QuickBooks vs Zenefits
Last updated: December 05, 2017
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QuickBooks vs Zenefits in our news:
2017. Intuit acquired time-tracker TSheets
Intuit, the company behind products like QuickBooks, acquired TSheets, a time-tracking service and employee scheduling app with over 35,000 customers for $340 million. There’s an obvious overlap between the markets for QuickBooks and TSheets, both of which mostly target small to medium businesses. Indeed, Intuit tells us that the companies already share 12,000 customers. Clearly this isn’t a play to acquire new customers, but to build out the QuickBooks ecosystem and it’s worth noting that TSheets already offers an integration with QuickBooks. In talking to Intuit over the last few months, this idea of removing friction is very much at the heart of the company’s current product plans, especially with regard to QuickBooks.
2017. Zenefits added performance management tool
HR management service Zenefits launched a new performance tracking tool for employees, which has been built in-house as it looks to pick off niches on its effort to become a one-stop shop for HR in small businesses. That includes reviews, goals, and will eventually also incorporate check-ins and peer reviews. At smaller companies, these may often seem to be oversights or afterthoughts, but Zenefits seems to want to streamline the process and introduce these kinds of sophisticated corporate behaviors into smaller businesses.
2017. Zenefits simplifies human resources management for SMB
Human resources management service Zenefits released a suite of new updates that revolve around trying to simplify the process of managing an employee base, from benefits to payroll, to something as simple as a few taps on an app. Right now, they’ve worked on tools like time-off requests and clocking in and out, but it seems clear that as it tries to recoup the good will it lost amid a major compliance scandal that effectively halved its valuation Zenefits is trying to methodically make its way back into the small- to medium-sized business mindshare with a simpler product than a complex desktop-based dashboard. Zenefits is also adding reporting and analytics for HR managers so they can construct reports on their businesses’ employee activity. One example use case of such a business intelligence function would be helping HR managers get better snapshots of data simply for presentations to their bosses.
2017. Zenefits adds new tools for employee compliance
HRM service Zenefits adds new tools for HR managers to ensure that employees are getting their documents in and they are compliant with regulations. The first new tool is a way for HR managers and employers to keep ahead of compliance requirements for their employees. For example, that might be flagging when an employee hasn’t submitted their required paperwork after accepting a job. This gives managers an overview of all the employees it needs to get in check in order to ensure that they are compliant with all regulations. The second is a documents-management application that gives HR managers a way to track all the documents that employees have to submit for their employers. The goal there isn’t to just offer file storage like a Box or a Dropbox. Zenefits’ documents app instead focuses on the metadata of those documents and tries to ensure that everything is signed and in a file somewhere. HR managers can upload documents on their own or request (or bug) employees to get their documents in on time.
2016. HR service Zenefits opens up to third-party developers
Online HR service that provides a single place to manage payroll, benefits, compliance, - Zenefits is launching its second version - Z2. The second incarnation of Zenefits isn’t just designed to be a home base for company data, but also a service that other companies can tap into in order to use that data for their own tools. Zenefits today is opening itself up to third-party developers, which can treat Zenefits as a permanent record for employee data — like some services treat Facebook for user data — and build their services around that.
2015. Zenefits launched own payroll platform
Cloud-based HR service Zenefits has launched its own payroll system (after paycheck services giant ADP cut the company off earlier this year). Zenefits also partnered with another service - ZenPayroll, but it switched its moniker to Gusto in September and rolled out a bunch of free HR services that looked very similar to Zenefits. The new Zenefits payroll system runs in two modes. One is free, fully automated service integrating automatic payments with any updates and changes to employee deductions for health, retirement, and other benefits. There’s also a pro mode for those who like to tinker a bit on the backend. Zenefits Payroll Pro starts at $25 per month, plus $4 per employee per month on an annual contract. The new system will also integrate with Quickbooks and Xero.
2015. Zenefits launched free tools for managers and executive
Cloud HR service Zenefits launched two free management tools generally reserved for larger enterprises. First of them - Zenefits for Managers is a tool that will allow managers within an organization to make HR changes on their end rather than waiting for HR or CEO approval. These are things like adding new hires, changing job titles and bumping up salaries. Zenefits will also start providing executives with access to business intelligence reports. Called Zenefits Business Intelligence, those using the platform will have the ability to filter workforce data such as compensation, employee headcount and turnover in real-time. This product aims to help reduce inequalities and give executives in different offices some insight on how their department compares.
2015. Cloud HR management provider Zenefits raised $500 Million
The fastest growing SaaS comany in history, Zenefits has raised $500 million at a $4.5 billion valuation. Zenefits allows small- and medium-sized businesses to manage human resources services in a much simpler fashion. It offers its HR services dashboard to employers for free, and makes money by receiving commissions from insurers. Zenefits also said that it has signed up more than 10,000 companies in the U.S. and that it closed more business in March this year than it had in around the first year of its life. Now manages over $700 million in health insurance premiums, as well.
2015. Cloud HR startup Zenefits is one of the fastest-growing SaaS businesses ever
At the 33rd Annual JPMorganChase Health Care Conference today, Zenefits CEO Parker Conrad revealed that at the close of its fiscal year this month, Zenefits will surpass $20 million in annually recurring revenue after less than two years in business. That’s up from $1 million at the same time last year, which means the company grew 20x over the last 12 months. It took SaaS businesses like Workday and Salesforce about four years to reach $20 million in annual recurring revenue. The most interesting thing about those numbers is that, unlike some other enterprise SaaS companies, Zenefits doesn’t charge for use of its cloud-based HR platform. It’s only if customers choose to designate it as their insurance broker that Zenefits makes any money. Even then, it receives a commission from the insurance provider, so customers continue to enjoy use of its platform for free.
2014. Intuit acquired cloud integration service ItDuzzit
Intuit continues to build out its cloud platform for SMB by acquiring itDuzzit — the startup that provides tools for businesses to integrate different web and mobile apps with each other (something think IFTTT for enterprises). The idea here is that Intuit will add itDuzzit to its QuickBooks platform, which provides accounting and increasingly many other adjacent services to businesses. ItDuzzit competes against the likes of Zapier and Cloudwork. The dozens of apps that can be linked up using the itDuzzit include the likes of Asana, Box, Coinbase, Freshbooks, PayPal and Shopify, with promises of further apps to come. What it essentially means is that while Inuit may not have its own hand in each of those pies (yet), it will give its customers an easy way of using them on its platform and with Intuit software regardless.