What You Need to Know About QuickBooks Payroll

What You Need to Know About QuickBooks Payroll

QuickBooks Payroll is a great way to manage payroll for your company. It makes calculating taxes, filling in forms and making payments easy.

The service offers several plan types at different prices. We’ve taken a close look at them and compiled this guide to help you decide which is right for your business.

Table of Contents

Features

QuickBooks payroll is a complete payroll solution that offers everything you need to pay employees, file and pay your payroll taxes, and provide health benefits. It includes employee self-service options, same-day or next-day direct deposit, tax penalty protection, and an HR support center with a certified HR expert.

Its core payroll features include automatic tax filing and payment, access to the latest federal and state tax rates, and a mobile app for scheduling and approving timesheets. The system also lets you automate deductions and garnishments.

The system’s Auto Pay feature lets you set up payroll on direct deposit for salaried employees just once, and the system automatically performs the rest of the payroll process. In addition, users can review and approve paychecks before the payroll is distributed.

Another time-saving feature is QuickBooks Time, which lets employees clock in and out via smartphones. This can be useful for project-based businesses, such as landscaping companies with employees working in different locations.

In addition, QuickBooks Payroll Premium and Elite plans include a geofencing feature that notifies employees to clock in when they arrive at work and an ability to assign projects to individual team members. These tools can be helpful for project-based businesses and for small teams that need to manage job costing.

Pricing

QuickBooks Payroll is subscription-based with monthly base fees and per-employee fees. Its pricing is competitive compared to other payroll services, such as Gusto and OnPay. However, the costs can be higher with larger teams.

In addition to the Core and Premium plans, Quickbooks offers an Elite program with additional perks like mobile time tracking and tax penalty protection. The Elite plan also includes a personal HR advisor and 24/7 product support.

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The Core plan starts at $45 per month plus $5 per employee, while the Premium plan costs $75 per month plus $8 per employee. Both programs offer a full range of features, including automated payroll calculations, 1099 forms and payments, 401(k) benefits and next-day direct deposit.

Unlike other payroll providers, Quickbooks doesn’t charge extra for filing taxes in multiple states. Its Tax Penalty Protection program covers fines up to $25,000 if you make mistakes in your tax filings, as long as you have the Elite plan.

Its mobile time tracker lets you track your employees’ location when they clock in and out, ensuring you know how many hours your workers have worked each day. You can also add a geofence feature to your business to nudge employees to clock in when they’re on the job site.

There’s also a free trial version of the software available. You can try it out for a month to see how it works before deciding whether it will meet your needs.

Reports

If you want to run payroll reports in QuickBooks, you can use one of the 17 standard reports available through the application. These reports provide helpful information about your business and employees. Many of them allow you to customize them for specific dates, work locations and employees.

These reports can also include details like the gross and adjusted pay amounts for a particular employee and other information. They can be produced for a single pay period or multiple periods, such as quarterly for the accounting year.

You can also generate these reports in a printable format. They can be exported to Excel and printed manually, or you can save them as PDF files for easy sharing and printing.

In addition to payroll reports, Quickbooks Payroll provides an array of other words that can help you better understand your finances and employees. These include payroll history, paid time off and tax payments.

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The reports in Quickbooks Payroll are organized into different categories, so you can find the ones that suit your business’s needs. For instance, you can run an employee directory report to see which employees are working or on leave. You can also run an employee contact list report to see an employee’s address and phone number.

These reports can help you determine how much money is owed to your employees and which federal and state taxes are due. They can also help you budget for your payroll expenses.

Support

Intuit offers QuickBooks Payroll as part of a subscription to their accounting software, so it’s an excellent option for accountants who use QuickBooks to handle their clients’ finances. It’s also a good option for small business owners who need an automated payroll solution that integrates with their accounting system.

Customers can add payroll to their existing accounts or sign up for a new payroll-only plan. They can also contact a representative for their projects and billing questions.

The QuickBooks Payroll support team is available via chat and phone, with expert weekly support. For Premium and Elite customers, experts will review their setup to ensure they have it set up correctly and can transfer data if necessary.

Users can save time and money by automating their payroll processes with QuickBooks Payroll. Its automated features for payroll taxes and direct deposit payments take the hassle out of payroll processing.

For example, if you receive a tax notice for an employee, the application will communicate with the IRS to cut down on penalties. Additionally, it will store photos of receipts and share books with accountants to help streamline the tax filing process.

It offers several service plans that can meet any payroll need, and you can upgrade to a more robust plan as your business grows. Some higher-priced plans include specialized functionality such as tax penalty protection, which covers payments of up to $25,000 if you get a tax penalty for errors in local, state or federal tax filing.

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