In this day and age, technology is impacting every aspect of business and communication. There are countless options for incorporating technology into your business and using it to your advantage. One such option is the integration of direct deposit.
Direct deposit provides electronic transfer of your payroll into your employee’s bank accounts, eliminating the need for paper checks and possibly stamps and mail time. Direct deposit can be performed with any checking or savings account. We are pleased to offer this service to our clients.
In addition to saving time and money, there are other benefits of utilizing direct deposit. Here are a few:
- Simplification of payroll tax withholdings - As you know, with each payroll cycle, you will be calculating and tracking the necessary tax withholdings. This may be something you are currently doing manually if you are issuing paper checks. Through our system, we are able to electronically calculate and track these withholdings. We enter your specific withholding percentages to ensure accurate calculations. Additionally, if these percentages change in the following year, we can seamlessly update them for you so there are no discrepancies.
- Added convenience for employees - Employees appreciate the timeliness and consistency of direct deposit. They don’t have to use mobile deposit, find an ATM or take the extra step of physically going to the bank. Employees also have the flexibility to have their paychecks split and deposited into multiple accounts. This is an additional benefit you can easily provide for your valued employees.
- Safeguarding of your financial information - We are well aware of the dangers associated with sensitive information getting into the wrong hands. Why take unnecessary risks? By utilizing direct deposit, you reduce the number of individuals who are able to view, and potentially access, your bank account information. Think of the information on your checks, in addition to your routing and account number! Taking steps to decrease how many people have access to this information is in your best interest. Direct deposit eliminates the provision of your sensitive information to your employees.
These are several benefits of implementing direct deposit. We are happy to answer any questions you have about setting up this valuable, time-saving service.
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan. By creating dynamic customized solutions for business growth, we empower businesses and entrepreneurs with the tools to further their development. To learn more or schedule a consultation, visit www.stingrayadvisorygroup.com. Follow us today on Facebook, LinkedIN, Google+ and Twitter for more helpful tips!