Question

Q2. Explain the electronic direct deposit for payroll and is it benefit to companies and to employees to use it?

plz no handwriting or pic

thanks alot

Answer 1

Electronic direct deposit for payroll is the process of payment to the employees or whoever it may concern to, with the help of electronic sources or say media as the name itself indicates that.

Benefits to the Company/Employer:

1. Time spent on payment will be significantly reduced.

2. Paper costs like cheques, envelopes will be eliminated.

3. Costs like lost check reissues also will be not necessary.

4. Costs associated with human resources and payroll stay will be far possibly avoided.

5. Everything is done remotely without any mistakes of figures.

Benefits to the Employees:

1. They don't have to wait in a queue to liquidate their checks.

2. They don't have to be in the office as were in the olden days.

3. Employees are assured of timely deposits.

4. He/She can plan their savings or retirement plans accordingly.

5. Can pay any bills immediately after the deposit is received.