Intuit has added new features to QuickBooks Payroll so employers can make payroll at the last minute, delivering same-day paychecks to workers with the option to make direct deposits to contract employees.
Same Day Direct Deposit, which Intuit announced Thursday, enables full-service users of QuickBooks Payroll to run their payroll as late as 7 a.m. Pacific Time on the due date at no extra charge. The move expands options beyond the 24-hour direct deposit feature the company made available to all QuickBooks Payroll users in November 2017.
“Small businesses tell us that running their payroll can be a really stressful process, and moving money faster is very important to them because they're often crunched by this task at the last minute,” said Olivier Bartholot, director of product management for QuickBooks Online Payroll.
The tool leverages faster ACH payments and is a boon to small businesses who are often juggling cash flow around payday.
"In the past small businesses had to do their payroll four or five days ahead of time, but the ability to do it the night before or the same day gives them a lot more control over the cash they need on hand," Bartholot said.
Intuit has also unveiled Contractor Direct Deposit, which extends QuickBooks Payroll features to the growing number of temporary, or gig-economy, workers.
Thirty percent of U.S. small businesses currently pay at least one self-employed contractor annually, and the new direct deposit tool extends all the same features available for full-time employees to gig workers, Bartholot said.
“Previously small businesses had to write checks to gig workers, which is an additional hassle for both parties, but now QuickBooks Payroll users can pay contractors exactly the same way they pay their full-time employees,” he said.
The new capabilities are available only in the U.S., as extensions to QuickBooks Payroll and QuickBooks Full Service Payroll customers, Intuit said.
Early this year Intuit added tools for employers to deliver the required W-9 federal tax forms for hiring permanent and short-term workers through QuickBooks.