Cash kills wealth

See Medoraman's post above, I agree with him. There are plenty of third parties that can provide the service at near nothing of the cost (especially if you're small) than it would to have a person do payroll full time, etc. The last job I worked at, they spent no more than a couple hundred dollars for quickbooks software that practically did it all for them.

Now I would agree, if you're company is so small that it's literally a couple person payroll, don't bother, writing out the checks probably takes 10 minutes each week. But seriously, it doesn't cost that much. My sister was self employed, she employed her husband and part time employee, she had direct deposit (for her part time person) and used Quickbooks for very cheap to keep her accounting records updated and inline with the laws, etc.

You do realize, once you setup a program like Quickbooks, Peachtree or any of the others, setting up direct deposit is just getting authorization from the employee to do the direct wire transfer through your own bank your business uses. It's just like my personal wire transfers I can do. It's really not a cost burden nowadays. You pay processing fees sure, so if you have enough employees, direct deposit makes sense in most cases. If you have an employee that has to dedicate a day or two to do payroll and accounting each pay period, look at how much you pay them and do the comparison of software doing it for you, where that person can cut that time down to a minuscule of what it usually takes them, etc.

Every business is different, but from what I've experienced, direct deposit and such isn't that much more and in most cases, saves companies money rather than cost them more.

 

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Yeah but in today's fast moving world, most people don't want to bother getting handed a check, then only having to stop by the bank to deposit it on the way home on a Friday. I've known people to turn down jobs if they didn't offer services that benefit the employee.

Plus I like my direct deposit from my employer. It usually goes through in the wee morning hours on pay day and the funds are already accounted for, I have the money already. I'd hate to have to wait til someone stops by with a check, then I have to stop by the bank to deposit and then I have to wait 2-3 days for it to clear, especially when pay days are on Friday's, the money isn't available until Monday in some cases.

Direct deposit is a benefit to most employees nowadays.

I also find it more personal when the CEO still walks around to chit chat with employees and shows up to celebrate monthly employee birthdays while singing "Happy Birthday" to the people with everyone else. I can care less about the payroll lady handing me a check, I just want to get paid quick.

 

Heh, I was curious, you can get Quickbooks Enahnced Payroll service now for only $24 a month (unlimited employees), includes direct deposit, all proper state and federal taxes, does year end taxes. Can even print checks directly to hand out. That's just dirt cheap to me, no reason not to automate most of your accounting and billing.

 

I, too, am an educator...perhaps one of the reasons I found that fictional anecdote so funny. Yes, kids today may tend to do more research partly due to their generation's concern with authenticity, and partly due to the ease of internet access. Perhaps that will also help fuel a trend in younger buyers of PMs and numismatists.

And I also promote the other responses in favor of credit unions which notably don't charge you to hold your money.

 

I won't say who I bank with but it's a national large bank (I didn't choose it, I chose a smaller bank years and years ago that got bought out several times that ended up becoming my current bank), I have yet to be charged any fees for them to hold my money. It's possible, it's just what you choose as the level of services really. If you need a teller to hold your hand once a week, then you're likely gonna be charged fees, that teller costs money and their time isn't free. As for me, I'm a computer guy already, I hate going out of my way to do things I can do from an electrical device in a matter of minutes in most cases. I spend probably 20 minutes a year devoted to paying my monthly bills, I'm sure some people spend that much time each month or longer just to write out the checks to mail them off.

To each their own. I like the idea of credit unions, considered it but heck, If I'm not even losing a penny now with my current bank for checking, why go through the hassle in switching. I'm lazy. In my line of work, a main motto to live by is, if it ain't broke, don't fix it. If my bank one day decided to start charging me fees, well then, I'd likely switch to one that doesn't.

 

After reading the title and the OP's post, I couldn't help but gape. That is a ridiculous statement -- it's like saying food will make you starve or that coats will make you freeze. Sure, some versions of food are more nutritious and some coats are definitely warmer...but that doesn't mean the lesser versions won't get the job done. Same goes for $$. Online is definitely more efficient, but that doesn't mean cash loses its value and will make people poor!\

 

How does Quickbooks Enhanced Payroll Service know how many hrs to pay your employee?
How does Quickbooks Enhanced Payroll Service know your employee's filing status or if any changes have ocurred?
How does Quickbooks Enhanced Payroll Service know your employee's rate of pay?
How does Quickbooks Enhanced Payroll Service know if you have hired a new employee?
How does Quickbooks Enhanced Payroll Service get any of the data required to process your payroll?

I'll tell you how - you enter it into the computer in virtually the exact same manner requiring virtually the same amount of work if you were using accounting software to produce payroll checks in house. Well until you reach the point that a button pops up on your screen thats says "PRINT CHECKS" as opposed to what "PROCESS DIRECT DEPOSITS".

 

I didn't realize anyone was still paid with a check from an empoyer anymore. My employer made it mandatory we have direct deposit almost 20 years ago.
Guy

 

we still get paychecks but direct deposit is an option that we have

 

Lol......In other words, a fresh out of college grad with a degree in so called journalism.

I say let all wealth go "digital".....at least this way it will be easier for China to collect on the tab that the U.S. has rung up. They won`t even have to hack into Our accounts....the passwords will somehow get leaked to them with no repercussions afterwards. Sorry, but in all seriousness.....they can keep their digital crap.....some of Us can still fend for Ourselves regarding the preservation of wealth, assets, family and well being.

 

Many businesses pay workers cash and let them work out their own social security and tax responsibilities. Many years ago the authorities decided to make it mandatory for workers to be paid in taxed wages after the first $600 or so; but many ignore the law.

There was a business out in Vegas that decided they would bypass the tax laws by paying workers in "lawful" money, gold and silver and they went to jail. This is their case: http://www.lvrj.com/news/46074037.html

http://www.quatloos.com/Q-Forum/viewtopic.php?f=8&t=2159

 

And the great thing about getting a paycheck every week is: going to the bank and asking the teller if they have any halves, large dollar coins, two dollar bills or (fill in the blank).

 

Poor people don't have money stashed under mattresses. That writer obviously has never been to the hood. Poor people don't have money.

The end of cash is the end of privacy and thus another bite into freedoms that are disappearing.

 

Nice Summary

The costs of using Quickbooks Enhanced Payroll Service isn't competitive when you add in the accounting costs of maintaining the overall books for the company for the purposes minimizing the taxes the corporation pays.. And if you do it in house, you have to pay someone to do all this work. For a small company such as ours, where nobody knows the intricacies of tax law, you simply turn all this over to an accounting firm, they do the work for and cut they checks. Going to direct deposit then is where it costs even more. I'd rather have someone working for the company focused on our services rather than doing payroll. Most people who are giving business advice above on direct deposit apparently clueless especially when they quote a $25/month cost of quickbooks.

 

I do not envy the accountants adept at keeping people in compliance on tax and payroll issues. With coins and bullion sometimes the record-keeping is sketchy with cash transactions--and they are supposed to guarantee the accuracy of accounting if audited? Personally I believe the system is too heavily weighted in favor of those engaged in high finance who can afford the toughest and most aggressive tax avoidance methods (offshore accounts, incorporation, and other gimmicks).

 

I will say that record keeping requirements required by excessive regulation and taxation put forth by the federal government are killing small business. The costs make starting a business, that complies with all the requirements almost impossible these days and the day you hire one employee the requirements jump to another level of complexity. This is why small business is extremely cost sensitive to these sorts of things and why they will avoid the extra cost of dealing with banksters and direct deposit.

Someone who hasn't done it, has no idea.

 

But the reporting is mandatory; are there sufficient resources for most small businesses to get it done? Here in Connecticut there is a requirement that every bullion dealer get a license with their local police; then there is the sales and use permit with the state. Of course there are those who do none of these things and take their chances and just become excuses for government agents to do sting operations.

 

the record keeping is not enough. How much honey is sold in the US without records?

Ruben

 

It's probably minuscule compared to the number of pill pushers selling drugs under the table.

 

Same dealers, in all likelihood.