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In: Accounting

Explain the ways in which electronic transfer of funds can improve payroll processes.

Explain the ways in which electronic transfer of funds can improve payroll processes.

 

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Expert Solution

EFT can be used to directly deposit p[ay to employee bank accounts. This eliminates the printing and distribution of pay checks. The company can also use EFT to deposit taxes withheld and other employee withholdings. Finally, wage attachments that result from court proceedings can be transmitted via EFT. All of these EFT processes are faster and more efficient than the use of printed checks and mailing of checks.

Raffay answered 2 years ago
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