Switching to Compt
What piqued your interest?
Marc: It was a product that was designed specifically to solve this IRS tax compliance problem. There is no shortage of expense reimbursement platforms out there; these tools are a dime a dozen. However, there wasn’t a tool that specifically said, “Corporate perks aren’t as simple as reimbursing employees; there’s more to think about.”
The real difference is that your team built a workflow that integrates with payroll. Other expense software products are designed to touch the employees’ bank accounts directly, your workflow is designed to interact with our payroll system. That was a workflow that doesn’t exist with any other expense platforms. As a result, these perks are processed alongside other employee benefits, such as health insurance and retirement contributions, which is where they belong.
What results did you achieve from working with us and how would you describe the transformation?
Marc: There are two things. First and foremost, Compt allowed us to address the tax complexity problem in an automated way.
Second, as we worked to implement Compt, we came to an important realization; since this perk isn’t recognized by the IRS as a tax free fringe benefit, it doesn’t need to be just limited to a gym membership. As a result, we can think about health and wellness more broadly and essentially unlock what health and wellness means to each individual on the team. This manifested itself in a lively discussion in our company Slack channel, with employees asking if they reimburse running sneakers and ski lift passes. Somebody even asked if he could use the perk to take fencing lessons. When we said yes to all including the fencing lessons, he signed up and then shared a picture of him in his fencing outfit. That ended up leading to a really neat conversation within our company. It unlocked a greater conversation around health and wellness, and it’s been really nice to see unfold.