A payroll card is a card that allows an employee to access their paycheck by using a card that looks like a bank debit card.
A payroll card can be more convenient than using a check casher, because it can be used at participating automatic teller machines (ATM) to withdraw cash, or in shops to make purchases.
The payroll card account usually is held as a single account in the employer's name. That account holds the payroll funds for all employees using the payroll card system. Some payroll card programs establish a separate account for each employee, but others do not.
Most payroll cards will charge a fee if used at an ATM more than once per pay period.
The objective of financial statements is to provide information about the financial strength, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.
Financial statements should be understandable, relevant, reliable and comparable.
The reported assets, liabilities and equity are directly related to an organization's financial position.
Reported income and expenses are directly related to an organization's financial performance.