Do you own a business and have employees? Do you feel confident about handling payroll in an efficient and correct manner? Are you looking for a new solution?
On February 10, 2020, Business News Daily named QuickBooks Payroll as the Best Payroll Services for 2020. Keep reading to learn how QuickBooks Payroll can save time and ensure accuracy.
Basic Payroll Requirements
To pay employees, you must have an Employer Identification Number (EIN). Go to the IRS website to apply for an EIN. You use the EID to complete all federal forms and returns.
Your business must also have internet access. This gives you the ability to automatically download the current payroll tax rates. You will also need internet access for direct payroll deposits.
How to Manage Employee Payroll
First, you must choose a method for paying your employees. You can use a pen and paper system. This may include ledger books, calculators, tax documents, and a checkbook.
You may feel like you have more control over this type of system. Yet, these tasks often prove very time-consuming. It may also increase the chance of errors.
You can hire an accountant or a payroll service. This takes these tasks off your hands.
The third option is to use an automated software payroll system. This guides you through the payroll process and maintains all key data. You can often integrate this type of system with a tax program for filing quarterly or yearly taxes.
When setting up your payroll system, collect all pertinent employee information. Decide how often you will pay the employees. Determine if you will pay by check or direct deposit.
You must also separate the salary vs. the hourly employees when calculating payroll. Choose a method for tracking employee work hours. Also, decide on benefits packages and employee eligibility.
Tax Implications of Payroll
All employers must follow state and federal tax laws pertaining to your business. This may include employees’ wages, compensation, and tips. You must also withhold the correct amount for federal income, social security, and Medicare taxes.
At the end of each tax year, you will file payroll tax reporting forms such as Schedule H and W-2 forms. Some employers file 1099 forms for their employees each year.
Benefits of QuickBooks Payroll
Unless you an expert in accounting or finances, you may feel overwhelmed by employee payroll. Fear not, QuickBooks Payroll is here to make your life simple. The following describes the benefits of using QuickBooks Payroll instead of doing it yourself.
Intuit QuickBooks Full-Service Payroll
This service takes care of payroll issues in an efficient and effective manner. This service includes free direct deposits, free W-2s, and free new-hire reporting. Businesses with many employees and high turnover rates benefit from these free services.
Intuit generates 1099s for your contractors as well. You will need to manage the printing and mailing of all hardcopy checks. For employees without a bank account, Intuit offers a prepaid VISA debit card that can receive direct deposits.
Intuit guarantees on-time and accurate payment and filing of all payroll taxes. If an issue arises, Intuit will interact with the IRS as your representative. This takes the burden of keeping up with different tax requirements and file dates.
The user-friendly interface lets you process payroll from several products. This includes an iPad, iPhone, or Android device. Using the QuickBooks interface, you only need to enter employee hours and payroll is done.
This interface allows you to create reports showing payroll costs with QuickBooks. You can also transfer data into this system from other payroll products. If you aren’t familiar with the Intuit system, they will provide training.
You can also rely on free, live support from a U.S.-based support staff member. Thus, you aren’t left spending hours trying to figure out a new program on your own.
Intuit QuickBooks Assisted Payroll
Another option is to use the Assisted Payroll. The Intuit experts will help you set up your payroll system. They will also answer questions you may have.
You may choose which method you wish to use for paying employees. For example, do you want to use the free direct deposit option, print your paychecks, or both? Once you have completed the setup, you can enter employee work hours and run payroll.
With Assisted Payroll, you still do not need to worry about filing taxes. Intuit will handle all quarterly and end-of-year tax filing requirements. You can spend that time developing your business.
Why You Should Choose QuickBooks Payroll
Most business owners, especially with small companies, must always look for ways to cut costs. Profit margins tend to be thin. So, is a QuickBooks Payroll subscription the best choice for you?
Consider these features and calculate the time you spend completing these tasks.
- Experts will analyze your payroll setup or handle the setup for you to ensure it’s correct
- If filing errors occur, Intuit’s Tax Penalty Protection will correct the problems and pay penalty fees due
- Experts will answer questions about HR regulatory issues, writing job descriptions, and how to hire the best employees
- Management of time and money associated with same-day direct deposit
- Coordinate business accounting and payroll activities in one place
You can feel confident that all your employee payroll services are correctly managed. This includes health benefits, worker’s compensation, taxes, social security, and Medicare deductions. Your whole payroll system will be efficient and effective.
Are You Ready to Take Control of Your Business Financial Picture?
As the business owner, your employees trust you to handle tax and benefits deductions. They also count on getting their paycheck on time.
Fourlane is a company comprised of experts in QuickBooks. They can offer advice and help in buying and using QuickBooks Payroll. Their team has completed thousands of QuickBooks data conversions in all fifty states.
Fourlane wants to partner with you and share their knowledge and experience. We work with those who are new to QuickBooks or who want to upgrade their files. Our company can also create a custom plan for your business.
Contact us today and tap into our QuickBooks Certified ProAdvisors’ expertise.