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Thursday, September 19, 2013

What payroll software should you use?

By Sara Boisvert

For small business payroll, full-service external service providers may not be cost effective until you reach enough critical mass to justify the added expense. Small businesses have simpler needs, and any new business owner with the desire to learn can master internal payroll in a short time.

New payroll packages also include excellent technical support so that it’s less stressful to go the in-house route than ever before. But the question then becomes, “What payroll software should you use?” 
Payroll graphic
Quickbooks is the market leader for payroll software per USA Today
While there are many good economical payroll software options out there, the tried and true choice is QuickBooks. Here’s why:

Market Leader


According to an article in USA Today, QuickBooks is the market leader for small business accounting solutions. With upwards of 85% of small businesses and accounting firms using the popular software package, your choice of the QuickBooks Payroll option will ensure:
  • Product reliability
QuickBooks has been available since 1983 and has the years of experience required to understand the needs of small businesses. Intuit, the company that makes the software, has the financial stability to stand behind their product and has a strong reputation in the business community.
  • Software Compatibility
Chances are you’re using QuickBooks for your small business bookkeeping, making QuickBooks Payroll logical to integrate in one system. Data transfer is then a real time saver for any small business, and the link also improves accuracy. Learning QuickBooks Payroll will also be easier since it has the same look and feel as the accounting program.

Many developers have created software for time records, project management, and other employee-related functions that integrate seamlessly with QuickBooks. Adding the payroll option to link these tasks will save time and energy, as well as money lost from costly mistakes.
In addition, most accountants and bookkeeping firms use QuickBooks, which makes payroll tax time far less painful for you!
  • Continuous Improvement
As the industry leader, QuickBooks Payroll has a program of continuous improvement. Whether it’s using new cloud computing or adding new help features, the company works to stay ahead of any new competition.
    financial forms
    Strong technical support adds value to accounting software
  • Technical Support
As with QuickBooks, the payroll option has strong technical support and a variety of options. But again, being the market leader means there is a large support network of other users. In addition to online forums, many community centers and schools offer classes and workshops for products in the QuickBooks family. 

Features


QuickBooks Payroll itself has a number of features that make it a good choice for a small business owner just adding employees. These include:
  • Customization
A nice feature of QuickBooks Payroll is its ability to be easily customized to fit your business needs. 
  • Two Payroll Options
If you work closely with an accountant, you can choose a less expensive version of the software that does not provide tax forms. You’ll be able to automatically generate paychecks with the correct tax deductions; then your accountant can file the appropriate forms with payment.

For a slightly higher fee, QuickBooks Payroll will also generate your tax forms. Of course, they won’t cover your taxes – you still have to pay those yourself! – however, they stay on top of tax law and can help you avoid penalties or fines.
  • Checks or Direct Deposit
QuickBooks Payroll gives you the option of generating and printing your own paychecks or of using direct deposit.

Sticking with the industry leader often brings a wealth of benefits to a business, and this is especially true for small business payroll processing. Silicon Valley pioneer QuickBooks is the clear choice when it comes time for an entrepreneur to add employees.


About the author: Sarah Boisvert is an author who writes on a variety of topics for small business and innovation. She also covers digital fabrication technologies such as 3D printing.

* Image licenses: 1. Royalty Free or iStock source: Stuart Miles via FreeDigitalPhotos.net
2. Royalty Free or iStock source: Arvind Balaraman via FreeDigitalPhotos.net  

4 comments:

  1. Calculation of payroll is not an easy task especially for small businesses that are actually low on resources. And then by engaging the resources in the payroll task only will affect the growth of the business. Using a payroll software seems to be a good solution but then it also comes with it negative side. Like regular updates and maintenance, the cost that small businesses cannot bear and training to its employees to how to use software. Another option available to the small business is outsource payroll function. In this option a business only has to pay the fees to the outsource company and the rest will be done by them. They will generate the reports etc.

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    Replies
    1. Good points Lily, perhaps there is some very user friendly, functional and inexpensive payroll software on the market.

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  2. Thanks for the helpful post on payroll software, it was really too helpful to me, I will say, you can check this review page based on top payroll software.

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