Intuit has added new direct deposit features to its QuickBooks Payroll offerings, including free contractor direct deposit and 24-hour direct deposit in QuickBooks Payroll, and same-day direct deposit in QuickBooks Full Service Payroll. These enhancements are part of Intuit’s recent effort to build technology for the self-employed workforce.
In January, Intuit released new QuickBooks features to make 1099 preparation easier. The new contractor direct deposit feature in QuickBooks Payroll is the company’s follow-up, creating a more contractor-friendly environment within its technology. A record of each payment record is kept up to date in QuickBooks to make preparing and filing tax forms easier for employers.
“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,” stated Laurent Sellier, vice president of 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.”
Following the launch of 24-hour direct deposit in 2017, Intuit reports that it saw QuickBooks Payroll users experience significant cash flow improvement. With the new software upgrade to provide same-day direct deposit, QuickBooks has sped up the payroll process. The new feature allows small businesses to approve direct deposits by 7 a.m. Pacific Time, and get their employees paid the same day for no additional charge. This service is available exclusively for QuickBooks Full Service Payroll customers.
For more information on Intuit’s payroll offerings, visit https://payroll.intuit.com/.
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