For employees, the subject of payroll is all about the paycheck that is to be received on the designated date. But for you, the employer, the subject holds far more importance. It is a vital part of your business operations.
And probably, the most arduous.
Especially, if you have a manual payroll management system in place.
Yes, your manual payroll management system offers the convenience of ease-of-use and implementation, but it is not the most efficient or effective.
- Not efficient in the context that you have to do all those entries and calculations manually – your payroll tax computations, time cards, payroll deductions that are voluntary, wage garnishments etc.
- When you talk about inefficacy of the system, manual operations can introduce errors and omissions, while real time analysis and reporting also become impossible to execute.
What’s the alternative?
Automating your payroll management system with QuickBooks.
Why Use QuickBooks For Payroll Management?
There are many benefits of using QuickBooks for payroll management. Some of these are discussed below:
It Allows You To Conveniently Manage Employee-Related Data
In a company, employees have different ranks, exercise different roles, work in different departments, some are employees while others are contractors and they all have different payroll specifications. This diversity can make it difficult to manually handle and update individual accounts of each employee.
With QuickBooks, business owners can store, organize, manage and update employee-related data efficiently and conveniently. This data can then be easily shared within the company and with the taxing authorities to make payroll management more effective.
It Allows Automated Calculation Of Payroll
Calculating payrolls can be tedious. You need to take into account special incentives that an employee is liable to. You need to take into account the variability in benefit plans, spanning across the hierarchical distribution of employees. You need to consider all those deductions for unpaid leaves for all those unpaid leaves that the employee took over the month. And, there are many other factors to consider.
With QuickBooks, you can define all these factors and when it’s time to generate payrolls, you can use the defined factors to automatically calculate payroll of each employee.
Reduced Calculation Errors
With generation of payrolls now being automated, based on the already defined factors, it further eliminates the chances of calculation errors. You did your work by furnishing detailed calculation instructions, the platform will now do rest of the work for you.
File Payroll Tax Applications Without Any Problem
QuickBooks offers you three options to file payroll tax applications. The most basic plan allows you to work with QuickBooks payroll service provider to prepare and file a payroll tax application. The Enhanced version gives your printable forms that you can print and submit. While with full service plan, you don’t have to do anything – your payroll taxes will be automatically calculated, they will be automatically filed and they will be automatically paid.
Are You Ready to Make the Transition to QuickBooks?
We can help you. At A&B Accounting and Business Solutions, we have a team of professionals that excels in providing QuickBooks based payroll management services. From handling your payroll tax applications to preparing weekly, biweekly or monthly checks for your employees and contractors – we dispense all types of payroll services for small businesses operating in Palm Beach County and Broward County.