Historically, payroll processing has been ominous. Scary. It used to intimidate even seasoned business owners. Things are changing quickly.
QuickBooks Online Payroll has come far in the past few years, and it is our payroll processing option of choice. We even run our own firm's payroll on it.
How it works
Inside your existing QBO company file, click the payroll button, choose a subscription level, add employee information, pay rates, and frequency, authorize electronic payments for payroll tax deposits, and you are good to go.
QBO Payroll calculates payroll, remits tax payments to the federal government and the Texas Workforce Commission, pays employees by direct deposit, files quarterly Forms 941, the annual 940, W-3, and W-2s, and accounts for payroll accurately in your company file. Advanced needs like vacation accruals, pre-tax benefit deductions, and expense reimbursement are covered too. If you have common business sense, you can process payroll with this.
Price
Surprisingly reasonable. Like QBO subscriptions, going through an accountant gives you wholesale pricing at 50 percent off standard rates for the life of the subscription. Refer to the QBO offerings for the three packages.
How Maynard CPA can help
We can be involved at any point: getting payroll set up, answering questions as they come up, or handling the entire process. For clients already on other services, we pass subscription fees along dollar for dollar without markup. If you want us involved on a regular basis, reach out for pricing. For payrolls under 10 employees, processing involvement generally runs an additional $35 per payroll run. Many firms hide their pricing. We operate with a "clear is kind" mentality, so you can be set up for success.
Automation
One of our favorite parts. Older payroll options made you log in and click through quarterly filings and payroll tax payments. With these new options, none of that is required.
The process
After setup, it is all automated. Many clients with one or two employees on payroll set a fixed amount and frequency and let it run until something needs to change.
The best time to switch payroll providers is generally year-end, or right at the end of a payroll quarter. That streamlines the compliance side and avoids mid-year headaches. If you are weighing a better option for your payroll, reach out. We would love to help you get ready for next year.
Interested in Maynard CPA running your company's payroll? Contact us.
