QuickBooks Payroll Benefits for Simplifying Compliance and Tax Law

While payroll is not the primary source of stress for business owners, it is a significant source of pain. Intuit Payroll, when used in conjunction with QuickBooks, alleviates payroll and tax season frustrations.

QuickBooks Payroll Benefits for Simplifying Compliance and Tax Law

Payroll accounting is one of the most complicated accounting tasks that accountants face.

It requires extreme precision and leaves little room for error. 

The finance team needs to know current employment and tax laws and maintain contact with various taxing authorities, including the IRS. With so many details to manage, it's natural for errors to occur.

Contents

 QuickBooks Payroll Software

QuickBooks Payroll Versions

  • QuickBooks Desktop Basic Payroll
  • QuickBooks Desktop Enhanced Payroll
  • QuickBooks Desktop Full Service Payroll

Benefits of QuickBooks Payroll

  • Process Payroll
  • Prepare Payroll Taxes
  • Organize Employee Data
  • Assign Employee's Payroll to Jobs

Pay employees with different payment methods

Conclusion



QuickBooks Payroll Software

Anyone who owns a business or manages employees should use payroll software. 

A payroll software program, such as QuickBooks Payroll, must maintain financial records when filing business taxes. Additionally, it includes all the necessary components for automating payroll processing.

Payday is a recurring nightmare for the majority of business owners and managers. 

The burden can lessen with the right software. When you use integrated options, you can completely forget about the process. 

Intuit, the company that created QuickBooks, offers specialized payroll software and services. Everything from employee wages to contractor dues is taken care of, and you have various payment options. 

QuickBooks Payroll has the tools you want to handle payroll, whether you run a paperless office or mail paper checks. It may even be helpful during tax season. 

Each payroll version comes with various support options, so you're never stuck with a feature you don't understand.

QuickBooks Payroll Versions

  • Basic Payroll
  • Enhanced Payroll
  • Assisted Payroll

All three QuickBooks Desktop payroll options calculate paychecks and payroll taxes. 

Payroll Basics and Enhanced Payroll are self-service options. Assisted Payroll is Intuit's full-service payroll solution, which entails outsourcing payroll processing to Intuit's payroll accountants.

QuickBooks Desktop Basic Payroll

QuickBooks Desktop Basic payroll is ideal for small businesses that need payroll software that calculates payroll checks, prints paychecks, and processes direct deposit payments. 

Due to the absence of W-2 forms and payroll tax forms, you will need to have your CPA or tax professional file and pay payroll taxes.

QuickBooks Desktop Enhanced Payroll

QuickBooks Desktop Enhanced Payroll enables businesses to manage payroll in-house. Paychecks generation, payroll taxes calculation, and direct deposits send using Intuit 

Enhanced Payroll. Additionally, Enhanced Payroll prepares and files federal and state tax forms such as the 940, 941, and W-2. Electronic payroll tax deposits are available through Enhanced Payroll. 

QuickBooks Desktop Enhanced payroll includes all of the features found in the Basic plan and the ability to generate payroll tax forms and file and pay payroll taxes. 

This plan is excellent for small business owners interested in keeping payroll in-house at a reasonable cost.

QuickBooks Desktop Full Service Payroll

Full-Service QuickBooks Desktop Assisted Payroll offers a comprehensive payroll service to small businesses that outsource their payroll processing. 

Businesses enter employee hours in QuickBooks and Intuit's payroll accountants prepare and remit payroll tax deposits on your behalf. Intuit guarantees that its payroll tax returns will file, on time, and without penalty.

QuickBooks Desktop Professional with Full-Service Payroll is an excellent option for small business owners who prefer to outsource payroll to a payroll specialist. 

You only need to submit employee hours worked each pay period; Intuit will handle the rest. This service includes initial payroll setup, paycheck processing, paycheck printing, direct deposit payment submission, and payroll tax filing and payment.

Benefits of QuickBooks Payroll

QuickBooks Payroll can assist you in streamlining your payroll processing. Additionally, it can help in automating specific related tasks.

Let's see the advantages of using QuickBooks payroll software:

Process Payroll

QuickBooks Payroll can reduce the effort required to remember their payday date by notifying you when the date approaches. All you have to do is select specific software screens and click on them. Additionally, QuickBooks Payroll can assist with job costing.

Prepare Payroll Taxes

Additionally, the software can assist with payroll tax preparation. Preparing these taxes is a critical task because it is easy to make errors. 

This includes incorrect calculations, inaccurate tax filings, forgetting about local and state taxes, and meeting tight deadlines. 

QuickBooks Payroll provides comprehensive payroll tax support. While Intuit will guide the basic version, you will be responsible for document preparation. 

The enhanced version of the software includes assisting you in filling out state and federal forms. If you choose the full service, the entire tax calculation, filing, and payment process will automate.

Organize Employee Data

QuickBooks payroll software can assist in classifying and organizing employee information. It aligns with taxing authorities and the organization's requirements. 

Additionally, it can help in tracking general employee benefits such as sick leave and health insurance. This reduces the amount of workforce required to perform this tedious administrative task.

Assign Employee's Payroll to Jobs

Additionally, you will assign employees' payrolls to specific job tasks or jobs using QuickBooks payroll. 

This simplifies the process of creating job cost reports. Additionally, details about the task can enter into QuickBooks Payroll. The funds can then transfer to employees' bank accounts.

 

Pay employees with different payment methods

A diverse workforce is critical to modern businesses. Not only do enterprises hire permanent employees who receive W-2 forms at the end of the year. 

But most companies also must help freelancers and other types of workers to do their objectives. 

The 1099 tax code covers these contractors. The vast majority of payroll software is designed to process W-2 wages only. This leaves businesses stuck when it comes to compensating 1099 contractors for their work. Businesses must either carry out the entire process or invest in new software.

QuickBooks Payroll allows you to pay both W-2 employees and 1099 contractors at all levels. Each can pay on an hourly basis with the same ease. 

This enables you to assign work as necessary without worrying about the extra labour required for payroll. But, the versatility of Intuit Payroll does not stop there.

Payroll software charges an extra fee to enable direct deposit of paychecks. Without incurring more costs, each version of Intuit Payroll supports direct deposit. 

But, not every employee desires direct deposit, and Intuit recognizes this. If an employee prefers, you can print checks using a single click. This alleviates a significant amount of the stress associated with payday.

Conclusion

While payroll is not the primary source of stress for business owners, it is a significant source of pain. Intuit Payroll, when used in conjunction with QuickBooks, alleviates payroll and tax season frustrations. 

You can conduct business in the manner that suits you best, with the types of employees you prefer. 

The pricing is competitive, and it integrates with QuickBooks, which eliminates the need to transfer data from other applications or wait for payroll to update in your books. 

With Basic, Enhanced, and Full Service, you can customize your service to meet your specific needs at an affordable price. 

Support is ready when you need it and is always prepared for tax season. When combined, these features enable you to save time and money while paying.