Getting Payroll Approval With FundMore [Case Study]

When it comes to automating mortgage processing, FundMore has it covered. Whether you're a mortgage broker working with a client or the client working with a broker, FundMore's system is designed to keep things easy, secure and stress-free during the mortgage process, including approvals. Since starting as a mortgage document management platform, it's evolved to include two products: FundMore AI and FundMore IQ.

FundMore AI is their automated underwriting system for quickly evaluating mortgage applications while FundMore IQ offers advanced insights and analytics alongside document management, fraud detection, data extraction and condition validation.

FundMore has come a long way from its beginnings and amped up the techiness to make handling mortgages as easy as possible. Behind FundMore is a team of 20 individuals — a mix of employees and contractors.

Chris Grimes, Chief Executive Officer, FundMore

Know the difference between employees and contractors to keep payroll running smoothly.

Looking to fill gaps in payroll processing.

With automation, ease and other tech-forward thinking as a part of the business's makeup, it's no surprise that FundMore has been using payroll software, even before Wagepoint

Not all payroll software are built alike, however, and Chris Grimes, Chief Executive Officer (CEO) of FundMore, says the previous software he was using before Wagepoint wasn't meeting the needs of his small business. This meant more time spent on payroll that could’ve been spent elsewhere for the company.

"We did not have a positive experience with our prior service provider. There were several payroll functions that the other service provider could not perform resulting in us spending considerable time each month performing payroll tasks."

— Chris Grimes, CEO, FundMore

Wagepoint brings speed, insight and automation to the payroll process.

When it came to choosing Wagepoint as their new payroll software, Chris says there are a number of aspects that sped up his approval process. 

For starters, they enjoy the speed and accuracy of the program. They also love how once the rules, mapping and foundations are set up for the payroll, it's super easy and efficient to complete pay runs. Hello time-savers!

Here are some other ways Wagepoint filled in the gaps:

"We really liked the number of reports offered and depth of analysis available. We also really wanted a solution that would integrate directly with our accounting software system. The access to customer support has been invaluable over the past year. We have been able to learn best practices and automate several tasks, including the posting of journal entries."

— Chris Grimes, CEO, FundMore

Forecasting a smooth year-end process.

Working with Wagepoint is still pretty fresh for Chris and FundMore. So fresh, in fact, that they haven't gone through the year-end season with it just yet. 

But, because of how well things have gone up to this point, Chris says he's not concerned about year-end tasks like filing and issuing T4s and T4As to his employees, contractors and the Canada Revenue Agency (CRA). He's looking forward to it.

Really! He says so himself.

"​​This will be our first year-end with Wagepoint. We are looking forward to being able to issue T4s and T4As with ease and ensure that we meet all of the CRA compliance deadlines."

— Chris Grimes, CEO, FundMore

Master your year-end with this Canadian Small Business Year-End Survival KIT from Wagepoint!

Raising Wagepoint interest.

We typically don't want to talk about raising interest when mortgage is involved in the conversation, but in this case, it's a good thing. The love for Wagepoint at FundMore has transformed into a keen interest in sharing their experience. Chris and the folks at FundMore have already been telling their friends!

"We consider Wagepoint to be a partner of our organization and support in our onboarding process, issuing Records of Employment (ROEs), posting journal entries and making sure our employees receive funds in a timely manner."

— Chris Grimes, CEO, FundMore

Learn more about what ROEs are and how to handle them.

Chris let us know that he's also looking forward to continuing this relationship between FundMore and Wagepoint, and the feeling is mutual! Thanks for being such an awesome Wagepoint customer.

Fun fact: FundMore is a member of FoundersBeta. We've recently partnered with FoundersBeta to provide the tools and resources small business owners need to thrive. Learn more.

Ready to sail the payroll seas? Read Sailing The Payroll Seas With Captains Cabin Cafe.

About the Author

Laura A. Barton

Laura is a Content Specialist with Wagepoint who has a passion for telling stories in both the fiction and non-fiction realms. She loves narratives that explore human nature and has a particular interest in mental health. Although writing takes up a good chunk of her time, she can otherwise be found immersing herself in social media, reading, or binge-watching videos online.

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