Tired of cutting paper checks for employees? Set up direct deposit instead! Read on to learn how and why direct deposit can help you!
You have to spin a lot of plates at once as a small business owner. You have to take on responsibilities that would be split among many different individuals at a business of larger size.
That means handling the mortgage, controlling advertising, and taking care of your employees. There’s a lot you can do to make working with your employees easier on yourself.
One such way is to set up direct deposit at your business.
If you’ve been an employee elsewhere before, you’re probably familiar with direct deposit. But if you need a refresher of the many positive benefits it can provide, read on: we’ll walk you through what you need to know.
How Direct Deposit Works
Direct deposit is pretty simple to understand: it’s kind of all in the name. It is a form of payments that digitally transfers money from your business bank account to an employee’s personal one.
This means your employee gets paid completely virtually, and there’s no physical exchange of money or checks.
It’s fairly easy to set up a direct deposit system for your workplace. All you need from your employees is their bank account information. And if they are concerned about not having a physical record, you can still provide a paystub through a service like ThePayStubs.
Benefits of Direct Deposit
There are a lot of reasons why direct deposit makes sense for small business owners. Implementing this system can streamline the work you need to do to keep your business running.
Personally handling payroll each week can be time-consuming. Cutting checks requires time and money that you may not have available— and using direct deposit can help take care of this.
It also allows you greater financial control over your business. We probably don’t have to be the ones to tell you that things can get tight. Direct deposit allows you to know exactly when money is going to leave your account.
That means you don’t have to worry about an employee cashing checks late or anything else that might throw your finances out of balance.
Benefits For the Employee
Direct deposit is likely to put a smile on your employee’s faces as well! This system means that come payday, they’ll have almost instant access to their earnings. It saves them time from having to go to a bank or cash a check on their own.
With benefits on both sides of the table, there’s really no reason not to embrace direct deposit at your workplace.
Why To Set Up Direct Deposit
There’s a lot to handle as a small business owner. Embracing direct deposit allows you to take a few responsibilities off the table and keep your employees happy at the same time. It should be an easy choice: set up direct deposit for your business.
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— Will Corry (@slievemore) May 7, 2019