Square is bringing its popular small business payroll service to a mobile app, the company announced on Tuesday. The app isn't technologically groundbreaking, but complements Square's overall suite of small business services, especially for its customers that operate a mostly mobile business.
First launched in 2015 as a desktop service, Square Payroll offers the standard array of payroll services. Employees clock in and out of their shift via integrated time cards on Square's Register app. When the pay period closes, the business owner imports employee hours and Square's payroll service calculates applicable taxes and sends the funds out to workers. Employees have the ability to enter their own tax details upon setup, and state and federal payroll taxes are filed automatically for the business.
"The app works just like the web experience. Import your timecards or enter hours, submit your pay run, and leave the rest to us (we'll take care of filing, paying, and withholding your payroll taxes). And now you can easily do all of this on your mobile device, no matter where you are," the company said in a blog post.
San Francisco-based Square, headed up by Twitter CEO Jack Dorsey, has evolved from a pure play payments company into a full-fledged small business service provider. Square has greatly diversified its portfolio over the years, expanding into corporate catering and lending, and building tools for email marketing and customer management.
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In the payroll space, Square's competition in includes legacy giants ADP and Intuit, among others. Both ADP and Paychex, another payroll player, saw shares slip slightly after Square's payroll announcement today. Shares of Square, meanwhile, shot up nearly 10 percent.
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