Good Financial Data Goes Beyond Bank Statements: Payroll data is an important part of a person’s financial picture.
When we think of consumer financial data, the first thing that comes to mind is usually banking data, but that is an incomplete picture.
This was borne out in a recent executive order, in which the Biden Administration encouraged the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them.
Increasingly portability of banking data can help consumers, but a more robust picture can be painted by making sure consumers have easy access to their own payroll data as well, says Lindsay, Davis, the head of markets for Atomic Financial.
In the latest episode of the IPA Payments Pod, we discuss the importance of payroll data and how better access to it can improve the lives of consumers and make things easier for businesses and financial services companies. You can listen to the episode here.
You can find the fact sheet on the executive order here. The full text of the order can be found here. You can learn more about Atomic here.
9/12/2021 09:26:58 pm
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10/4/2021 06:04:49 am
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8/19/2022 02:11:54 am
A balance sheet is a snapshot of the state of your company's finances at any one time. It provides information on your assets and liabilities (i.e., debts) at a certain period. Your business will determine how frequently your bookkeeper creates a balance statement for you. Some firms receive financial statements on a daily or weekly basis, while others only receive balance sheets once a year. For instance, banks transfer a lot of money, so each day they create a balance sheet. A tiny Etsy store, meanwhile, could only receive a balance sheet every three months.
1/17/2023 08:02:40 am
A really great piece of information, organized payroll data, can help achieve wonders in simplifying and optimizing the process. Online payroll processing tools can help you greatly in the process. Follow the link to the blog and see for yourself how online payroll management can simplify and optimize the whole payroll management process for you.
2/9/2023 08:13:11 pm
Thanks for the important information. I couldn't agree more. Payroll data can really paint a clear picture. It makes it all the more important to stay organized and keep track of data using software.
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