If your company is still using a paper check system, you might be making extra work for yourself and sacrificing efficiency. Over 82% of employers in the US use a direct deposit payroll system and accounts payable system, which often benefits companies, employees, and vendors alike. Payroll reports and vendor payment reports are still easily accessible. However, the overall workload of payment is significantly reduced.
With the decrease in manpower relegated to payroll, employees will be able to focus on other more pressing tasks saving you precious labor. Not to mention, the cost of physical checks and envelopes will be significantly reduced. Direct deposit systems can help save money by reducing the amount of time employees need for breaks to head to the bank, primarily if your business operates during banking hours. It can also reduce the costs associated with stolen or lost checks.
Because employees will no longer have to be present to get their checks, they will feel far more secure when leaving for vacation or if payday falls on a weekend or holiday. After all, bills don’t care about holidays, why should your employees pay? Direct deposit is often far more secure, and efficient making employees feel far more secure.
Peace Of Mind
When you make a move to a direct deposit system, both you and your employees will feel the benefits. Not only is it more comfortable for both of you, but the potential for error is greatly diminished. Lost and stolen checks are often a source of identity theft which can be a great source of strife, electronic payment reduces the potential for security threats on both ends. When these features are combined with the cost savings of a direct deposit system, it is no wonder it has become so popular.
PL Consulting Can Help You Plan Your Budget!
PL Consulting offers a diverse range of bookkeeping and other financial services. Each of our services is customized to fit the needs of our client and his or her business plan. Our team can help you with each step of your business from organization, to budget, to financial maintenance. We are located in Pikesville at 119 Old Court Rd Baltimore, MD 21208. Contact us at 410.764.3731 or firstname.lastname@example.org so that we can assist you with your bookkeeping needs. Remember to stay up to date with everything PL Consulting by following us on our social media platforms via Facebook, Twitter, and Google+.