Live data from Hacker News

Payroll startup Gusto raises $200M

techcrunch.com

11–20 of 159 posts

Re: Payroll startup Gusto raises $200M

#11
I remember switching to Gusto early on in the life of my startup, and how surprised I was to realize that I was excited about payroll software. The UI and UX were 100x better than the stuck-in-the-90s software we were using previously. It made me really optimistic that starting a startup would only become easier as services like Gusto popped up to meet their needs.

My only gripe is that I liked the old name (ZenPayroll) better :P

Re: Payroll startup Gusto raises $200M

#12

What R&D does a payroll provider do? (Genuine question)

Make the software. I guess, specifically, research which features and products people want, then develop them haha.

R+D is just standard accounting terminology. Someone has to develop the software that goes under R+D.

Re: Payroll startup Gusto raises $200M

#13

What R&D does a payroll provider do? (Genuine question)

>What R&D does a payroll provider do? (Genuine question)

Halfway down the Techcrunch article, Joshua Reeves mentions what "R&D" in NYC intends to work on:

- While Gusto’s central product is payroll, Reeves sees two other product arcs he intends to develop more in the coming years as the company scales. One arc, which we talked about last year, is fintech features like Flexible Pay, a product that allows employees to receive their unpaid wages in advance, with the goal of reducing reliance on usurious payday lenders. The other product arc is health care and helping SMBs offer insurance benefits to their employees. “We want to be a force for universal health care,” Reeves said.

- As Gusto explores additional products built around its payroll service, it has sought to expand its engineering R&D team. The company announced recently that it will open an R&D office in New York City in September, which it hopes will be able to both execute on these two products as well as others not yet planned.

So, another way to state "R&D" is "new product development". Gusto wants to offer more SaaS capability than just plain payroll processing such as short-term loans, health insurance management, and other yet-to-be-disclosed new products. Presumably, in Gusto's slide deck to raise the $200 million, they convinced new investors that the money would be used to build new products.

(side note: I didn't downvote your comment.)

Re: Payroll startup Gusto raises $200M

#14
I love it when I don't have to think about things, and Gusto combined with Stripe (Atlas and card processing) have made it possible for me to not ever think about a whole lot of things.

Now if only there was a company as good as Stripe/Gusto that did accounting+taxes, I'd really be set! I mean, "I give you access to my accounts, (almost) never think about you, and I have a proper set of books and my taxes are fully done every year."

Re: Payroll startup Gusto raises $200M

#16
Very exciting to see more companies open up prod + engineering divisions in NYC - I feel as though typical bay area tech satellite NYC offices are go-to-market focused first before expanding out to prod/eng so interesting to see Gusto go the other way first!

Re: Payroll startup Gusto raises $200M

#17
post #14

I love it when I don't have to think about things, and Gusto combined with Stripe (Atlas and card processing) have made it possible for me to not ever think about a whole lot of things. Now if only there was a company as good as Stripe/Gusto that did accounting+taxes, I'd really be set! I mean, "I give you access to my accounts, (almost) never think about you, and I have a proper set of books and my taxes are fully d…

I heard many good things about bench.co.

Re: Payroll startup Gusto raises $200M

#18
It seems like a good product, though I always get very uneasy by companies that have extreme company cultures. If you work there, you can’t wear shoes in the office (to give the feeling of being at home?) and apparently you need to change your LinkedIn headline to say you “Empower” X or Y. I feel like every blog post I’ve ever seen from this company is about their “mission-driven culture.”

Can we go back to a time where employees aren’t asked to be 100% emotionally attached to their work, in ways like this that are clearly made more extreme by the company itself?

Re: Payroll startup Gusto raises $200M

#19
post #18

It seems like a good product, though I always get very uneasy by companies that have extreme company cultures. If you work there, you can’t wear shoes in the office (to give the feeling of being at home?) and apparently you need to change your LinkedIn headline to say you “Empower” X or Y. I feel like every blog post I’ve ever seen from this company is about their “mission-driven culture.” Can we go back to a time wh…

In Finland it is common for people to remove shoes indoors - I guess walking through slush/ice/snow in winters makes that a good habit - and that often extends to company-offices.

Of course outside there it would seem a little odd to many, I'm sure. Though sliding around polished floor, in your socks? Never gets old. Maybe I'm just a child..

Re: Payroll startup Gusto raises $200M

#20
post #17
post #14

I love it when I don't have to think about things, and Gusto combined with Stripe (Atlas and card processing) have made it possible for me to not ever think about a whole lot of things. Now if only there was a company as good as Stripe/Gusto that did accounting+taxes, I'd really be set! I mean, "I give you access to my accounts, (almost) never think about you, and I have a proper set of books and my taxes are fully d…

I heard many good things about bench.co.

The stories I've heard from CPAs and other friends is that it it's amazing for small companies < ~$300K annual revenue and then falls apart pretty quickly once you need to do something other than just basic reconciliation and pay taxes
Post reply on HN