Online Payroll System Cuts Time Spent on Financial Tasks

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Online Payroll System Cuts Time Spent on Financial Tasks

(NewsUSA) - Small businesses play an increasingly critical role in the U.S. economy, according to the U.S. Small Business Administration. In fact, small firms represent 99.7 percent of all employer firms and consistently generate more than 60 percent of net new jobs each year.

According to recent data conducted by the U.S. Census Bureau, small businesses employ half of all private sector employees and generate more than 50 percent of the United States' nonfarm private gross domestic product.

To sustain these significant contributions to the economy, small businesses are constantly searching for ways to save time and free up more hours for growth and expansion.

"Our 4.9 million small-business owners around the country consistently tell us that a simple management process that saves time is their greatest need," said Mark Hogan, president of Small Business Banking for Bank of America. "With this in mind, we sought to develop easier methods for dealing with the daily demands of operating a business."

Small businesses employ anywhere from one to 500 people, and for many, managing finances is a time-consuming process.

A national poll of small-business owners conducted by the National Federation of Independent Business found that more than half of all small firms still prepare payroll in-house. This task alone amounts to as much as four hours per week, according to Bank of America.

With this in mind, Bank of America offers a convenient online service that handles small businesses' end-to-end payroll needs. Bank of America's Easy Online Payroll product significantly reduces the hours that small firms spend on payroll, saving the average small-business owner 200 hours a year.

Easy Online Payroll services include the creation of paychecks for different pay types, development of W-2 statements and guaranteed accurate tax-withholding calculations. Businesses can pay and file all federal and most state payroll taxes electronically as well as manage payroll anywhere at any time - a convenience for today's business owner on the go.

For more information, log on to www.bankofamerica.com/business24-7