Intuit, Bank of America team for online payroll service

Payroll preparation and tax filing service can be accessed from within the small-business owners online banking site.

Intuit has teamed up with Bank of America to offer online payroll specifically for the bank's small-business customers.

The service,  called Intuit Full Service Payroll, handles small-business employee payroll and payroll tax preparation functions. The new offering builds on an existing one: Easy Online Payroll. One of the main differences between the two is that the new offering will process payroll and payroll taxes, while the existing version helps the small business manage payroll and pay payroll taxes on their own.

Said Ginny Lee, senior vice president and general manager of Intuit's Employee Management Solutions division, which offers payroll services to more than 1 million small businesses:

"By teaming up with Bank of America, we're taking the complexity out of payroll for their 4 million small business employers across the country. Whether small-business owners want to do it themselves or have us do it for them, we have a solution that best meets their needs."

One of the big plusses for small-business owners is that the integrated service will let them handle this portion of the operational tasks from one online location, rather than having to visit two different sites. Bank of America's tighter relationship with Intuit is part of the bank's push to deepen its small-business services; the company plans to hire 1,000 small-business bankers in 2011 and 2012.