If you're still using a bank to do your ACH payroll processing, you know how difficult it is to reconcile your impound accounts down to the client level. Your bank won't do this for you because banks are not in the payroll business.
But you also know how important it is to ensure that these accounts are in balance.
If you overcollect, undercollect or pay taxes with the wrong person's money, you can end up with the kind of problems that put people out of business. The stakes are too high to rely on anything less than full reconciliation, down to the client level – ideally, multiple times a day.
But how do you manage it when it can take hours each time?
You could do it less frequently and hope for the best, relying on the fact that the account itself is in balance. But hope is not really the kind of thing that lets payroll providers sleep at night.
Can Your Bank Do This?
If you're spending too many late nights worried about the balances in your impound account, we developed the Quantum product series with you in mind.
Quantum is a patented – we've got three – system designed for the payroll industry that provides daily automatic reconciliation by FEIN or end-user client (bank or client level) with 150 up-front checks and balances.
You'll save time by the bucketful – remember the beach? Remember your family? – but more importantly, you'll dramatically cut your risks of being out of balance. You will also have the peace of mind that comes from knowing your reconciliation procedures are buttoned down with the advantage of a double entry system that allows for and corrects data from single entry systems to guarantee balanced results.
Reporting Capability and Risk Management
Quantum's reporting capability includes account reconciliation client by client, account reconciliation by bank, balanced bank tax account reporting, and balanced client by client tax account reporting, all with the advantage of a double entry system.
In addition, strong risk management and system controls include detailed out of balance reports by client and client by client audits conducted twice a year. You'll also have the protection of our $50 million crime bond.
Quantum is a cost-effective solution to the problem of impound account reconciliation. It's where payroll funds, banking and ACH meet.