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Bank of America introduces online payroll package for small businesses

05 June 2006  |  3122 views  |  0 Source: Bank of America

Bank of America, the nation's largest small business bank, today unveiled the Business 24/7 portfolio of easy-to-use products that enables small business owners to spend less time worrying about managing their finances and more time focused on growing their business.

The centerpiece of the Business 24/7 portfolio is the Easy Online Payroll product, which simplifies the way small businesses manage their payroll in much the same way online bill pay simplified the way Americans pay their bills. And it is free for small businesses that pay all of their employees by direct deposit with a Bank of America account.

"Our 3.2 million small business owners around the country consistently tell us that a simple management process that saves time is their greatest need - in other words, easier methods for dealing with the daily demands of operating a business. Our Business 24/7 portfolio meets that need," said Liam McGee, president of Consumer and Small Business Banking for Bank of America. "The products are convenient and easy to use."

Latest in Series of Enhancements to Online Small Business Environment

In addition to the Easy Online Payroll product, the Business 24/7 portfolio includes the Online Business Suite, an easy-to-use financial management service that expedites online invoicing, enables small businesses to pay vendors electronically, and facilitates easy downloads of account information and transactions into leading financial software applications. The Business 24/7 portfolio also provides small businesses with online access to more than 100 competitively priced health insurance plans.

"The Business 24/7 portfolio is the latest innovation in a 100-plus year commitment to fuel the small business growth engine that drives the U.S. economy," noted Percy Simpson, Small Business Development Sales and Service Execution executive at Bank of America. "Bank of America brings together innovative products, an unparalleled banking center footprint, and the expertise of dedicated small business specialists to help business owners achieve success. Our long-term goal for the Business 24/7 portfolio is to provide a 'CFO-in-a-box' solution for every small business customer."

Finally: Easy Online Payroll Solutions for Smaller Companies

Small business owners spend an average of four hours per week - more than 200 hours per year - managing payroll. With the Easy Online Payroll product, these hours shrink to just minutes. The time they save can be used to specifically address the growth demands of their businesses. The Easy Online Payroll product is free for small businesses that pay all of their employees by direct deposit with a Bank of America account.

Designed especially for businesses with fewer than 20 employees, features of the Easy Online Payroll product include:
  • Creation of paychecks for a wide variety of different pay types;
  • Development of W-2 statements;
  • Guaranteed-accurate federal, state, local and voluntary withholding calculations;
  • Ability to pay and file all federal and most state payroll taxes electronically;
  • E-mail reminders and insightful payroll reports;
  • Easy integration with leading accounting and bookkeeping software;
  • Ability to run payroll from anywhere and at any time; and
  • Free support from payroll experts.

Small Business Booms, Adapts as Economy Evolves; Bank of America Responds

According to the U.S. Small Business Administration (SBA), small businesses create 75 percent of the new net jobs in the economy and pay more than 50 percent of the U.S. payroll. In fact, small firms are increasing three times faster than the U.S. population growth rate. To sustain these significant contributions to the economy, small businesses constantly need to find new ways to save time, save money and get 24/7 access to the financial resources they need in order to grow their businesses.

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