What are the different ways that your employees get paid? There’s annual salary, of course, and hourly wages. It becomes the baseline for the complete payroll class. We spend a lot of time in my QuickBooks Training courses on building this payroll foundation. That said, let’s take a look at the first hurdle you’ll have to jump when you’re starting out with QuickBooks Payroll: your company setup. Mistakes can result in hefty fines plus endless phone calls to the IRS or state to find out the whys and hows of such penalties. The IRS and other taxing agencies are very exacting when it comes to payroll filings and taxes. If you’ve never attempted it on your own, you might wonder why it’s so different from any other set of financial tasks that you do. Or you can manage it from within QuickBooks using QuickBooks Payroll Service. You can subscribe to a cloud-based solution that integrates with QuickBooks such as Intuit Online Payroll… and others not worth mentioning.Ĥ. You can expect them to do it all for you, but this is costly, and you relinquish most of the control.ģ. This usually costs $100-$250 monthly for companies with fewer than 10 employees. You can hire a payroll service such as ADP or Paychex - or a local payroll specialist - that will do it all for you. And do not forget those lovely IRS penalties for every mistake made.Ģ. This typically involves spreadsheets, tax tables and manually-prepared tax forms. Even though the QuickBooks Payroll setup process is self-explanatory, some QuickBooks Training can help… or you should at least read some of these guides.Īs I mention in my QuickBooks classes, payroll-processing is the most challenging element of the bookkeeper, particularly because you are dealing with taxes, accounting, deadlines and heightened responsibilities.ġ. Considering doing your own payroll inhouse? Be prepared for a grueling setup process.
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