I want to use my space in this blog post to thank the many people that help us develop and deliver quality products that meet the needs of our customers. The people I’m talking about are the partners and customers that participate in our focus groups, and offer suggestions for improvements to our products.
As we continually work to improve any of our supported products, we use a documented process that includes reviewing all of the suggestions that have been submitted by the users of that particular product. We maintain a database of those suggestions, and have several design meetings involving staff members from every appropriate department in the organization.
As we finalize the new product features, we include a group of partners and customers to help us be assured that what we are implementing in the new software is actually what the market needs. We, of course, can’t include each and every suggestion to a product in any one release, but continue to review all suggestions received by our organization.
Thanks to all that participate in this process, and keep those ideas flowing.
Direct deposit is a feature included within a payroll program that allows you to deposit employee pay directly into a bank account. Payroll software programs vary when it comes to their direct deposit capabilities. For example, some systems allow you to deposit funds to your choice of bank account, while others require the money to be transferred via their service. Here are some factors to consider when trying to find the right direct deposit feature for your business.
Transfer options.
There are two main ways payroll systems allow you to transfer pay. You can either have the funds deposited directly into each employee’s individual bank account from your own choice of bank, or you can use a service which takes the funds and deposits them into the employee bank accounts for you. By using your own bank to deposit the funds, you may save money; however some banks do charge for this service and fees vary greatly. Using a service to deposit the funds does incur ongoing costs also, so be sure to check the costs of the service before deciding on one.
Deposit employee pay and third party pay.
Obviously the most important aspect of direct deposit is the ability to distribute employee pay to their bank accounts. But some payroll systems go a step further, and also provide an option to deposit third party pay electronically. This function allows employers to pay third party payees, such as 401K management companies or insurance companies, via electronic deposit, rather than processing a check manually. Sending these payments electronically can be a huge time saver when compared to writing and sending paper checks.
Deposit to multiple bank accounts.
A basic direct deposit system will allow for one account, but some systems allow for multiple deposit accounts. This way, employees can deposit part of their check to checking, part to savings, another part to a holiday savings account, and so on. While this typically does not cost the employer extra, it provides employees with the perk of more comprehensive money management options. So it’s a win-win!
Pay cards
Some payroll companies offer employers the option of loading (depositing) employee pay to a pay card (a debit card) instead of into a regular bank account. This is an excellent option for employees who do not have bank accounts. For those without bank accounts, it eliminates concern about where to cash a check, and also the associated check cashing costs.
It pays to use direct deposit, and all the features that go along with it. Check into your payroll software and what it can offer you for direct deposit. You could be on your way to great time savings and happier employees.
Red Wing Software partner, Aatrix Software Inc, the nation's leading Automated payroll reports, plain paper printing, and Single-Point payroll eFile processors, has announced an aggressive effort to increase their presence in the eFile industry. Click here to read the full press release.
Red Wing Software customers have been extremely pleased using the Aatrix system, which operates seamlessly within CenterPoint Payroll Software. It makes the tax filing process much easier! We wish Aatrix well with their future plans! New customers have only to gain by giving it a try!
Accounting software programs can be purchased in a variety of ways, depending on your needs. One of them will most certainly work for you and your business.
Brick and mortar retail store
You can purchase basic accounting software programs on the shelves of retail stores. It’s convenient to put the software in your cart purchase it so easily, but keep in mind that if you have questions about the program’s specific functionality, you may have troubles getting those questions answered by the retail sales associates.
Software developer
Buying software directly from the company that developed can be beneficial because you can get your questions answered before making a purchase. You may even be able to get a personalized demonstration of the software, something that is nearly impossible for retail stores to offer. Talking to somebody who knows and understands the system, and also takes to time to understand your business, can not only bring you peace of mind, but can ensure a better accounting software program match for your business.
Online
Buyers do most of their research online these days, and therefore it might be tempting to simply go in and purchase accounting software programs online. If you decide to purchase in this way, be sure you are able to really understand how the system works and get all of your questions answered before buying. This might require communication via email or phone, but the time spent will be well worth it down the line. After all, this will be the tool used to manage your business finances!