If you are an owner of small or medium business then while performing the various accounting related tasks, you must have experienced that the payroll management part of accounting is the more complicated and difficult task to perform.
The payroll management part of accounting is difficult and complicated because it involves not only accuracy in calculation but also error-free dealing with many tax regulatory agencies. In payroll management there is no scope for committing mistake. A minor error in calculating the tax can land you and your business in trouble. Here comes the role of the payroll options in QuickBooks accounting software.
The payroll options in QuickBooks can help you perform many payroll related and taxation related accounting tasks with ease. Not only the QuickBooks Payroll options simplify your accounting task but they also assist you in understanding the whole process of calculating employee payments and taxations. Let’s go ahead and have a close look at how the Payroll options of QuickBooks can help you in running your small or medium business.
Benefits of QuickBooks Payroll options
1. Organization of employees related information:
Whenever a new employee becomes a part of your small or medium business, you have prepare a file with lots of documents and all to maintain the records related to that particular employee. This results in accumulation of bundles of bulky files that are not easy to store and keep safe from pests, rats, etc.
With the Payroll option of QuickBooks, you can store all the information that is required by your accounts department or tax regulatory authorities without worrying about all the risks involved with physical storage of documents.
The employee data stored in QuickBooks by using the payroll option can be easily accessed as and when it is required while preparing their salaries or calculating and filing their taxes.
2. Performing admin and HR related tasks:
With the payroll option of QuickBooks, you can easily keep a tab on the benefits provided by your company to employees. Keeping in mind the benefits of your employees is very important as this generous act of yours will put you and your business in the good books of your employees and other potential employees. Your current employees will be satisfied while working for the betterment of your business.
The payroll option of QuickBooks can make it easy for you to keep record of the details required to provide those benefits. This option of payroll in QuickBooks also facilitates in withholding any payment that you find inappropriate.
You can also simplify the process of understanding the various deductions from employees’ salary that goes in offering them various benefits such as health insurance, retirement benefits, bonus calculation, travel allowance, gratuity, overtime calculation, and deciding other miscellaneous deductions like donations, taxes, etc.
3. Preparation and Submission of Taxes:
This is the most time consuming and complicated task as a minor error in calculating the taxes can result in payment of penalties or filing of suits, etc. The chances of making wrong calculations are high if you are doing all these calculations manually. Therefore, the payroll option of QuickBooks can help you in preparation of tax related documents and making the payments at time.
If you have subscribed to the Full Service Payroll option of QuickBooks, then all these problems will be taken care of by QuickBooks as the calculation of taxes, filing of tax returns, and payment of taxes will be done automatically by QuickBooks.
4. Faster and Error free Processing of Payroll:
The payroll option of QuickBooks enables you to pay your employees quickly and easily. You just need to enter the number of hours they have spent in working for you, and you can generate the paycheck in minutes.
Once you have generated the paycheck, you can either take a printout of it or transfer the payment directly to the employee’s bank account. It is much easier to manage payroll with QuickBooks payroll option as it calculates all the taxes automatically and even reminds you when the payments are due.
In other words, there is no other better option than the payroll option of QuickBooks. QuickBooks offers nice tools to manage your small or medium finances with ease. There are two available options for payroll feature in QuickBooks.
You can either opt for the QuickBooks Desktop version or go for the online version of QuickBooks. The online version enables you to access the payroll feature of QuickBooks at any given point in time and from anywhere irrespective of your geographic location. You can even access it from your mobile device that is connected to internet. So what are you waiting for? Start using the QuickBooks Payroll option to manage taxes and employee payments.
Need Professional Help?
If you are still doubtful, or have any query or doubt related to the Payroll option of QuickBooks, you can contact us our QuickBooks Payroll Support team can assist you in deciding the best version of QuickBooks accounting software by properly understanding your business needs. Also, you must have understood how the QuickBooks accounting software can help you or your office accountant in filing your business taxes well in advance.
Our QuickBooks tech experts can help you in understanding the role of QuickBooks accounting software in preparing yourself for the tax season well in advance. Our QuickBooks experts can even guide and assist you in installation and set-up of the QuickBooks accounting software. For more help, feel free to call us 📞.
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