One of the most complicated and challenging accounting task 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 a 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.
Functions of a Payroll Software
In layman terms, having a 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 in turn 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.
One of the best payroll software out there for small businesses to use is QuickBooks Payroll.
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 QuickBooks payroll.
QuickBooks Payroll can reduce the effort needed to remember when they payday is, and instead reminds 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 with 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, tax calculation, filing and payment process will be automated.
The software can also 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.