The United States’ second largest financial institution, Bank of America Corp., has come up with a novel program that will provide access to small businesses to manage their payrolls online.

This new program is known as “Easy online payroll” and it is a part of a series of business applications that the bank has developed in its business 24/7 portfolio.

The president of global consumer & small business banking for the bank said that the customers were keen on availing products that would facilitate their business to run smoothly. He also said that the bank planned to introduce the payroll program, as this may be a complex area for the customers to carryout on their own.

The new payroll program will be free to small business customers who pay their employees by direct deposit with a bank of America account.

The program will also set up tax statements, perform with-holding calculations, link to accounting & bookkeeping software & would pay & file federal & most state payroll taxes electronically.

Online invoicing & electronic payment of vendors would also be a part of the bank’s business 24/7 portfolio.