 300 employees.
  • Patriot Payroll targets small to mid-size businesses with 1-100 employees and accountants offering payroll services in the US.
  • Some of the company's clients include Ascent Health Center, Trinity Tax Solutions, Quality Cleaners, and ServiceFirst Heating and Cooling.
  • Patriot Payroll is rated 5 out of 5 based on 1,072 reviews on Capterra. Reviewers claim it is user-friendly, reliable and inexpensive. Its support staff is also knowledgeable and helpful, as per users.
  • There were a handful of comments about its cancellation policies being stringent and requiring a lot of paperwork.

ONPAY

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Everee SWOT

Everee offers an inventive software platform that is updating and humanizing the experience small companies endure regarding human resources and payroll. Everee serves as the sole payroll business that is able to pay individuals daily.

EVEREE OVERVIEW

STRENGTH

  • Everee Pay is an all-in-one platform that contains the following features: 1) simple ongoing employee onboarding, 2) HR document templates, 3) allows individuals to select any payroll cycle, 4) 1099s and W2s, 5) automatic HR to payroll data sync, 6) payroll notifications and reminders, 7) automated unemployment and withholding tax deposits, 8) safe worker HR document retention, 9) "same-day ACH direct deposits," and 10) limitless payroll runs.
  • Everee is the sole payroll firm that is capable of paying workers daily.

WEAKNESSES

  • One of Everee's weaknesses is that it is a startup (founded last 2018). As a startup company, it is still vulnerable as it has not formed completely and lacks an actual track record.
  • Furthermore, the company does not have any reviews and ratings from its users based on Capterra and App Advice listings, which could indicate a potential weakness as it signifies that the company's products are not widely administered. It also shows that those wanting to utilize its product will experience difficulty in deciding whether to use it due to the lack of reviews.
  • Besides that, its popularity is not evident because there are not many insights, news, or updates about the company shared through its social media accounts such as LinkedIn and Facebook.

OPPORTUNITIES

  • According to IBIS World, "The level of private investment in computers and software reflects the private sector's general adoption of information technology." Recent studies signal that businesses depend heavily on information technology, revealing a greater potential investment for HR and payroll software. Also, private investment in software and computers is anticipated to rise, serving as a promising chance for both Everee and the market.

THREAT

  • There is significant competition within the HR and payroll software industry, which a potential threat for companies in the market. This threat is also applicable to Everee, especially since the company was only recently founded last 2018.
  • In the United States, the total number of companies operating in the HR and payroll software industry amounts to 365.

Research Strategy:

To provide a SWOT analysis on Everee, we examined its website, company listings, and social media accounts to determine any strengths, weaknesses, opportunities, and threats. Some sources included Crunchbase and LinkedIn. Using this research approach, we identified some of its strengths. We also found that the Everee does not have any publicly available annual reports or financial filings since it is a private company. Therefore, we were unable to determine its internal weaknesses, such as debt, or the threats or opportunities within it.

To present an analysis of Everee's weaknesses, opportunities, and threats, we expanded our criteria by focusing on its industry. Based on Everee's service offering HR and payroll software platform, we explored for potential vulnerabilities, possibilities, and threats in the sector that would also pertain to the company. We searched through IBIS World and found threats and opportunities that apply to Everee.

Finally, to provide an analysis of the company's weaknesses, we utilized a creative approach. Since Everee is a startup, we searched for general struggles a startup company could encounter. Bizfluent and other business media resources mentioned inherent weaknesses, including not being fully formed, having no solid track record, etc. We supported our findings by checking the company’s popularity and reviews and examined its company listings on Capterra and App Advice, along with its social media accounts. We were able to identify that the company has no reviews or ratings from Capterra and App Advice, which could leave the company vulnerable as it indicates that its products are not widely employed and people who want to use the product will have a hard time deciding to use it due to the lack of reviews and ratings. Regarding popularity, the company is not yet broadly recognized based on the lack of insights, news, and updates about it on its social media accounts (e.g., LinkedIn and Facebook). 
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Patriot Software SWOT

Patriot Software is a simple and affordable payroll system provider that can handle even the accounting side of its small business clients which makes it their strength. Its affordability and simplicity give them the opportunity to expand to businesses who think software adoption is expensive and complicated. On the other hand, one of the company's weaknesses is not being able to retain history and update real-time, which could also be a future threat due to the frequent change in financial laws and regulations.

COMPANY OVERVIEW

STRENGTHS

  • According to Patriot's Founder and CEO Michael Kappel, the company's customer base has grown for 89 months in a row, with 2-year CAGR of 183% as it disrupts the traditional payroll industry.
  • It was ranked #6 in the top 10 best enterprise timekeeping software as of August 2019. It was also marked as a strong contender with a 98% client retention rate, highest among the 10 top-rated software.
  • Patriot's payroll software is rated 5/5 stars on Software Advice and Capterra and 4.9/5 stars on G2Crowd.
  • It has 98% positive reviews in GetApp and 99% considers recommending it to a colleague.
  • The software can handle the accounting side of their client's employees (e.g. taxes), which other payroll software do not handle.
  • Patriot Software does not require long-term contracts.
  • It excels in customer assistance and support during the whole setup process.
  • It was recently named as one of the 10 best online payroll software for 2019 by PCMag.
  • Patriot is also recognized as one of the best low-cost payroll software because of its affordability and free customer support and setup.

WEAKNESSES

  • Patriot Software's user interface is not yet state-of-the-art and the way it has combined payroll and accounting makes it confusing to some users.
  • Its "Time and Attendance" add-on service is priced at $5 per month per employee while others, like Workful, provide this time-clock functionality as a built-in service.
  • It also charges for document storage, tracking for vendors and contractors, printing of 1096s and 1099s, while others do it for free.
  • Patriot is web-based and supports only Windows phone app. It does not support iOS and Android platform apps unlike its other competitors CakeHR and QuickBooks.
  • Additionally, unlike the above-mentioned competitors, Patriot can not provide real-time data, reporting, and update as well as salary history.
  • Patriot does not support third-party integration in general, unlike QuickBooks which has 7, OnPay with 8, and CakeHR with a total of 9 integration.

OPPORTUNITIES

  • Among small businesses, 50.72% consider software adoption to be very expensive. With Patriot's affordability, it can open doors to new potential customers if the company can introduce their software to more small businesses.
  • Additionally, 26.09% of small businesses think the whole process of automating payroll is complicated. With the simplicity of Patriot's system, it can result in higher customer retention rate or new client acquisitions.
  • Considering that 53.7% of employees, in general, choose "direct deposit" over the traditional payroll checks, Patriot Software introduced its direct deposit capability in the first quarter of 2019.
  • It included its Patriot Direct Deposit to its web-based software application functionality which gives its clients better service.
  • Patriot has started exploring different financing opportunities like:
  • The money raised in these ventures, according to Kappel, will be used for company development, marketing, and further expansion.

THREATS

  • One of the current trends in payroll software is real-time compliance with financial laws and regulations. Today's payroll system is expected to be data-driven and should have automatic compliance. While taxes, laws, and wage rates change frequently, the inability of Patriot to retain payroll history and update reports in real-time could be a future threat.
  • Another trend to watch for in choosing payroll software among small businesses is to be an all-in-one payroll solution which enables third-party integration from the company's current system to new software, but his capability is not available with Patriot. They may not be considered as an option for non-client small businesses who want to switch to other payroll solutions provider.
  • It was reported that 83% of enterprise workloads are expected to be "cloud-based" by 2020. This means that data will need to be accessed on any device through cloud computing. Small businesses today consider cloud computing advantageous when it comes to payroll management because of its flexibility and cost-effectiveness. If Patriot will not venture into supporting different platforms (e.g. Android and iOS), its clients may look for other company who can provide this for their convenience.

Research Strategy:

Aside from its official website, we initially looked for Patriot Software's annual report or any business financial reports but these sources appear to be not available in the public domain. This could be due to the company being privately held. To be able to determine the company's strengths, weaknesses, opportunities, and threats, we leveraged other available third-party references to make the analysis.

For Patriot's strengths and weaknesses, we used its website, press releases, external sources, and articles pertaining to its features and capabilities. We also scoured through various review sites to determine its differences compared to its competitors and other payroll solution providers. This way, we were able to have a detailed analysis of Patriot's current position in the market.

For the company's opportunities and threats, we checked for external factors that would affect the company. In order to do that, we reviewed the current and emerging trends in the payroll solutions software and management market. This is done to get insights as to how these trends can affect Patriot Software positively or negatively and compare them to Patriot's current state. This way, we were able to determine the potential opportunities and pinpoint the threats respectively which were brought by competition that the current system of the company can focus on.
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OnPay SWOT

The OnPay strengths include customized service for small and growing business, its affordability, ease of use, and great customer service. Weaknesses include the lack of mobile app and billing extra charges. The company has bigger opportunities in the growing market while threats for OnPay are their several competitors.

Strengths

  • Customized service for small and Growing business: OnPay provides customizable payroll service in the cloud for small and growing businesses as well as for accountants. It also provides a wide range of other services such as HR Tools, health benefits, workers' compensation, and 401k plans.
  • Affordability: The company has one service plan for all users. It charges a monthly base fee of $36 per month, plus $4 per employee.
  • Ease of use: OnPay is a cloud-based payroll service. Logging in, running the system, and importing data from an old payroll system is easy to handle.
  • Great customer service: High-level service from executives and support representatives. The service is provided between 9 a.m. and 8 p.m. (ET), Monday through Friday. In addition, there is a knowledge center on its official website.

Weaknesses

  • Lack of mobile app: According to Business News Daily, "One potential downside of OnPay is that it doesn't have its own mobile app. While it has a mobile-friendly website, some organizations prefer to access their payroll system through an app."
  • Extra charges: In addition, there is a charge to have the year-end forms mailed to the client company or their employees.
  • OnPay is not registered on Better Business Bureau.

Opportunities

  • It has an estimated annual revenue of US$810,000 and there is an increasing demand for online payroll services market by 2019-2024, of which OnPay is leading the online payroll services sector.
  • OnPay was recognized by trusted media sites. It was named "The Best Payroll Service for Very Small Businesses" by Business News Daily.
  • In addition, it has high reviews from customers according to websites such as Capterra, Fit Small Business, G2 Crowd, and Software Advise.
  • The company was also rated as "Excellent" in PCMagazine as stated on their website.

Threats

  • There are several strong OnPay competitors that offer the same features at the same price such as CakeHR, Gusto, and Sage 300 Construction.
  • Additionally, OnPay competitors provide an app for their customers and have services to mid-size businesses and enterprises.
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Payroll Software Market Size

In 2019, the market size of the HR & payroll software industry in the US is estimated to be worth $8.2 billion and it is projected to grow at a rate of 7.8% within the year.

US Market Size of HR & Payroll Industry

  • According to a market report by IBIS World, the market size of the HR & payroll software industry in the US is estimated to be worth $8.2 billion in 2019.
  • The market is projected experience a growth rate of 7.8% during the year.
  • Between 2014 – 2019, the HR & payroll software industry in the US experienced a positive CAGR of 6.6%.
  • The key players in the market include SAP, Oracle, Ultimate software, SumTotal Systems Inc., Sage, Ascentis, SuccessFactors, Pay Focus, BambooHR, and Intruit among others.
  • On the basis of type, the market is segmented into three categories that include employee self-service market software, claim reimbursement software, and leave management software.
  • Additionally, on the basis of application, the market is segmented into various categories that include payroll, employees benefits, tax filings, employees records, performance review, learning management, time & attendance, leave management, and reimbursement & loans.

Research Strategy


We were able to determine the market size of the US payroll software industry and its growth rate by scanning through market reports that indicated the current value of the market. However, the report that we found was locked behind a paywall and therefore, it was not possible to determine the factor that have fueled the growth of the market as well as the projection of the market in the next five years.
Sources
Sources