Ever since the payroll facility was introduced through QuickBooks, small businessmen have been able to do more tasks related to their company’s finances such as payroll and taxes. This service is especially beneficial for business owners who know-how and can afford the time to do these things.
This is why QuickBooks Small Business Payroll can be related to your organization. Once you have hired at least one employee on your payroll, it is time for you to officially start using this service on your accounting software.
With the help of small business payroll software, you can complete tax management as well as the processing of payroll for your employees. There are some other tasks you can do besides the two most important tasks mentioned above, such as saving and printing your employees’ taxes through a tax calculator.
You can also make some reports based on your needs and usage. These reports can show data according to the forms you may have to fill for taxes and other purposes. Of course, you may not need all of those features in your QuickBooks Small Business payroll because you may have already hired an accountant for these tasks.
This is why small businesses choose more than one option o depending on whether certain functions are required by the payroll software. It only makes sense that the more features you choose, the more money you will have to spend on the overall product.
Different Features of QuickBooks Small Business Payroll
Depending on what tasks you want to enable yourself and what software and QuickBooks experts want for you, there are three options.
Here, we have listed them with the features that are given in each edition: –
Basic QuickBooks Small Business Payroll
As the name suggests, this version of payroll provides fewer tasks than the rest. This is because Basic Payroll was started for business owners who do not perform any of the payroll functions themselves.
The software is used by the owners who hand over the taxes and the accountants they employ. With essential payroll, you or your accountant must:
- 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
Enhanced has more features than the original version. However, there are fewer full-service tasks.
The augmented version is actually ideal for businesses whose owners have more knowledge and have time to complete these tasks without the help of a CPA or accountant.
Apart from basic tasks, you can complete some other tasks with this type, such as
- 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 of 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 decide to do this via E Payment.
Full-Service QuickBooks Small Business Payroll
The full-service version has maximum benefits and is, therefore, the largest price-tag. Nevertheless, it is a favorite among those who have neither an accountant nor much time or know how to do these tasks on their own.
One might say that this is the complete solution to all tax and payroll needs of your organization. It not only has basic and enhanced functionalities, but it also has many more features.
This service basically means that QuickBooks payroll accountants will ensure that your tax forms are filled in as well as paid correctly and on time. On the off-chance that a mistake is made, it is corrected and consequently, any penalties are covered by service providers.
These are three variants of QuickBooks Small Business Payroll with features of it. You can easily identify what type of suit you will do with the help of the details covered here. As always, if you find it difficult to understand anything about payroll or taxes, you can call our QuickBooks Payroll Support a toll-free number. Our specialist QuickBooks Support team is there to help at any time.
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