Who should enter the ‘Best FinTech for Payroll, Expenses and Employee Benefits’ category?

This category celebrates innovative financial technology (FinTech) solutions that transform the way businesses manage payroll processing, expense management, and employee benefits administration. Organizations or platforms that leverage advanced technologies, automation, and data analytics to streamline payroll operations, optimize expense tracking, and deliver comprehensive employee benefits packages should enter this award.

Managing payroll, expenses, and employee benefits are essential functions for businesses of all sizes, yet they can be complex, time-consuming, and prone to errors without the right tools and systems in place.

Entrants will exemplify exceptional innovation, effectiveness, and impact in delivering FinTech solutions for payroll, expenses, and employee benefits.

FinTech solutions offer a wide range of capabilities, including cloud-based payroll platforms, expense management apps, and digital benefits administration tools, enabling businesses to automate routine tasks, simplify compliance, and enhance employee experiences.

Example use cases

Examples of how FinTech is being used to improve payroll processes, expenses and employee benefits administration, include, but are not limited to:

  • Cloud-Based Payroll Platforms: Automates and streamlines the entire payroll process, from time tracking and wage calculations to tax withholding and direct deposit payments. Employers can input employee hours, manage pay rates and deductions, and generate payroll reports with ease through an intuitive web interface. The platform integrates with accounting software, HRIS (Human Resources Information System), and time and attendance systems, ensuring accurate payroll processing and compliance with local regulations.
  • Expense Management Apps: Allows employees to capture receipts, submit expense reports, and track reimbursable expenses using their smartphones or mobile devices. Employees can take photos of receipts, categorize expenses, and submit reimbursement requests directly through the app, eliminating the need for paper receipts and manual data entry. Managers can review and approve expense reports, enforce expense policies, and reimburse employees quickly and efficiently.
  • Digital Benefits Administration Platform: Centralizes and automates the management of employee benefits, including health insurance, retirement plans, and voluntary benefits. Employees can enroll in benefits, update personal information, and access benefit plan details through a self-service portal or mobile app. Employers can configure benefit plans, track eligibility and enrollment status, and communicate benefit changes or updates to employees in real-time. Integrates with insurance carriers, retirement providers, and payroll systems, ensuring data accuracy and timely benefit deductions and contributions.
  • Healthcare Benefits Optimization: Helps employers design and manage cost-effective health insurance plans for their employees while providing employees with access to a wide network of healthcare providers and wellness programs. Employers can analyze claims data, identify cost drivers, and implement strategies to contain healthcare costs without compromising the quality of care. Employees can compare healthcare plans, find in-network providers, and access telemedicine services or wellness incentives through a user-friendly platform.

Previous recognition for FinTechs supporting payroll, expenses and employee benefits

For a broader understanding of this FinTech Awards category, we have gathered examples from previous winners, finalists, and shortlistees which impressed the judging team with their innovative use of FinTech services used in payroll, expenses or employee benefit management.

Winner of the 2023 SaaS Award for Best SaaS Product for Business Management

Lead Judge, Annabelle Whittall, said:

“Motus simplifies the reimbursement and management of vehicle and device costs through remarkable personalized calculations. Their solution is charcterized by an unmatched pool of data which is updated in real time. We at The SaaS Awards see that Motus is an intuitive, flexible, and data-driven method of reimbursement. Motus allows parameters to be specific to role, location and asset type, as well as supportive of employee and company cost controls. Congratulations, Motus!”

Winner of the 2021/22, 2022/23 and 2023/24 Cloud Award for Best Cloud ERP/Payroll Solution

Quote from Lead Judge – Christopher Southall:

The Cloud Awards are delighted to award CloudPay the Cloud Award for Best in Cloud ERP / Payroll for two consecutive years!  CloudPay is still a leading next gen payroll solution that continues to stand out from the crowd in terms offering simple, flexible and innovative payment solutions to companies of all sizes, and with the global inflation and cost of living crisis the employees ability to draw earned wages on demand is more valuable to those employees that it has ever been. As we stated on the last award “keep it up, the worlds workforce as well as the worlds business need you”, which is perhaps even more true now as it was then!”

Areas to highlight in your submission:

A strong entry for the ‘Best FinTech for Payroll, Expenses and Employee Benefits’ category should include details on some, or all, of the following areas that the judges will be looking for:

  • Innovation and Impact: The degree of innovation demonstrated by the FinTech solution and its impact on transforming payroll, expenses, and employee benefits management processes, driving efficiency, accuracy, and employee satisfaction for businesses.
  • Functionality and Features: The breadth and depth of features and functionalities offered by the FinTech solution, including its ability to address specific payroll, expense, and benefits management use cases, meet industry standards, and support regulatory compliance requirements. The solution’s ability to integrate with other HR and accounting systems, and compatibility with a customer’s existing infrastructure or workflows should be discussed.
  • Usability and User Experience: The user experience design, intuitiveness, and accessibility features of the FinTech solution, ensuring a seamless and intuitive experience for employers, employees, and benefits administrators. Features such as mobile apps, self-service portals and multilingual support should be highlighted.
  • Scalability and Integration: The scalability, flexibility, and interoperability of the FinTech solution, including its ability to scale with business growth, integrate with existing payroll, HRIS, and benefits administration systems, and support multi-location or global operations.
  • Security and Compliance: The measures taken to ensure data security, privacy, and regulatory compliance across the entire FinTech platform, including encryption, access controls, audit trails, and compliance reporting capabilities.
  • ROI and Business Impact: The quantifiable benefits and return on investment (ROI) achieved by deploying the FinTech solution, including increased productivity, reduced administrative costs, improved compliance, and enhanced employee satisfaction and retention for businesses. Where possible, include any tangible metrics or statistics for review.

Overall, a strong entry into this category should demonstrate a compelling value proposition, comprehensive payroll processing, expense tracking, and benefits administration capabilities, seamless integration, usability, data security, compliance, and tangible business benefits for organizations and employees.

Next Steps to Enter The FinTech Awards

To enter this FinTech Awards category, or any other category in The FinTech Awards, please follow these three simple steps:

  • Download the entry form. Open up the ‘FinTech Awards Simple Form’ document.

  • Complete your form. You only need to complete the form once, even if entering multiple FinTech Awards categories.

  • Submit your entry. Head to the ‘Submit Now’ section on our website, select ‘The FinTech Awards’ and the category/categories you are entering from the list, upload your form and any other materials you would like the judges to review, and process your fees.

The FinTech Awards is a program from The Cloud Awards. Since 2011, we’ve been helping organizations across the globe gain the recognition they deserve for market-leading innovation in the cloud computing and software sectors.

For a detailed breakdown of all the benefits you receive as an awards entrant as either a shortlistee, finalist or ultimate winner, please see our “Why Enter?” page. The many benefits are replicated across all international awards programs. If you have any questions about this category, please contact us.