Filling payroll remains one of the most important and labor-intensive tasks in any business. Among these doom-full tasks is payroll practice. It is with this concern that a software solution like QuickBooks Payroll which specializes in payroll processing for small to medium size companies. However, with its different pricing options and the price that comes along with it, a lot of businesspersons ask the question: are the benefits offered by QuickBooks Payroll worth the price they pay?
What is QuickBooks Payroll?
QuickBooks Payroll is a payroll service hosted in the cloud and provided by the company Intuit, which is tailored going hand in hand with the accounting category of QuickBooks. Its capabilities include but not limited to processing payroll, computing taxes, and managing employees’ benefits. The site is intended towards the small and middle organizations with an objective of assisting in wage payment while complying with taxation requirements.
Key Benefits of Quickbooks Payroll
Automation and Time Savings – the Quickbooks Payroll system is an advantage in that there are automation processes involved. Employees’ wages, taxes and other deductions are computed by the program, thus the chances of making errors and the time used to perform manual computations is minimized. This can be highly beneficial for companies with more payroll processing issues or those with higher number of employees in payroll processing.
Tax Compliance: Take federal regulations for instance and state regulations, QuickBooks Payroll assists organizations in being compliant with their requirements through the correct calculation and deducting of all figures. It also takes care of filing the necessary tax returns and making tax payments which help cut down the probability of incurring fines which leaves the business owners to concentrate on other activities of the business.
Ease of Use: The payroll system is intuitive and does not require much payments skills so it is easy to use even for those with little or no payroll skills. Learn how to use Science First Step try out GUIs, WYSIWYG Basics Setting up and Usage within Management Services International ISBN 978 4 86126 172 Learn Visio ideas introduce document templates sample basic expansion upgrade and manage review template taking stakeholder input!
Integration with Accounting Software: There is no disruption when QuickBooks payroll is used with CBS accounting software, as all financial information is presented in a single view. In this case, payroll is directly interfaced to accounting software, which means less reliance on manual data input and accurate payroll cost inclusion in the company accounts.
Employee Self-Service: There is also a self service employee site where employees can go and log in to view paystub reports and tax forms and other related information concerning them. This system features improves the accountability of the human resource staff and allows employees to update their own personal information.
Considerations and Costs
Even though the advantages of using QuickBooks Payroll are quite clear, it is essential to look at the same in relation to its price. QuickBooks Payroll pricing is divided into several tiers based on the service scale.
Basic Plan: This plan has some of the basic payroll capabilities but may lack some of the advanced features such as automatic tax returns and multiple payment schedules.
Enhanced Plan: The Enhanced plan comes with added facilities such as filed taxes and customers who pay extra for support which adds more functionality and is perfect for businesses with more complex payroll structures.
Full Service Plan: The Full Service plan has all the benefits available in the Enhanced plan as well plus professional assistance and tax return filing. This plan is best suited for companies who do not want to take care of any payroll activities.
In the estimation of many organizations, the use of QuickBooks Payroll would be acceptable at the price due to time saving and minimization of mistakes. However for smaller firms with little payroll requirements, the commitment can be unnecessary. Companies in this category may do better with other payroll services or simply using their hands to do the processing.
Conclusion
QuickBooks Payroll also has great advantages in offering software for payroll management, which reduces time, minimizes mistakes, and supports compliance. In this line, for businesses that appreciate the benefits and will consider utilising sophisticated payroll systems, then purchasing the QuickBooks Payroll will not seem a waste. Understanding your payroll requirements and how much you are willing to spend forms a foundation to help in determining whether QuickBooks Payroll is appropriate for your business or not. Due diligence in assessing costs and advantages would help you reach resolutions that support your desired objectives in regards to your financial status and plans.
