Here are some of the reasons why you should or shouldn't adopt QuickBooks Payroll.
Plus, each new activity on the software platform triggers an automatic backup. It also acts as an added layer of security against loss of data due to system error. This feature works by centralizing all payroll and tax records, on a single database. QuickBooks provides enterprise-grade security for records, which keeps employee information and tax data out of the wrongs. Note: The software doesn't manage the new R&D Tax Credit process. The tax payment feature lets you automate the tax payment and filing process completely, to the point where the software pays the taxes directly in tune with incoming payments, prepares payroll tax forms, and maintains a record of all the state and federal tax payments.Īll you need to do is, input the tax particulars at the time of the initial payroll setup, and let the software take care of tax compliance while you run payroll. Small businesses have unique taxation requirements, which make running payroll even more difficult (due to the legal requirements). In addition, both the employer and employees get a copy of their payday receipt in their inbox. This feature takes generates payroll receipts, takes photo-copies of them, saves them on a singular database, and organizes all receipts in order. Payroll receipts are the only proof that the employer and employee have of the transaction. This feature will help small business owners avoid tax penalties in the long run. QuickBooks does offer Tax Penalty Protection, which helps HRs solve discrepancies with tax fees, errors in filing, and compliance. Senior managers can track company expenses, for better financial planning and tax compliance.
You simply need to insert details regarding state, local and federal tax rates, during the initial setup. While the software doesn't file taxes and doesn't have reports on tax filing based on the incoming and outgoing cash, it does record all the taxable cash flow. This feature automates the tracking of all expenses, which is needed for when the year-end tax season rolls around. Tax payments and record maintenance for employees, and employers, all fall on the HR manager's head. If you have employees who need to be paid extra, or less than the others, the software includes those employees in a separate category, and runs payroll differently for them. In addition, QuickBooks Payroll categorizes the transactions according to your pre-set specifications. In other words, you can completely automate transactions to your employees. The software makes free direct deposits to employees' accounts at the end of every payroll run. This feature lets you connect employees bank accounts with your financial framework, effectively taking over the tasks of an employee accounts manager. Let's take a look at the main features of QuickBooks Payroll. These features also allow it to become an effective accounting software that manages pay stubs, and saves companies up to 40 hours of accounting assessment hours a month. The software uses various Key Performance Indicators to get an idea of the company's performance and business trends. QuickBooks has some features that allow it to be a full-service payroll system. There are several different individual software offerings that come under the QuickBooks umbrella, with QuickBooks Online being the prime offering for companies with a lacking HR department. The software is known for its ease of use and the highly user-friendly interface, which can be operated by even HR coordinators or HR generalists who are not experts in corporate financial management. It's a fully automated system, essentially working without user input, except at the very initial stages when it takes in all the relevant employee information and payroll data. A subsidiary of Intuit, which is one of the biggest financial software companies in the world, QuickBooks merges basic payroll processing with accounting and record keeping. Intuit QuickBooks Online is one of the leading cloud-based SaaS companies.