Like every business owner, running your company keeps you busy and you thrive on being busy. Focusing on growth goals for 2017, organizing your tax reporting and tax prep meetings with your CPA currently have you going in numerous directions.
That said, it’s simply not optional to forego paying your employees or your required tax obligations. Do you find yourself asking if your payroll process could be completed more efficiently every pay period?
The following options may seem obvious to some, but each present the opportunity for a change that made early in a new fiscal year, you could potentially eliminate your payroll headaches all year long and make year-end a breeze!
1) Hire Payroll Help
Most business owners I know prefer to do as much on their own as possible, but they often make an exception for payroll. Typically, the complex and changing nature of payroll and required reporting followed by potential inconvenience or penalties cause many to seek outside help. How do you evaluate your options and make the right decision?
Ultimately, this is a decision based on integrity, experience and capability. Companies large and small specialize in payroll services, and at Out Of The Box Technology, we have three favorite options:
- Intuit Full Service Payroll
- Available to QuickBooks Online and Desktop Customers
- Does not support job costing
- Intuit Assisted Payroll
- Available to QuickBooks Desktop Customers Only
- Supports job costing
- Intuit Enhanced Payroll
- Available to QuickBooks Online and Desktop Customers
- Supports job costing
These options allow us to work with you to provide a fully managed payroll service for you.
For QuickBooks Desktop customers
Intuit Assisted Payroll allows you to still have control over your payroll without the risk. We simply enter employee hours in QuickBooks and create paychecks and Intuit handles the tax payments and files the tax forms. Intuit Assisted Payroll offers the benefits of outsourced payroll while still having the flexibility of us creating paychecks and able to effortlessly track job costs and profitability. For more information, continue reading about our Payroll Services here.
For QuickBooks Desktop and Online customers
Intuit Full Service Payroll Service offers a completely managed solution in the cloud. IFSP makes it easy to run payroll, by simply entering in hours and Intuit will handle the payroll tax payments and forms. Intuit Enhanced Payroll is a perfect fit for larger businesses with 150 or more employees. This “do it yourself” option includes the payroll tax tables inside of QuickBooks and gives us the control to pay the employees, pay the payroll taxes and file the payroll tax forms. For more information, continue reading about our Services here.
Click on the link above, or call 888.682.8666 to speak with an Out Of The Box Technology payroll specialist today!
2) Make No Change
When you are busy running a business, it may be that you are already doing something very efficiently and exploring a change wouldn’t help, or at least not immediately. Yes, often more efficient options to process your payroll exist, but they will initially be slower or take more of your valuable time. The question to ask yourself is whether your long-term return on investment, of eventually realizing that a different process would be more efficient, is worth the additional cost or time required up front. If you don’t believe you will see a return on your investment or time savings (the same as revenues earned in my opinion!), then maybe you are better off not making a change at all.
3) Software Payroll Solutions
Likely the most easily overlooked option available is something between the two opportunities presented above. What if you could keep your payroll in-house but make your processes more efficient with the assistance of new or upgraded software? You would maintain complete control and independence, but have the opportunity to realize cost and time savings. Certain versions of QuickBooks offers the Full Service, Assisted and Enhanced Payroll that may make your payroll processes every pay period much easier to manage! Then, with the additional reporting features included, your quarterly or year-end reporting is a breeze! Read more about Payroll options here.
Conclusion
Regardless of your current payroll solution, payroll can be complex and time consuming. If you’re a busy business owner who wonders whether you are doing payroll correctly or efficiently, give us a call today to discuss your options and avoid costly mistakes. First and foremost, Out Of The Box Technology is here to recommend the best solution for your unique situation.
