For small and medium-sized businesses without large, dedicated HR departments, payroll can be a headache. The addition of even one employee to handle payroll might add an expense of $30,000-40,000 or more in salary, benefits and Social Security contributions, tempting business owners and office managers to try handle the task in QuickBooks themselves.
The problem with this lies in that payroll is an extremely delicate area that should not be rushed through or seen as just another task in an already packed to-do list. Accuracy is paramount, as employees tend to get understandably irate when errors occur in their paychecks, or if there are delays in receiving them. Local, state and Federal taxing authorities also demand 100 percent accuracy and on-time filings, and regularly enforce penalties amounting to thousands of dollars per violation on those who fall short.
So what’s the solution? For businesses with one or two employees, managing QuickBooks Payroll yourself is probably realistic. It allows you to automatically calculate earnings and withhold taxes, create paychecks or use Direct Deposit, and generate and file state and Federal tax forms. It also produces payroll reports for your accountant easily, and you can trace back and fix errors quickly due to the small amount of data.
For larger concerns, however, the best solution is to have your QuickBooks Payroll professionally managed by a specialist company. Outsourcing payroll tasks to the right firm will allow you to focus on the profit-generating side of your business and keep your payroll (and tax filings!) worry-free. When choosing a provider, check their track record for accuracy, speed, communication and competitive price.
Net Plus Consulting provides managed IT and payroll solutions for businesses nationwide. Please contact us today via our website or call (212) 461-3300 for a free, no obligation consultation.
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