Direct Deposit Payroll Services
What is direct deposit? Direct deposit, simply put, deposits money from a payer directly into the bank account of a payee. The payer can be a business owner or professional; the payees typically comprise the staff, employees, vendors, or suppliers who receive payment for services, materials, or work performed. Working through a money institution’s electronic banking system, all funds are automatically deposited into appropriate accounts at the designated times. By receiving direct deposit payroll services for your business you can reduce paperwork, save time, and improve money security as compared to writing and distributing paper checks on your own.
Benefits of Direct Deposit Services for Small Businesses
As mentioned earlier, direct deposit offers multiple benefits to both employers and employees, many of them the same for both. At Chandler & Knowles CPAs, we can handle the nuts and bolts of building the framework for a small business direct deposit account, guiding you through each step to create a system that best fits your organization. Benefits to the business owner include:
- Reducing costs associated with payroll and paper checks – no more paying for checks and mailing them, or losing the time needed to sign, put into envelopes, and deliver them to recipients
- Eliminating the costs and headaches associated with lost or missing checks--because everything is handled electronically, checks cannot be lost and, therefore, do not have to be reissued
- Eliminating check fraud – because there are no paper checks, bank account numbers are known only to the business owner and the bank
- Making it easier to pay suppliers and vendors – not more cutting checks at random times; everything is handled electronically
- Improving productivity-- Employees do not need to take extra time at lunch or leave early to go to the bank to deposit their check
- Making it easier to pay part-time, temporary, off-site, or 1099 employees in a timely manner
- Making it easier to distribute expense account and travel reimbursements as well as cash advances
There are others benefits as well, which we will gladly discuss with you, but you can see how direct deposit payroll services simplifies both your payroll and your bookkeeping processes, reducing the workload of HR departments or owners to free up both time and budget that can be better directed to other areas of the business.
Benefits of Direct Deposit for Employees
When direct deposit payroll services are implemented, employees come out ahead as well. Not only is their money securely deposited into their accounts on the appointed day, they are able to:
- Save on the costs associated with depositing their own checks (fees, travel, and time)
- Plan finances better because the service is reliable; they will be paid even if they are not in the office on payday, or when payday falls on a holiday or holiday weekend
- Direct their money where it best serves their needs, making savings, on-line bill paying, financial planning, and other electronic banking services easy and convenient
There are other benefits to direct deposit such as dispersing 401K or other pension benefits, distributing bonuses and commissions, and even taking care of taxes and social security payments.
However, neither employers nor employees are left in the dark regarding the details of their money. In addition to regular statements to owners, employees receive a pay stub detailing all the necessary information. This can be on paper or it can be made available electronically through a secure, password protected portal.
Get Direct Deposit Services from Chandler & Knowles CPAs
Because each business is a unique entity, we here at Chandler & Knowles CPAs are ready to design direct deposit services that meet the specific needs of your business. We are prepared to listen to your goals, answer all of your questions, and work closely with you at every phase so you can provide the safe, secure, and reliable direct deposit system that your employees have earned. To learn more about receiving our services, contact us today by filling out our online contact form or calling us at 817-430-3000 to schedule your appointment at one of our two office locations in either Flower Mound or Addison, TX.
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