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Will Banking Changes Really Improve Payroll Processing?

Posted by on Oct 22, 2016 in Business | Comments Off on Will Banking Changes Really Improve Payroll Processing?

Will Banking Changes Really Improve Payroll Processing?

In September (2016), the U.S. banking system underwent a systemic change designed to move money across electronic networks more quickly. In theory, the change affects payroll processing right along with just about every other financial transaction that occurs across computer networks. But will the change really improve payroll processing dramatically? Only time will tell.

The change in question relates to how often banks update their transactions across the Automated Clearing House (ACH) network. This networkand its associated platformwere first developed in the 1970s to facilitate electronic bank transactions. Some $41 trillion moves across the network every single day, according to Bloomberg, in a manner that has proven safe, reliable, and cheap.

So what does this have to do with payroll? It’s all about speed. Prior to the change, banks only synced their records with the ACH network on a daily basis. Practically speaking, that would mean a transaction that took place at 9 AM would not be synced to the network until the close of the business day. The other entity involved in the transaction would not get notice of it until the close of the following business day, effectively requiring at least two business days to post the transaction.

Since September, banks have been required to sync their transactions three times per day. The increase in the speed of posting transactions under this new model should be obvious. That same transaction that occurred at 9 AM may be synced by the originator at noon and again by the recipient at 4 PM. The transaction would be posted on the same day it was conducted.

Payroll and Small Business Benefits the Most

The change in syncing does not mean much to large corporations transferring millions of dollars with impunity. Nor does it matter a whole lot to the banks. How often their records are updated is less important than making sure the updates are accurate. No, the real beneficiaries here are small businesses and their payroll departments.

Syncing banking transactions three times a day will benefit payroll in a couple of ways. First, companies will not have to have money in their payroll accounts for three or four days prior to issuing paychecks. A shorter window for deposits will give them more opportunity to use their cash assets for other purposes. In other words, they will not be tying up cash waiting on banks to update their records. Whether doing things in-house or through a online payroll service, companies will be able to make better use of cash.

Second, companies that still issue paper checks will be able to tell their employees that their money will be available the same day checks are issued. Workers will not have to deposit their paychecks and then wait for them to clear before accessing the money.

Beyond these two benefits, the banking change does notreally affect payroll processing in any way that would necessarily make it easier. Records still have to be kept, hours still have to be calculated, withholding and tax payments still have to be handled, and everything still has to be done accurately and in a reasonable amount of time.

In the end, requiring banks to sync three times a day will improve payroll processing by moving funds more quickly from one account to the other. But in a practical sense, the average worker is unlikely to notice any significant change. Most workers are used to their routines to the extent that they will not even think about the change unless someone goes out of his/her way to tell everyone about it. Meaning payroll will simplycontinue as usual.

 

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Everything you need to know before travelling to Paris

Posted by on Oct 11, 2016 in Header, Travel | Comments Off on Everything you need to know before travelling to Paris

Everything you need to know before travelling to Paris

Paris is always a good idea. Everybody knows this, which is why for years the city has earned the title of the most visited place in the world. Whether you are on a road trip around Europe, you want to spend a relaxing and elegant time in a special city, or you are planning your honey moon, Paris should definitely be on your top destinations. If you are interested in another city, and you want luxury apartments in London, for instance, you can also include a small trip to Paris, because it is definitely a must see. Taking into consideration that there are a lot of things to do and see here, you can even look for short stay apartments in Paris, in order for you to have time and visit every attraction. Even if you feel very excited and you are eager to get there as soon as possible, make sure you take time to plan your vacation at least with a couple of weeks in advance. You may feel overwhelmed by the multitude of objectives, but you have to stay focused and take everything step by step.  

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The story behind nesting dolls

Posted by on Oct 11, 2016 in Home & Family | Comments Off on The story behind nesting dolls

The story behind nesting dolls

Everybody considers nesting dolls as part of the Russian culture, as they were born on this land more than a hundred years ago. The symbolism of this small and intriguing souvenir has traveled all over the earth, leaving behind their birth country. Children in all corners of the world are enchanted with these lovely toys and interior designers agree that this form of art can enhance the traditional appearance of a home. Still, this long journey has not manage to take out of the matryoshka dolls the Russian heritage. Many people are still wondering where it all began and what nesting dolls mean today.

Legends seem to have been spreading, regarding the actual birth place, whether it is Japan or Russia. It is true that the concept of a box inside a box is of Chinese origin, but the first Russian nesting dolls, meaning the shape and drawings of the dolls, were created in 1890 in Russia, in a time of a great hunger. Sergei Maliutin and Vassily Zviozdochkin were the ones who gave life to this form of traditional art, imagining the typical Russian woman, by painting all the details of the specific costume. Peasants easily understood how babushka dolls were created and started making them. Once this form of art was presented at the Exhibition in Paris in 1900, people everywhere were looking to purchase their own doll inside another doll. It is was only a matter of time before nesting dolls became world wide famous.

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The beauty of Baltic amber jewelry

Posted by on Oct 11, 2016 in Fashion, Header | Comments Off on The beauty of Baltic amber jewelry

The beauty of Baltic amber jewelry

Baltic amber jewelry is are one of the best selling products in shops and this popularity is easy to understand if we take into consideration its value and long history. With its warm golden color and natural elegance, amber gives the wearer a classy and sophisticated look. What can explain the charm of amber? First of all, this natural resin has been used in the manufacturing of rings, bracelets and necklaces for so long that it has become almost mythical. The yellow-brown stone used in jewelry starts as liquid resin produced by trees and it is only after years that the substance fossilizes, reaching its final solid form. There are many places on the planet where amber can be found, but the Baltic region is the richest from this point of view, providing an enormous 80% of the total quantity of amber. From this area, amber long distances to reach the other corners of the world, which is further proof of its value. In ancient times, the substance was a gift worthy of royalty. Now, it is much more accessible and affordable, but as elegant as ever.

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A modern approach to books for children

Posted by on Sep 18, 2016 in Home & Family | Comments Off on A modern approach to books for children

A modern approach to books for children

There is nothing more important than taking care of our children, teaching them as many useful things as possible and preparing them for the future so that they can accumulate as much knowledge as they are given and thus succeed in life. All children are influenced by the things they see around them and all of them can feel the effects of a modern teaching method, but this is nowhere more visible than in the case of small kids at the age when they do not even know how to read. This is the age which matters the most and which many parents ignore or do not know exactly what measures to take in order to maximize the future results. As a result, the educational activities which should be predominant in this fragile stage of life are often overcome by leisure ones with little or not educational value at all. To avoid this mistake, smart parents have turned their attention to a different source of knowledge which can increase the aptitudes and development of a small child, the modern approach to reading books for children. What is this method about and why is it so popular and successful? Keep reading this article and you will understand its value and purpose in just a couple of moments.

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Experience Paris from a luxury apartment

Posted by on Aug 22, 2016 in Header, Travel | Comments Off on Experience Paris from a luxury apartment

Experience Paris from a luxury apartment

Paris is the most romantic city in the world and certainly one of the most beautiful ones. Those who come to this city expect to have an unforgettable experience and the accommodation plays a very important part. While the streets of Paris will always be filled with charm and beauty and the restaurants will serve you mouthwatering food, the place where you will wake up in will set the tone of your entire holiday. This is a city meant to be enjoyed to its fullest and you will never manage to have the complete Parisian experience if you stay in a hotel that does not rise to your expectations. This is how luxury serviced apartments Paris first appeared. These apartments are chosen based on strict considerations and, unlike a hotel that has a multitude of guests to worry about, these apartments are owned by individuals who actually live there, so it is in their best interest to provide undivided attention to their guests.

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