Ask 10 small entrepreneurs or business owners which accounting tasks are most challenging to manage, and at least 8 would say “Payroll.”
The most stressful work in any business is “Paying the Employees” because not only does it require utmost accuracy but you also have to deal with taxing agencies like the IRS. Here, the accountants have to deal with so many details and a small mistake can cost your company a lot.
So, the software company Intuit developed QuickBooks Payroll to help business owners manage financial data, company taxes, and payroll processes efficiently.
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Now, the main question is, how does QuickBooks Payroll work? What are its benefits? How to use this software to make your business grow? You will get all your answers in this single power-packed post. Let’s get started.
Functions of QuickBooks Payroll Software
To sum up, payroll software confirms that your employees receive the correct salary at the right time. To establish a great work environment, it is important to pay your employees on time. A positive work atmosphere means that your employees will be more productive and will stay in your company for longer.
Here, the role of the QuickBooks payroll software comes into play. If reviews are to be trusted then there is no better option than QuickBooks Payroll.
Five Advantages of Using QuickBooks Payroll for your Business
Now that you know what QuickBooks payroll is used for, let’s learn how this software helps you grow your business in less time. We will explore the top 5 advantages of using QuickBooks Payroll for your small or medium-sized company.
1: Process Payroll on Time
The hard work done and the time invested pay off when the day of payday comes. This software reduces your burden to remember the payday and automatically reminds you when the day is coming near. You just have to tap on the screen only.
You can also enter the working hours for job costing. QBs payroll helps ensure that the operation is processed accurately and on time as well. Through this, you not only save your precious time but also get more time to perform other business tasks.
Sometimes QuickBooks Error 15241 is faced while processing payroll which could affect your business. Here you need to make sure that you must fill in all correct information about the company and employees while using QuickBooks Payroll.
2: Prepare Payroll Taxes
Preparing payroll taxes is a complicated task as it should be performed with utmost responsibility. Making correct reports then submitting them with the correct amount to the agencies includes many risks such as incorrect calculations, tight deadlines, tax filing, local and state taxes, etc.
Intuit provides three payroll tax support levels that function well with QuickBooks.
- Basic version: In this, you are guided by Intuit on how to prepare tax documents on your
- Enhanced version: In this, the state, as well as the federal forms, get automatically completed.
- Full service: It comprises automatic calculations, filing, and payment of taxes.
3: Properly Organize Employee Information
We all know that the employees of any company are asked to complete paperwork. Here QuickBooks payroll software assists in organizing employee details, required for the taxing authorities and your company.
This software also helps in monitoring the company benefits like health insurance, miscellaneous deductions, and sick leaves. It ultimately reduces the requirement of manpower and errors.
4: Track Company Benefits
It is obvious that generous benefits provided by companies attract hires and give job satisfaction. It sounds easy, but no matter how engaging these benefits sound, it is complicated to track them.
But the certain tools in the QuickBooks Payroll offer a simple wizard where you can manage your company’s benefits. You can enter details related to the bonus amount, withhold pay, and process payment on time.
Employees get pay stubs about the contributions made toward:
- Paid time off
- Insurance (Dental, Health Savings Account, life, etc.)
- Miscellaneous deductions (Union dues, wage garnishment, charitable, etc.)
5: Assign All Employees’ Payrolls to Jobs Tasks/Jobs
With the help of QuickBooks payroll, owners can easily assign employees’ payrolls to job tasks/jobs. This helps you create reports related to job costs that show the labor costs. QuickBooks also provides “TSheets” to monitor and fill the time details, and create paychecks. Not only this, but you can also enter your worker’s information directly into the QBs payroll and then transfer the amount to the employee’s bank accounts.
QuickBooks Online Payroll Plans and Pricing
It would cost around $45 a month and helps business owners handle:
- Automatic annual tax form filing.
- Self-service to employees for getting PTO accruals, accessing W-2 forms, and pay stubs.
- Automatic state and federal payroll tax filing.
- Wage garnishment.
- Automatic payroll runs (If you have salaried employees).
- Deduction management.
- Next-day direct deposit.
- Health benefits.
The price of the premium plan of QuickBooks Payroll begins at $75 monthly and offers you features like:
- Quick time tracking through mobile apps and TSheets for employees.
- Expert setup review. Here a QBs expert will check your details for accuracy once you set your account.
- HR support access.
As the name is “Elite”, its pricing is also a bit high. This plan starts at $125 monthly and an additional $10 per payee.
It offers direct access to an HR advisor. Also, all the features in the QuickBooks Core and Premium are found in the Elite plan. With this plan, you can pay your employees unlimited states number with 0 additional charges.
In the end, we would suggest you go for QuickBooks Payroll to handle your company tasks. It is a great tool with no drawbacks. All you have to do is enter the correct information and leave the remaining work on this tool. From managing taxes, salaries benefits to handle employees, QuickBooks Payroll is the only software you need.
With this, we finally conclude our informative article here, but you can always share your valuable opinions or queries in the comments section below.
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