BIRMINGHAM, Ala., Feb. 27, 2014 /PRNewswire/ -- BBVA Compass today announced a new service to help its business customers seamlessly manage their payrolls through online banking.
The BBVA Compass Payroll Service powered by Execupay, one of the largest independent payroll service providers in the U.S., gives customers easy access to payroll information alongside their business and personal account information. It was developed as part of the bank's ongoing efforts to meet the needs of business owners, specifically those operating small businesses.
"Nearly 50 percent of small business owners currently outsource their payrolls due to constantly evolving human resources and tax guidelines," said Lonnie Hayes, small business segment director for BBVA Compass. "It can be a very costly and tedious proposition, especially for micro-business owners whose companies generate less than $500,000 in annual revenue. We saw an opportunity to help businesses of all sizes confidently manage their own payrolls."
The new service offers several features, including:
- Device flexibility – Businesses can manage their payrolls using a variety of internet-enabled devices (e.g., smartphones, tablets and laptops).
- Payroll automation – Customers can automate much of the process and complete their payrolls in just a few minutes.
- Payroll tax management – The integrated Tax Filing Service helps protect small business owners from payroll penalty exposure by providing accurate and timely filing, reporting and depositing of federal, state and local payroll taxes and related returns.
- Employee direct deposit – The service streamlines payroll by allowing customers to pay their employees with direct deposit at no additional charge.
- Comprehensive reporting – Small business owners can tap into a comprehensive set of standard and customizable reports to track key information, including labor distribution, tax compliance reporting and employee compensation, tips and benefits.
- Dedicated support – Small businesses needing assistance can connect with support teams via the service's online chat and dedicated support line.
- HR tools and resources – For a monthly fee, customers can access an integrated human resources library with HR tools and information, including federal and state laws and updates.