Let’s face it. Not all of us can be experts in accounting. But if you run a small business, you need to be able to manage your employees’ salaries, bill payments, and more. That’s where QuickBooks Enhanced Payroll comes in to save the day.
QuickBooks is a specialized accounting software made to simplify finances for small businesses. This software can automate everything from salary payment to composing tax reports.
Intuit, the developer of QuickBooks offer three versions of QuickBooks for Desktop; basic payroll, enhanced payroll, and assisted payroll. While all three are capable of handling your payroll system, basic and enhanced payroll are do-it-yourself services. If you are confident handling your finances, your best choice is between these two.
However, enhanced payroll offers more advanced features than basic payroll. For instance, creating tax reports can easily become a handful. Enhanced payroll can easily generate these reports for you automatically. You never have to spend hours trying to figure out your taxes.
This is just one of the many reasons why you should use QuickBooks enhanced payroll for your business.
QuickBooks payroll will easily create paychecks for your W-2 employees as well as 1099 contractors. W-2 employees are your regularly salaried workers. 1099 contractors are independent, self-employed contractors who are salaried according to the terms of their contracts.
You only have to enter the hours worked and the payroll will automatically generate salaries along with tax and other deductions. It’s also possible to pay employees in groups as monthly, or weekly.
When working with employees, especially with contractors, you need to know the exact time they spend on a project. QuickBooks enhanced payroll desktop provides seamless integration with time tracking software to track time and generate salaries. You can use TSheets by QuickBooks for accurate timesheets and faster payroll generation.
You can directly deposit salaries to bank accounts based in the US or to Intuit Turbo Pay Cards that don’t require a bank account through QuickBooks. And, yes. It’s totally free. However, when paying 1099 contractors, there is a small fee included.
It’s possible to send payments to two employee bank accounts. And, you can also easily edit or update the bank information entered for an employee. To send the payment by the payday, you need to do the direct deposit transaction by 5 PM PT two business banking days before the date. You can also pay employees through checks using QuickBooks enhanced payroll.
Enhanced payroll tracks a variety of employee benefits and deductions. This is an improved feature available in QuickBooks enhanced payroll 2019 and QuickBooks enhanced payroll 2020 The payroll tracks vacation time, sick leaves, paid time off, medical insurances, dental insurances, cash advances, retirement plans, and more.
You can also use enhanced payroll to calculate employee’s compensation. The ‘pay-as-you-go’ compensation service provided by the enhanced payroll calculates and automatically pays the compensations.
keeps track of tax rates and will generate a final tax report. This report can be printed and all you have to do is sign it and mail it to relevant authorities.
Instead of printing tax forms and physically sending them, you can also pay taxes electronically using E file and E pay facilities. All you have to do is set your QuickBooks payment method to E pay and send your tax forms to relevant institutes online. However, this service is only available for some states.
The enhanced payroll in QuickBooks also generates W-2 tax forms automatically. Employees can print these easily.
Apart from these, QuickBooks enhanced payroll 2019 has features such as accessibility enhancement, data file optimization, inventory management, and so on. Moreover, QuickBooks enhanced Payroll 2020, which is the newest version, includes features such as employee self-setup, smart help, and smooth QuickBooks version update.
QuickBooks with enhanced payroll costs about $45 a month and $2 per month for employees. It’s pricier than basic payroll which costs $29 per month plus $2 for employees. However, it’s considerably less expensive than the assisted payroll which costs $109 per month. Enhanced payroll is definitely the sweet spot between the two and will make your life much easier.
You need to have QuickBooks Pro/ Premier 2017 or a newer version to use QuickBooks enhanced payroll desktop. Additionally, you will need an internet connection to automatically download the latest payroll tax rates.
According to the federal government, every employer should have an Employer Identification Number (EIN) issued by the IRS. This number should be included in federal forms and returns. So, you should get one by applying to the IRS.
If you are switching to enhanced payroll mid-year, be sure to upload your year-to-date payroll history. This is important to make sure that the calculations are done right at the end of the year.
Safety for your data
Nothing matters more than safety for a payroll system. The QuickBooks enhanced payroll, like all other QuickBooks versions, provides excellent security. The online data transactions taking place through the payroll are highly encrypted. In fact, Intuit uses the same encrypting methods used by leading banks to encrypt your data.
QuickBooks enhanced payroll desktop is an efficient accounting software you can use for your business needs. It’s easily customizable and is even easier to get used to. If you are having trouble with operating QuickBooks, you can always refer to the demo videos included as a guide. You can also contact the QuickBooks support team whenever you want.
With QB enhanced payroll, you can easily manage the finances of your business even if you have no prior knowledge of accounting. QuickBooks will provide you an all-in-one system that will automate functions that would otherwise occupy your time endlessly. So, don’t keep thinking about it. Start using enhanced payroll in QuickBooks today.
See Also – QuickBooks Bookkeeping
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