subject: In Depth Review of Intuit Quickbooks Online Payroll [print this page] In Depth Review of Intuit Quickbooks Online Payroll
Any small business entrepreneur whose business is growing will at some point have to do away with the practice of preparing the monthly payroll by hand or using simple spreadsheet applications. Doing payroll by hand takes way too much time for a business with more than three employees. To reduce payroll expenses and streamline business operations, accounting experts recommend that you acquire a payroll preparation and management system. One such system is the Intuit Quickbooks Online Payroll System. This article examines this system in depth to help you make a decision as to whether it is compatible with your requirements.
The Intuit Quickbooks Online Payroll is a creation of Intuit Inc (Nasdaq: INTU), a well known software firm whose flagship products include the popular Quicken, QuickBooks and TurboTax accounting and tax management software programs. In comparison to other popular wage management systems, Intuit Online appears to be relatively more advanced. The specific features include:
Instant paycheck calculation as well as the ability to pay your employees via direct deposit. It is also possible to print checks and stubs on your own printer, directly from the system.
Tax management through tax calculation. The system is programmed to accurately calculate federal, state and local taxes. Quarterly and year end filings are also included and email reminders sent to you when it is time to do your taxes. You also pay your taxes electronically. At year-end Intuit Online prepares W-2's for all your employees and files your W-2's electronically with the Social Security Administration.
The system supports 21 payment types as follows; two hourly rates for the same employee, overtime and double overtime, sick pay, vacation pay, holiday pay, bonuses, commissions, allowances, reimbursements, cash and paycheck tips, and ten additional pay types.
The system provides reports such as remuneration summaries, remuneration details, deductions, tax liability, tax and wage summaries, total pay, tax payments, worker's compensation, just to mention a few. These reports are exportable to Microsoft Excel.
If you happen to use Intuit's Quickbooks accounting software, you can export the numbers to your accounting software once you run a payroll or make a tax payment.
The Intuit Online system comes in two options, basic or plus. The basic option costs $25 a month while the plus option costs $39 a month. In comparison to other similar products in the market such as ADP and Paychex this is about one third of the typical cost. When you compare the prices against the features offered by all leading products on the market, it becomes apparent that Intuit Online is a cut above the rest. However, this should not be the only measure for someone in the market for an online payroll system. The best way to find out if a system is a good as the marketing hype claims, is to find out what current users and accounting professionals have to say about it. In this regard, Intuit Online Payroll has received a number of awards from respected accounting bodies such as CPA Technology Advisor, Accounting Today and The Sleeter Group. Other awards have come from leading business organizations such as PC Magazine, The Stevies Awards and Inc Magazine.
In conclusion, it would appear that Intuit Quickbooks Online Payroll is as good as the creators claim it to be and a worthwhile investment.
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