| When it comes to processing payroll, there are | | | | - If you find payroll taxes confusing or simply |
| many ways it can be done. Which is best for you | | | | don't want to handle them, this is a nice |
| will depend on time, knowledge, comfort level, | | | | compromise. Again, bookkeepers and accountants |
| whether you need job costing, turnover rate of | | | | sometimes offer this service and Intuit has |
| staff, the variety and types of benefits your | | | | Assisted Payroll, so with a click, your payroll |
| company offers, how many states you deal with, | | | | information is uploaded to them and they take it |
| wage garnishments and the complexity of your | | | | from there. Again, I have a contact at Intuit if |
| payroll. I remember when I first started working | | | | you're interested in learning more. |
| with payroll - 3 months later I had forgotten what | | | | - Completely in-house. If you go this route, you |
| reports I used and how to calculate what I | | | | want the Enhanced Payroll. In addition to the tax |
| needed (it wasn't built inside of QuickBooks back | | | | tables, you have the ability to print out all the |
| then) for quarterly reports so I spent quite a bit | | | | payroll tax forms prefilled with your data (so |
| of time "relearning". I had a client who decided it | | | | much easier than having to manually calculate and |
| was more economical to outsource payroll - not | | | | fill them out). You can also e-file taxes and forms |
| because she couldn't figure it out, but she could | | | | right from inside of QuickBooks - you don't need |
| spend her time on billable work; for what it cost | | | | to go to the respective websites. If you are |
| to outsource, she came out ahead. | | | | interested in this, let me know so I can get you |
| Many people assume that the least expensive | | | | my ProAdvisor rate. |
| way to do payroll is in-house. While that may be | | | | When outsourcing payroll, ask who will make the |
| the lowest direct dollars paid, what is often | | | | entries in your QuickBooks, what type of entries |
| overlooked is how much time it takes and the | | | | they'll be (journal entries or checks), when the |
| cost of those processing the payroll. When | | | | monies for the payroll taxes are withdrawn |
| salaried or steady hourly, the dollars spent on | | | | (some do it on payday and others on the dates |
| payroll are often lost in the bigger dollars of | | | | taxes are due), and who files the forms |
| having staff. So take the hourly rate of the | | | | (sometimes you're given forms to sign and mail |
| person(s) doing payroll and multiply the hours | | | | with a check). You'll also notice that with payroll |
| spent on timesheets, paycheck creation, paying | | | | services come a variety of fees. Factors that |
| payroll taxes, and anything else payroll related like | | | | usually affect fees include (there may be more): |
| adding/removing employees, changing employee | | | | - Frequency of payroll |
| benefits or withholdings and so on. Companies | | | | - Number of employees |
| who offer payroll services have it down to a | | | | - New employees |
| system, so most times it goes faster for them | | | | - Changes in benefits or withholdings |
| and for the dollar, it's often a good deal. So, here | | | | - Number of different states you need to pay |
| are your options: | | | | - Direct Deposit |
| - You can completely outsource payroll. There are | | | | - Paycheck delivery |
| times when it's best just to let someone else | | | | - Reports requested |
| handle it - they know it better and you have | | | | - Integration with QuickBooks (Intuit does not |
| more productive work you could be doing. There | | | | charge for this, but other companies do) |
| are payroll companies and then you'll find some | | | | So, take some time to calculate what it costs to |
| bookkeepers and accountants also provide this | | | | process payroll in-house, the benefits of having it |
| service. Intuit just brought back their Complete | | | | in-house and compare those costs to outsourcing |
| Payroll. If you're interested, I have a contact at | | | | (all or part) - in terms of dollars, liability, and what |
| Intuit and I can put you in touch with him. | | | | else could be done if staff spent less time on |
| - Outsource the payroll taxes and filing tax forms | | | | payroll. |