One of the most complicated and challenging accounting tasks accountants face is payroll accounting. Payroll accounting demands the highest precision and has little leeway for error. In order to do payroll accounting, the finance team must be aware of the latest employment and taxation laws and has to be in contact with different taxation agencies, including the IRS. With so many details to handle, it is easy to make mistakes.
Who Should Use QuickBooks Payroll Software?
As long as you run a business or have staff under you, you should use payroll software. A payroll software, such as QuickBooks Payroll is needed to keep track of financial data when you file for company taxes. It also has everything you require to make payroll processing automatic.
Payday is the highlight of the employee’s month, but it’s a recurring nightmare for most business owners and managers. The right software solutions can dramatically lighten the load. It’s possible, especially if you use integrated options, to essentially forget about the process. Intuit, the maker of QuickBooks, offers specialized payroll software and services. It handles everything from employee wages to contractor dues while giving you free options to choose from when paying them. Whether you run a paperless business or send old-school checks, Intuit Payroll has the tools you need to make payroll a snap. It can even help with tax season, and a range of support options come with every version of payroll, so you’re never trapped with a feature you don’t understand.
Functions of a Payroll Software
In layman terms, having payroll software can help to make sure that your employees are paid the correct amount at the right time. This is important to motivate your employees. When they are paid on time, it will help make them more motivated and increase their productivity within the organization. Research has also shown that employees who are paid on time generally tend to stay in a particular organization for a longer period of time.
What are the Benefits of QuickBooks Payroll?
QuickBooks Payroll can help to make your payroll processing a lot easier. It can also help to automate certain related tasks. Here are the benefits of using QuickBooks payroll software:
- QuickBooks Payroll can reduce the effort needed to remember when their payday is, and instead remind you when the date is nearing. All you need to do is continue clicking at certain screens on the software. QuickBooks Payroll can also assist with job costing.
- The software can also help to prepare payroll taxes. Preparing these taxes is an important job as it is easy to make mistakes. This includes wrong calculations, incorrect tax filings, remembering local and state taxes, and having to meet tight deadlines. QuickBooks Payroll offers a lot of payroll tax support. You will be able to get guidance from Intuit in the basic version, but will ultimately have to prepare the documents on your own. In the enhanced version, the software can help you to fill in state and federal forms. If you opt for the full service, the tax calculation, filing, and payment process will be automated.
- QuickBooks payroll software can help to categorize and organize employee information, which gathers the information required by both the taxing authorities and the organization. It can also help to track general company benefits such as sick leaves and health insurance. This reduces the manpower needed for this tedious admin duty.
- With QuickBooks payroll, you will also be able to assign employees’ payrolls to respective job tasks or jobs. This makes generating job costs reports a lot easier. Details of the task can also be keyed into QuickBooks Payroll. The amount can then be directly transferred into employees’ bank accounts.
- QuickBooks Payroll helps to make managing employees a lot easier. As long as you provide accurate information, the software can help you settle a lot of things. If you are interested in getting started on QuickBooks Payroll, feel free to contact us today.
Pay different employees through different payment methods
Modern businesses are built on a varied workforce. Not only do businesses hire regular employees who receive W-2 forms at the end of the year, but most businesses need to work with freelancers and other kinds of workers to accomplish their goals. These contractors fall under 1099 contracts. Most payroll software is designed to handle W-2 wages and only W-2 wages. This leaves businesses in the lurch when they need to reimburse 1099 contractors for their work. Businesses either have to work through the process manually from beginning to end or buy new software.
Nearly all levels of Quickbooks Payroll allow you to pay both W-2 employees and 1099 contractors. You can pay each by the hour, with the same level of ease. This gives you the power to assign work as needed without worrying about all the extra labor you’ll have to put in for payroll. Intuit Payroll’s diverse options don’t end there, however.
Often, payroll software requires additional fees before you can direct deposit paychecks. Every version of Intuit Payroll allows you to pay by direct deposit at no additional cost. Not every employee wants a direct deposit, though, and Intuit has taken that into account as well. If an employee prefers, you can print checks for free with a single click. This takes a lot of the hassle out of a payday.
QuickBooks Payroll Software Stand Out Features
Businesses are becoming more flexible with each passing year. However, getting employees paid in a timely fashion has remained a top priority even for non-traditional businesses.
Available to Full-Service Payroll customers only, Intuit created the feature – Same-Day Payroll. Same-Day Payroll allows for the shortest possible timeline between running payroll and getting your employees paid. Now you can run payroll as late as 7 AM Friday and feel confident that your employees will have their paychecks in their account by the end of the day.
Same-Day Direct Deposit builds off 24-hour Direct Deposit, launched in December 2017. 24-hour Direct Deposit is also available to Full-Service Payroll customers, as well as QuickBooks Online users. With a 24-hour Direct Deposit, you have until 5 PM on Thursday to complete payroll and ensure Friday deposit.
With either option, payroll entry is the same – just enter the employee details as normal – but you will have additional options for when you would like funds to be withdrawn from the employer account.
Intuit has also added Job Costing and Class Tracking to their QuickBooks Payroll Software. Some of the benefits surrounding the two new features were included in the announcement, as well as some extra facts for resellers and buyers.
The job costing benefits include:
- The ability to track employees, hourly or salary
- The ability to assign jobs as billable or non-billable
- Expense flows to QuickBooks
- The addition of a Time/Expense pop up window in the creation of a QuickBooks invoice when an expense is billed
- Max. number of items is 1500
The class tracking benefits include:
- It will sync with QuickBooks Company file
- A class can default to an employee
- Reports can be filtered by class
These new features are a very exciting addition to Intuit Payroll and will add a lot to the payroll experience.
QuickBooks Payroll Support
Instead of simply selling you a product and leaving you to figure everything out on your own, Intuit stands behind its products. Every version of Intuit Payroll includes free support to solve problems and answer questions. Whether you prefer a phone conversation, an online chat, or a basic email, you can reach out for help however you need it. No matter how you contact support, it’s always free for Intuit users. The time of year most businesses need help, especially with new software, is during tax season. Intuit understands this and offers specialized year-end help. This support ensures you get the most out of your product and reduces the time you spend staring in confusion at a screen full of numbers and new features.
Compatible with QuickBooks
Of course, a major selling point for any Intuit product is its potential for integration. QuickBooks, Intuit’s leading product, is one of the best bookkeeping products available, and payroll plays a big part in your accounts. So, it makes sense to tightly integrate the two. Luckily, you probably already use QuickBooks to keep your accounting in order. And, as you know, there is so much you can do with QuickBooks and the limitless number of integrations. Many of those integrations that make QuickBooks more user-friendly to use are Intuit integrations specifically made for QuickBooks users. Intuit programs are designed to support one another and enhance available features. When you pair QuickBooks and Intuit Payroll, your payroll bookkeeping work is essentially automated. You still need to input some numbers, but the system does most of the work for you.
The added benefits of this being an Intuit product is the seamless integration, which means:
- Assistance from Intuit
- Ability to work from inside QuickBooks
- Run payroll inside QuickBooks Online to automatically update your books
W-2’s and Tax Forms
The worst part of payroll isn’t the monotony of repetition, that title belongs to paying taxes. Tax time brings with it the burden of not only individual W-2’s and 1099’s for your employees and contractors, but also all the forms you, as an employer, must send in. With Intuit Payroll, you can file W-2’s electronically or through the mail. The choice is yours. That isn’t the end of Payroll’s year-end assistance, though. You can actually e-file and e-pay through full-service plans. If you’d like, Payroll can effectively file and pay your taxes for you. The service provides everything from federal to local taxes. Best of all, full-service Payroll ensures you won’t pay any extra tax fees, which is of huge value for businesses of any size.
Payroll may not be the biggest burden for business owners, but it ranks high on the list of greatest pains. Intuit Payroll, especially paired with QuickBooks, transforms payroll and tax time frustrations into far lighter concerns. You can do business your way with the types of employees you prefer. The pricing is competitive and it seamlessly integrates with QuickBooks – that means you won’t have to transfer data from other software or wait for your payroll to be updated in your books. With Basic, Enhanced, and Full Service, you can choose just what you need, at a price that works for you. Support is there when you need it and always ready for tax time. Combined, these features help you save time and money, even as you pay.
What do you get with Basic, Enhanced, and Full Service Payroll for QuickBooks Desktop?
|Integrates with QuickBooks||✔||✔||✔|
|Instant paychecks and automatic tax calculations||✔||✔||✔|
|Pay by check or direct deposit||✔||✔||✔|
|Federal and State tax forms included and automatically filled in||✔||✔||✔|
|Free expert support – phone, chat and email||✔||✔||✔|
|Electronically file W2’s||✔||✔|
|Payroll Tax Forms Included||✔||✔|
|Error free paycheck and no tax penalties, guaranteed||✔|
|Payroll setup completed for you||✔|
|Taxes are filed and paid for you||✔|
|Free year-end forms included||✔|
The QuickBooks Online offerings for Payroll is similarly broken down into three different versions: Online Enhanced Payroll, Intuit Assisted Payroll, and Intuit Full Service Payroll. They offer the same benefits but broken down between self-service and full service offerings. The major added benefit of using QuickBooks Online and Intuit Payroll is that your information is automatically synced up.
If you are already using QuickBooks and have payroll needs, then using Intuit Payroll is a no-brainer. The pricing is competitive and it seamlessly integrates with QuickBooks – that means you won’t have to transfer data from other software or wait for your payroll to be updated in your books. With Basic, Enhanced, and Full Service, you can choose just what you need, at a price that works for you.