If you have been reading this column for some time then you know that I am a QBO Full Service Payroll fan. In-fact I just might be their #1 fan and now…I have another reason to be excited with Same Day Direct Deposits!
Starting February 22, 2018 QBO Full Service Payroll will be rolling out this new ability which is free. To take advantage of same day direct deposit you must:
+ Have an active U.S. Based QBO Full Service Payroll account in good standing
+ Create payroll and approve the direct deposit by your Time Zones deadlines which are: 7:00 a.m. Pacific Time Zone, 9:00 a.m. Central Time Zone, 10:00 a.m. Eastern Time Zone
Payroll is time consuming, cumbersome and full of liability so anytime I have a small business who is a good fit for QBO Full Service payroll I know they will be in good hands.
If you’ve missed why I almost always recommend QBO Full Service Payroll to small business owners here are a few benefit highlights:
+ Tax payments processed automatically – based on company tax schedule
+ Monthly, Quarterly and Annual forms filed automatically – so you’re never late
+ Email reminders of payment draft dates
+ Payroll expert for questions (this is handy if your client wants to handle questions on their own)
+ Accurate and on time – guaranteed
+ IRS representation, if there is ever an issue
And that’s not all folks, at least as far as QBO Payroll is concerned. Earlier this month Intuit released two other fabulous Payroll features; 24-hour direct deposits and Instant Bank Account Connections with Online Payroll.
24-hour Direct Deposits for QBO Payroll
Unlike the Same Day Direct Deposit, you do NOT need to have a QBO Full Service payroll account to take advantage of 24-hour direct deposit. To take advantage of 24-hour Direct Deposits you must:
+ Have an active U.S. Based QuickBooks Full Service Payroll account in good standing, or
+ An active U.S. Based QuickBooks Online Payroll subscription in good standing
+ Create payroll and approve the direct deposit by your Time Zones deadline
+ For a Friday payday, payroll must be submitted on Thursday by 5:00 p.m. Pacific Time Zone, 7:00 p.m. Central Time Zone, 8:00 p.m. Eastern Time Zone
Instant Bank Account Connections with QBO Payroll
You may have already experienced this feature if you or your clients’ use one of the large banks. The benefit of same day bank account connections means faster payroll setup since you will not need to wait for the test transaction to clear the bank.
Here is a list of the current banks able to make this instant connection with QBO payroll:
+ Bank of America
+ Wells Fargo
+ Citi Bank
+ TD Bank
+ US Bank
+ USAA Bank
The common thread with all these new payroll features is convenience and flexibility. Whether it’s the employers or accountants who process payroll, both gain more time to approve payroll direct deposits.