Choosing the QuickBooks Payroll Option Best for You from charlotte kristy's blog
Payroll is one of those aspects of business that many are
reluctant to change, but it's worth evaluating from time to time and this is a
good time of year to do it. If you decide to make a change, you have time to be
up and running with your new payroll system by the first of the year (or sooner
if you want).
Your version of QuickBooks Support Number will determine what options you
have within the Intuit line. There are payroll products that function in the PC
desktop version of QuickBooks only and those you can do online, which you can
use in the desktop or online versions of QuickBooks.
Then decide -
• Do you want to actually create the paychecks yourself or
report only hours? Here are a few factors to consider:
o How much time will it take?
o Complexity of your payroll (e.g. benefits, wage
garnishments)
o Frequency of staff turnover
o Your comfort level with payroll
• If you create the paychecks, do you want to handle the tax
payments and filings?
o If you decide you want to outsource the tax filings, you
can outsource to Intuit or an accountant or bookkeeper.
• If you are thinking of outsourcing, how easy will it be to
integrate your payroll data with your QuickBooks and at what cost?
• Your budget may also factor in. BUT keep in mind that when
you do payroll in-house, you are paying, too, and payroll can be time-consuming,
especially if you use timesheets and/or do job costing. I've had clients decide
it was more cost efficient to outsource at least part of payroll.
• Do you need to do job costing? The PC versions of payroll
are the best for this. If you outsource, then you'll need a work-around for
decent cost numbers.
So here's a run-down of the Intuit payroll products:
1. Outsource your payroll completely
Intuit Full Service Payroll. You simply enter the hours for
each employee online and Intuit takes it from there. You can easily import into
the Online QuickBooks or the PC versions. If you need job costing, though, this
will have the same limitations as outsourcing to other payroll companies. But
if you don't need job costing, I would take a close look at this option. It's
simple, convenient and very reasonably priced. Pricing is a flat monthly fee -
not contingent on the number of pay periods you have per month! To compare to
outsourcing to other payroll companies, here's an article that discusses
factors that often affect payroll fees.
2. Outsource the tax filings (deposits and reports).
QuickBooks Assisted Payroll. You create the paychecks (must
have a PC version of QuickBooks) and Intuit takes responsibility for filing
payroll taxes and reporting, guarantees accuracy or Intuit pays penalties. If
you need job costing, this is my preferred choice. You get the detail you need
for job costing, but you let an experienced company handle the tax filings. My
clients who have Assisted, love it. One of my clients was sorry she didn't sign
up sooner since she missed some tax payments resulting in penalties and
interest.
QuickBooks Basic Payroll. You create the paychecks (need the
PC version of QuickBooks) but will need to manually fill out the forms and mail
the deposits. I don't recommend this option unless you have an accountant or
professional bookkeeper doing the filing for you.
Intuit Online Payroll - You create the paychecks (you can
even use your iPad or Smartphone), but will need to manually fill out the forms
and mail the deposits. I don't recommend this option unless you have an
accountant or professional bookkeeper doing the filing for you. If you need job
costing, this is not a good option for you, but if you don't, then many like
the flexibility and access.
3. Completely In-house
QuickBooks Enhanced Payroll. You do it all - create the
paychecks and handle all the tax filings; you can even e-file directly from
within QuickBooks. I have many clients who use this. You need the PC version of
QuickBooks.
Intuit Online Payroll Plus - You do it all - create the
paychecks and handle all the tax filings. You can even do payroll from your
iPad or Smartphone. You can e-file directly from within Online QuickBooks. Not
the best option if you need job costing, but if you don't, then many like the
flexibility and access.
If you don't need job costing, I would give serious thought
to outsourcing at least part of the process. Payroll companies are more
efficient and keep up with the payroll tax laws. And what I like about the
Intuit payroll products is the integration - at no extra cost.
Muir & Associates helps businesses use their Intuit
products more efficiently and more effectively so businesses can focus on their
business and make more informed decisions. We provide sales and support
services. Monica Mitchell Muir has been helping businesses with their
QuickBooks products since 1996.
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