5/12/2021 0 Comments How a Payroll Card Works Payroll cards have long been used by small businesses and are increasingly becoming the choice for many larger businesses. The payroll card is a pre-loaded debit card or credit card that can be used to make payroll deposits. Unlike previous payroll cards, which required the employee to provide their postdated check, payroll pay card technology has made it possible for the business owner to not only accept debit card payments but also offer the option of e-checks as well. This allows the business owner to not only reduce paper waste but also increase cash flow. The debit card is great because it saves the time needed for writing payroll checks and for receiving and cashing payroll checks. The business owner simply accesses the company's payroll company online and provides information about their employees. Using the company's online system, they can set up direct deposit and automatically receive their paychecks. This makes it easy to do paperwork and stay organized, while still being able to manage the payroll of your employees. Because the payroll card contains all pertinent information about your employees, such as pay grade, hourly wage, date of birth, and other important data, it is often used as the primary method of tracking and paying employees' payroll. Because the payroll card is a credit or debit card, it is a good way to ensure the safety of an employee's bank account. If an employee should get out their card to pay you, they can use it anywhere like a major credit card. This also makes it safer for the business owner to ensure they are not giving out their debit card information to someone else. If you are using a payroll debit card, then there is a security deposit involved in case the employee should go somewhere without a valid card. This can be taken out from the savings or checking account of the employee. E-Checks are another newer addition to payroll cards. With an E-Check, instead of printing checks from your company's check machine, you load the information on to an online site and the employee submits it online to the site via the Internet or a phone call. The system then deducts the amount of the payroll check from the account of the employee's employer. This provides a fast and convenient way to electronically print payroll checks, which saves your company money by eliminating the cost of paper. Go here: https://www.payactiv.com/ for more details about the topic. While some people might view these cards as a modern convenience, they are considered a legal requirement in some places. You may find that some places insist on you having one. Some countries, such as Turkey, have laws against employers requesting or requiring employees to have payroll cards. In Turkey, you can be fired for displaying or having the card without legal authorization. In some countries, using an electronic transfer service to make payroll card transactions is strictly prohibited, since those services aren't regulated by government agencies in those countries. The downside to these cards is that they may not store all of the pertinent information, such as hours worked or hours paid, of an employee. If an employee leaves your company, you will still need to access the pertinent data on the card. In addition, because most cards use the information on the front of the card (like gender and names), if the card is lost or stolen, the employee's data might still be on the card. You can get more enlightened on this topic by reading here: https://en.wikipedia.org/wiki/Payment_card.
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5/12/2021 0 Comments Benefits Of Using A Payroll Card One thing that all payroll card systems have in common is the ability to keep track of employees' hours worked and taxes due. The ability to process payroll quickly and efficiently is crucial to keeping your business profitable, so you will find that having a payroll card system is a worthwhile investment. However, if you have never had a payroll card system before, you may be wondering what the different types are and how they work. This page will give you an overview of the three main types and how they can benefit your business. Direct entry payroll card entry systems are the easiest to use. It just requires a computer with internet connection and a few applications that are installed on your computer. You login to your system via the web interface, enter the data required by the payroll card provider, and then enter the hours and tax rates for each employee. The system then compiles all the data into a single file that can be used by the payroll administrator. A paperless system is becoming more popular because of its overall efficiency. Because no paper records are needed, there's no longer any need to spend money on ink and paper cartridges, which can really add up over time. The system is able to perform calculations without the need for cards, and since the only thing you'll need is a computer, everything is stored electronically, eliminating the need for a ton of storage space. Payactiv app provides a holistic approach to financial wellness with services that help build financial resilience by saving towards short- and medium-term goals. This type of system is great if you don't have a lot of data to fill in each month. You can store all the information on your laptop or desktop computer and access it from any internet connection. When the time comes to calculate the payables, you can simply pull up the file on your computer and use the right buttons to input the figures. After you have made the necessary adjustments, you can print out the cards and attach them to the appropriate forms. The downside to this type of system is that it's possible for it to slow down your computer's performance, and it can be susceptible to hacker attacks. Using a payroll card is easy enough when you're just filling in forms and making simple calculations. However, if you need to do a bit of calculation, you might find it easier to use a computer program. These programs are designed specifically to help people like accountants, who might need to do some additional calculations. Some of these programs can even print out the pay slips for you. They usually come with different features, such as an entire month's worth of calculations or different file formats, depending on the one you choose. Many business owners also find that having a payroll card saves time when tax season arrives. Payroll taxes are often due the day after Thanksgiving, so being able to have all the information handy and ready for tax time means less waiting time for everyone on the business side. And since everyone in the company will usually be using a payroll card, you won't have to worry about carrying around a file of income taxes or a copy of the form to every location where they might be processed. Instead, you can just hand the card to someone in the accounting department, and they will print it out and store it for you, eliminating the need to prepare the papers yourself. You can learn more about this topic here: https://en.wikipedia.org/wiki/Payroll. 5/12/2021 0 Comments Financial Wellness Programs For Employees - Healthier Employees and Businesses Always enroll your business in financial wellness programs for employees! These workshops can have a huge impact on both you and your employees and are more engaging too! Custom fit them to suit your workforce and goals! Employees have lots of responsibilities on their plate and numerous benefits are provided to them for retirement, health and protection of their family as well. A financial wellness checkup helps you make the right choices when it comes to your current and future needs and help you develop strategies to keep your organization running smoothly. It is a simple test that gives you the opportunity to get a complete picture of how far your organization is ahead of its competitors. This makes you aware of the challenges ahead, the gaps that you need to bridge to move ahead, and the opportunities that lie ahead. The portable nature of the tests makes them very flexible so that your employees can take part in them anywhere they find convenient. When employees get involved in the retirement planning process, they have an increased understanding of their role and how important it is at the workplace. They also gain a greater sense of freedom and responsibility, as they start to choose their own career path and invest in their future. The financial resources are increased with regular check ups as well. An annual check-up will let you know how much money you have set aside for your employees' retirement, give you a better understanding of your financial resources, help you understand your employee's needs and develop a plan that will benefit them in the long run. Employees tend to work longer and produce better results when they feel psychologically and physically healthy. Emotional stress causes a number of health issues, including heart disease, stroke, and high blood pressure. Physical stress, on the other hand, leads to poor work attendance, absenteeism, tardiness, and poor productivity. Financial stress is often the cause of both issues, so training your staff in financial wellness programs can help to eliminate these common workplace issues. You can also expect an increase in productivity since employees will be less likely to be distracted by emotional concerns. Go here: www.payactiv.com/ if you wish to gain a better understanding of the topic. Financial wellness education is not mandatory when it comes to joining a company's retirement plan sponsors. However, most companies do require a medical exam, a complete questionnaire, and medical verification before they sponsor an employee's retirement plan. This ensures that your employees receive the highest quality care possible and that you provide your employees with the resources that they need to plan for their future. If you choose not to participate in a company's retirement plan sponsors, you can still teach your employees' financial wellness practices, which will also help you meet your obligations to your employees in terms of providing health care, tax benefits, and a safe workplace. When you offer financial wellness programs for employees, your company shows responsibility and maturity. You demonstrate that your business does not only want to continue to offer affordable options to employees, but that you value their well-being. Your employees will appreciate this, as well as the positive impact it will have on their financial well-being. Not only is financial health good for employees, it is good for employers and their employers' employees. Check out this related post: https://en.wikipedia.org/wiki/Financial_literacy to get more enlightened on the topic. |