Ask any small accountant and CPA about which accounting task in their organization is challenging to manage. There are high chances that a majority of them will say ‘payroll accounting.’
This is because payroll requires high precision, and there’s no margin for error. You have to be updated with the latest taxation and employment laws, and you have to deal with multiple taxation agencies (including the IRS). With so much on the plate, you can imagine it as a breeding ground for mistakes.
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Who Needs Payroll Software?
Anyone with a running business employing a workforce needs payroll software. You need it to keep a record of the financial data for filing company taxes.A payroll software solution has everything you need to automate the task of payroll processing.
What Does Payroll Software Do?
In simple words, payroll software will ensure that your employees are paid the right amount at the right time. Paying your employees is essential for their work motivation – a motivated workforce means that they will be productive and are expected to stay at the organization for longer.
This is where payroll software comes into the picture, and there’s no better alternative for small businesses than QuickBooks Payroll.
Benefits Offered by QuickBooks Payroll
QuickBooks Payroll is designed to simplify your payroll processing and automating the related tasks. Below are the benefits offered by it.
1. Process Payroll
The time invested and hard work done pays off every time the payday comes. QuickBooks Payroll keeps the burden of remembering the payday away and reminds you when its time. The process is simple – you need to click through a series of screens.
If your company is not into job costing, you’ll just have to enter the number of working hours. However, QuickBooks Payroll can help you with job costing as well.
2. Prepare Payroll Taxes
Preparing payroll taxes has to be done with great responsibility. It includes everything that can go wrong, including incorrect calculations, tax filing to the IRS, tight deadlines, local and state taxes, and much more. To solve such problems, QuickBooks Payroll offers three levels of payroll tax support.
In the Basic version, you’ll get guidance from Intuit but will have to prepare your tax documents by yourself. In the Enhanced version, state and federal forms will be completed automatically. Full service includes automatic tax calculation, filing, and payment.
3. Organize Employee Information
Every business owner and accounting professional is aware of the huge pile of paperwork that has to be filled by new joiners. QuickBooks Payroll helps you gather all the relevant information that’s required for your organization and taxing authorities.
4. Track Company Benefits
General benefits like health insurance and sick leaves can attract future employees and result in job satisfaction for current employees. How attractive such benefits may sound, managing, and tracking them is a complicated task.
QuickBooks Payroll includes a simple wizard that lets you manage and track the company benefits. You can define all of them – add a bonus amount, withhold pay (if necessary), or process timely payment.
Some of the benefits include contributions towards:
- Paid leaves
- Health insurance
5. Assign Each Employee’s Payroll to Jobs
Assign each employee’s payroll to jobs and job tasks with QuickBooks Payroll. This will help you generate job cost reports that reflect employee labor costs. You can use QuickBooks Time (which is integrated with QuickBooks) to track and enter the time information, and eventually create paychecks. You can also enter the details of employee’s tasks into QuickBooks Payroll directly.
You can then transfer the amount directly into the bank accounts of the employees or print physical paychecks.
QuickBooks Payroll is a great payroll management tool with little to no downsides. The entered information needs to be correct, and the software will take care of the rest. The software will automate the payroll process, minimize errors, keep your employees happy, and ensure that your business grows. That being said, you may need professional help while setting up the whole system.
If you wish to automate your payroll management and wish to get started with QuickBooks Payroll, get in touch with our Solutions Consultant at 855-665-8910.
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