What are the different payroll options available in #QuickBooks?

There are many solutions to preparing payroll as a QuickBooks user:

1) Enhanced Payroll – Setup your employees and pay them from QuickBooks. You can print the checks or send them direct deposit. The payroll tax liability and payments will be paid by the company.   Key to success is in the setup.  Have an experienced QuickBooks ProAdvisor help.  It will be expensive in the beginning and then you can maintain yourself.  If setup properly this can be affordable but takes time, and can leave you exposed to possible errors, leading to expensive penalties & fines.   It really takes someone with knowledge of payroll to maintain properly.  Cost = annual fee  est $ 349, plus time to setup properly.  Can run from a few hundred to a few thousand in professional fees, ongoing to maintain.

2) Assisted Payroll – Setup your employees and pay them from QuickBooks.  The payroll tax liabilities will be made by Intuit.  They are drafted out each payroll and the responsibility of timely payments shifts to Intuit, removing the fear of penalties and fines created from lack of knowledge and poor setup.  Costs start at $50 per month and once it is setup it’s simple to use.  For customers that are exempt from FUTA and SUTA they are able to custom set it so it won’t accrue.  Once setup you will not need to spend anymore on professional fees to maintain.  It is Worry Free!

3) ADP/Paychex/Other Vendors – These are all handled outside of QuickBooks.  When prices are compared they are twice as expensive, and aren’t integrated with QuickBooks.  Twice as many companies are using QuickBooks Assisted Payroll than ADP and Paychex combined.

4) Manually – Enter the checks into QuickBooks after the fact and have your accountant prepare your payroll tax returns.  This can be expensive and inefficient.

What does it mean to not be integrated with QuickBooks?  It means that you will need to enter each check so that you can reconcile your checking account.  If you aren’t running payroll through QuickBooks how are you going to lock your employees that have access to QuickBooks from viewing the information or figuring out who is getting paid what?  It ends up removing the confidentiality of the payroll.  You wouldn’t have to enter names, but you would need to enter departments and it just makes it easy to figure it out.

At Complete Business Solutions, we LOVE PAYROLL, we can help you prepare the returns, help you setup and run payroll.  We can basically do it in our sleep, however it just isn’t cost effective to do it.  Our time can be focused on helping our customers rather than running our own payroll.  We use QuickBooks Assisted Payroll and our payroll takes us less than 5 minutes to prepare and is worry free!

Give us a call at 1-800-541-8744, Ext 1 or email at info@complete-biz.com

 

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