QuickBooks Delivers Enhanced Payroll Services for Small Businesses
May 31 2018 - 8:30AM
Business Wire
New Direct Deposit Offerings Allow Employers
to Pay Contractors Faster and Employees on Same Day
Getting workers paid is often one of the biggest pain points for
small businesses. More and more, both traditional and contract
workers expect to be paid quickly – an impact of the on-demand
economy and workers being paid on a continuous, as-they-go basis.
In light of this, Intuit (Nasdaq: INTU) today announced enhanced
offerings to complement its existing payroll service solutions and
give small businesses a smarter way to do business. New features
include Contractor Direct Deposit, designed for employers in the
changing landscape of the gig economy, and Same Day Direct Deposit,
enabling small businesses to pay employees faster than ever with
QuickBooks Full Service Payroll.
Contractor Direct Deposit is a new feature in QuickBooks Payroll
that supports businesses who want to pay their independent
contractors the same convenient way they pay their employees – via
direct deposit. Following the launch in January, where Intuit
introduced new features that can take the pain out of preparing
1099s for both small business owners and independent contractors,
this new payroll service provides the tools and technologies to
ensure contractors are paid on time and accurately, giving small
business owners confidence in their finances. With each payment, a
record is kept up to date in QuickBooks, so when tax time rolls
around preparing and filing is lot easier for employers. Contractor
Direct Deposit was designed to make the payroll process easier for
small business employers and to help save them time.
“Navigating the complicated process of payroll can be daunting
to a small business owner – from understanding how to categorize a
worker to making sure they stay cash-flow positive – businesses
often struggle with this process,” said Laurent Sellier, Vice
President, QuickBooks Payroll. “This is why QuickBooks is
championing small businesses by providing them with more options
for managing and paying both traditional employees and contractors,
giving them confidence when managing payroll with all types of
workers.”
A Smarter Way to Pay Contractors
Intuit estimates 43 percent of the U.S. workforce will be made
up of self-employed contractors by 2020, and many small business
owners are taking advantage of this new type of worker. In fact,
thirty percent of U.S. small businesses pay at least one
self-employed contractor annually. Because of this, Intuit
recognizes the importance of ensuring contractors are paid with
confidence on time and accurately, without disrupting cashflow.
“Direct Deposit has made my small business clients more
confident in their operations and bookkeeping, especially when
working with contractors,” said Leah Welsh, owner of Strategic
Accounting Solutions, LLC. “When paying contractors with checks,
they would worry about having enough cash in the bank by the time a
check was cashed. Now with Contractor Direct Deposit, my clients
always know when the money is coming out and how much they need to
have in their bank account. They no longer worry because they can
pay workers with direct deposit from anywhere and ensure all
employees are paid quickly.”
New Enhanced Service Offerings
Following the launch of 24-Hour Direct Deposit in 2017, Intuit
saw QuickBooks Payroll users experience significant cashflow
improvement. With 24-Hour Direct Deposit, over 101K QuickBooks
Payroll employers have been able to hold on to over $2.3 billion
dollars in funds, allowing QuickBooks users the ability to hang on
to their money longer. Now QuickBooks has sped up this process even
more. With Same Day Direct Deposit, small businesses are able to
approve direct deposits by 7 a.m. PT and pay employees the same day
– for no additional charge. This service is available exclusively
for QuickBooks Full Service Payroll customers.
Free Contractor Direct Deposit, 24-hour Direct Deposit in
QuickBooks Payroll and Same Day Direct Deposit in QuickBooks Full
Service Payroll are a continuation of Intuit’s recent innovations
around the self-employed workforce. The features are currently
available in QuickBooks Payroll in the U.S. For more information,
please visit https://payroll.intuit.com/.
About Intuit
Intuit’s mission is to Power Prosperity Around
the World. Its global products and platforms,
including TurboTax,
QuickBooks, Mint and Turbo, are designed
to empower consumers, self-employed, and small
businesses to improve their financial lives, finding them more
money with the least amount of work, while giving them complete
confidence in their actions and decisions. Intuit’s innovative
ecosystem of financial management solutions serves partners
and 46 million customers worldwide, unleashing the power of
many for the prosperity of one. For the latest news and
in-depth information about Intuit and its
brands, visit Intuit.com and follow
on Facebook.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180531005385/en/
Intuit Inc.Danielle Ernst,
650-944-2391Danielle_Ernst@intuit.comorAccess CommunicationsJen
Garcia, 415-844-6244jeng@accesstheagency.com
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Apr 2023 to Apr 2024