Learning the Aspects of QuickBooks Small Business Payroll
Ever since the payroll feature was introduced through QuickBooks, small business owners have been able to do more tasks related to their company’s finances like payroll and taxes. This service is especially beneficial to those business owners who know how and can afford the time to do these things.
This is why QuickBooks Small Business Payroll could be important for your organization. Once you have hired at least one employee on your payroll, it is time to officially begin using this service on your accounting software.
With the help of small business payroll software, you can complete tax management as well as processing payroll for your employees. There are some other works that you can do apart from the two most important ones mentioned above, such as saving and printing paychecks and calculating your employees’ taxes through the tax calculator.
You can also have certain reports generated based on your requirements and usage. These reports can show data according to the forms that you might need to fill for taxes and other purposes. Of course, you may not require all those features in your QuickBooks Small Business Payroll as you may have already hired an accountant for these tasks.
That is why there is more than one option o choose from, based on whether or not you need certain functions that are offered by small business payroll software. It only makes sense that the more features you opt for, the more money you have to spend on the overall product.
Different Aspects of QuickBooks Small Business Payroll
Depending on what tasks you want to be able to handle yourself and what you want the software and QuickBooks experts to do for you, there are three choices.
Here, we have listed them along with the features that are offered in each edition:-
Basic QuickBooks Small Business Payroll
As the name suggests, this version of payroll provides the least amount of functions as compared to the rest. This is because Basic Payroll was launched for those business owners who do not do any of the payroll tasks themselves.
This software is used by those owners who hand over the job of taxes and such to an accountant that they appoint. With Basic payroll, you or your accountant get to do the following-
- Calculating the amount of taxes for every employee
- Generating payroll and paychecks after tax deductions instantly
- Preparing reports in order to use while preparing for taxes
Enhanced QuickBooks Small Business Payroll
There are more features in Enhanced as compared to the Basic version. However, there are fewer functions than Full-service.
The Enhanced Edition is actually ideal for those businesses whose owners have more knowledge and the time to finish these tasks without a CPA or an accountant’s assistance.
Besides the Basic functions, you can complete some more tasks with this variant, like
- Calculating all of your taxes that will be involved- federal, state and even local, but it won’t make those payments for you.
- For W-2 staff members in your organization, there is the option for printing their forms.
- You can allow the software to automatically fill the forms on your behalf before you make use of them.
- You may get yourself reminded by QuickBooks when it is time to start filing for taxes.
- Also, you get a choice while filing these tax forms and can choose to do this via E Payment.
Full-Service QuickBooks Small Business Payroll
The Full-Service version has the maximum benefits and therefore, the largest price-tag. Still, it is a favorite among those who neither have an accountant, nor a lot of time or know-how to do these tasks on their own.
One can say that it is a complete solution to all the tax and payroll-related needs of your organization. Not only does it have the Basic and Enhanced functionalities but also more facilities in addition.
This service basically means that QuickBooks payroll accountants will make sure that your tax forms are filled as well as paid accurately and timely. On the off-chance that there is any mistake, it is rectified and any penalties resulting from that are covered by the service providers.
These are the three variants of QuickBooks Small Business Payroll along with their aspects. You can easily identify what type will suit you the best with the help of the details covered here. As always, if you find anything about payroll or taxes difficult to understand, our experts are there to help at any time.