How Intuit QuickBooks Enhanced Payroll Can Improve Your Payroll Accuracy

Payroll is a rather delicate process that presupposes accurate tracking of time employees spend working, proper calculation of wages, compliance with the legislation in regard to taxes, as well as proper documentation.

The worst part is that many of these small businesses make harmless mistakes that attract penalties from the IRS or cause so much dissatisfaction amongst employees or even lead to financial losses.

QuickBooks Enhanced Payroll service, offered by Intuit, is supposed to assist employers in efficient management of payroll. In this post, we look at five ways that Intuit Enterprise Suite enhances the precision of payroll services.

Automatic Calculation Of Taxes

There is one main type of payroll error which is the case of incorrect tax withholding and payroll taxes. QuickBooks Enhanced Payroll computes the federal, state, and local payroll taxes on a per pay period basis with the help of the most recent tax tables.

Therefore, it builds tax policies that work correctly with different income levels. Additionally, it covers extra levies such as; Medicare or social security levies.

This saved the employers’ time while at the same time offered both employers and employees a belief that all the payroll taxes were done properly.

One way QuickBooks Enhanced Payroll reduces the likelihood of errors is by having the work of handling all the tax mathematics done and behind the scenes.

Real Time Payroll Validations

The problems can arise while entering the hours or altering the pay rates in the systems of the payroll. QuickBooks Enhanced Payroll mainly allows real-time validation of payroll entries to quickly identify dubious or invalid entries.

For instance, it can identify such phenomena as an above-limit overtime that needs some reconsideration or rates lower than legal ones allow. Payroll expenses are also automatically balanced in QuickBooks immediately after a specific pay cycle to assist in establishing variance from budgeted amounts.

By presenting suspect input and totals to adjustment prior to preparation of payroll, the system guards against over or under payments which distort accuracy.

Employee Payroll Profiles Make It Easy To Be Accurate

Payroll accuracy calls for adequate identification, documentation and retrieval of vital personnel information that define their remuneration including salary, frequency of payment, number of taxes exempted and allowances, job description, and earned human resources vacation entitlements respectively.

QuickBooks Enhanced Payroll offers consolidate employee payroll details where and when this vital remunerative and taxation data is presented.

Those integrate with their parent QuickBooks software to exchange employee data in and out of Shared. Thus, up to date and accurate profile helps in carrying out correct payroll calculation by removing wrong information.

Payroll Audit Rigorous Measuring Payroll Accuracy

Reporting and auditing the outputs on the payroll are critical without assistance of Enterprise Suite Intuit when it comes to validation for accurate information on what has been processed.

In addition to the employee pay stubs for QuickBooks Enhanced Payroll users, there are more than 50+ premium administrative reports which include tax exposure, payroll, journal, workers’ comp, and job costing.

Reports also aid tax filings. Although payroll auditing is broad through extensive reports, it sustains payroll correctness through time by checking outputs for remaining errors.

Payroll Specialist Support Solves And Addresses Problems

Despite this, even the best optimized payroll systems can sometimes receive occasional questions or have errors that require the input of a specialist.

QuickBooks Enhanced Payroll has direct access to the US payroll specialist to assist the administrators in addressing Payroll concerns. Professionals promptly respond to inquiries from an administrator, or research the payroll irregularities explained as correction methods.

They help improve the accuracy of the payroll, for instance, when developing complex bonuses or when making changes that make pay retroactive, where mistakes surface.

Conclusion

As this analysis has shown, Intuit QuickBooks Enhanced Payroll maintains high payroll accuracy through the automatic calculation of taxes; validation of inputs and active employee master; records, complete audit trail; and access to QuickBooks certified payroll professionals.

Coupled with these capabilities, employers reap improved accuracy, saving a major amount of administrative time, overhead and compliance risk. Precise payroll promotes employee satisfaction and builds their trust and, in turn, can save money on penalties or legal actions.

Payroll accuracy is always important to any small business and Intuit QuickBooks Enhanced Payroll has what a business need.