Why is QuickBooks Full-Service Payroll the Better Choice?
For millions of people who have small or medium businesses, it seems logical to outsource their payroll tasks, which is why this is becoming a growing trend among entrepreneurs of a variety of sizes. While doing this may seem like your work is over, that is not the case, based on the time-clocking information or the mode of data transfer.
This is when a direct integration into your accounting system itself can reduce your work and extra third-party involvement. It is possible in the case of QuickBooks Full-Service Payroll, with the help of a module which makes data transfer completely seamless.
However, if your organization has enough employees on its payroll who are working full-time, then QuickBooks Full-Service Payroll may be the right next step based on your requirements. This is especially true in case the members of the staff have to take care of multiple tasks at once because their productivity could be seriously affected.
There are certain criteria that you can consider before making a decision between opting for the basic, enhanced or full-service editions of Payroll. These are the three versions that QuickBooks offers, which as their names suggest, provide different features and are priced accordingly.
Overall, any of these services will give you at least one main advantage- the ability to integrate with your QuickBooks software. This is very beneficial to the users because the need to regularly sync their data disappears, thanks to an automatic update of all of your financial statements when the payroll services run every time.
QuickBooks Full-Service Payroll- Features
Given below are some of the features of the ‘Full-Service’:-
- Payroll generation is of course, available, with check-printing and mailing.
- The W-2s, as well as direct deposits, are included free of cost in this version.
- You can report your new-hires without any charges.
- Also, you may have 1099s created in case of individual, third-party contractors with no extra charge.
- There is an option for a ‘pay card’, which is a prepaid debit card for depositing payroll. This is very useful for employees without banking.
- It can handle your taxes and comply with the IRS for you, reducing a lot of errors and headaches.
- It is a special, easily usable interface with the ability to be accessed from a range of devices, such as a tab or a smartphone.
QuickBooks Online Payroll- Basic Version
Here you can compare the features read above with the basic features mentioned below:-
- If you want to pay any W-2 staff through direct deposit to their bank accounts, or a live payroll check with no extra charges, then you can do it with Basic payroll.
- The tax forms can be filled automatically if you want- this will save you a lot of time, especially if you have a large number of employees.
Nevertheless, there is no option in Basic to pay any employees in the 1099 category, e-pay or forms to be filled for taxes. All of this is provided in the other versions.
QuickBooks Online Payroll- the Enhanced Version
This version is perhaps the most well-used one of the three. The following are the features of Enhanced Payroll:-
- Every function that is offered by Basic is included in this edition of Payroll.
- You can fill various tax forms as per your location- Federal, State and Local.
- E-filing is available along with the option of paying your taxes via your accounting software itself, which is a welcome bonus.
- 1099 and W-2 forms can also be filled and issued in this version, even auto-filled by the service.
However, you have to control a lot of the tasks and complete them yourself. The Enhanced edition is good for your business if you are able to handle all of the payroll-related duties in the company itself. If you get late in making your payments for any reason, then you will have to bear the extra charges.
QuickBooks Full-Service Payroll- the Complete Package
It is no surprise that QuickBooks Full-Service Payroll is the best choice in case you do not wish to appoint a third party to generate employee payroll for your organization. This is mainly due to the fact that this service can handle all of your payroll and tax-related tasks without taking time.
All you have to do is keep updating some information, such as the number of hours for every employee and leave the rest to your newly integrated feature. In fact, you don’t even need to have QuickBooks as your accounting software to be able to use this function.