E.Johnson Consulting, LLC, recommends that its clients outsource the payroll process. We assist small and medium size businesses to outsource payroll to a full service payroll provider as opposed to in-house processing. Some of the benefits are listed below.
But for those companies that would like to process payroll in-house using QuickBooks, we provide the following technical, and business expertise necessary to manage in-house processing:
- Payroll Overview
- Choice of solution
- The payroll Center
- All information regarding payroll setup
- Payroll Subscriptions and setup
- Setting up of Intuit Payroll
- Payroll service Keys
- Setting up of Payroll Preferences
- Setting up of user access
- Setting up of Payroll Items (Including necessary customization)
- Tax tracking and mapping payroll Items to the chart od accounts
- Payroll schedules
- Setting up of employees personal and payroll information
- Entering prior payroll checks and liability payments
- Schedule Liabilities schedules
- Prepare Payroll
- Process payroll
- Email pay stubs
- Direct Deposit
- Pay payroll Liabilities
- Identify and fix payroll liabilities issues
- Prepare Stare and Federal payroll tax returns
- Payroll reports
- Time Tracking
- Track time for job costing
- Set up employees for job tracking
- Allocate employees time to customers and jobs
- Time and expenses reports.
- After the fact payroll issues
- Payroll check replacement
- Employees loan and replacement
- W-2s and 941s and any possible adjustments
- Deductions – company and employees
Some advantages of outsourcing payroll to a full service payroll services as opposed to in-house processing:
- Full service payroll providers offer not only payroll processing, but also other benefits such as cafeteria plan, as part of their core business.
- Huge cost savings to small and medium size business, since the cost of outsourcing is much less that a payroll staff. The annual fees that the payroll services charge in all likelihood would be lest that in-house payroll staff.
- Increase in payroll tax compliance. Since the services schedule the paying of these taxes in an automated manner, tax obligations will be met in a timely manner.
- Better internal control and segregation of duties.
Choosing an Outsourced Payroll Provider
- It is important to go with an established service provider that has a history of servicing other small and medium size companies.
- We look at the provider overall services. Excellent customer service is important, as well as timely responses to emails and phone calls. Furthermore; as your business grows you may need additional HR and benefits services. We look to seek if the provider can meet those future growth needs.
- Provider will need to make available reports for your records, as well as for tax and financial preparation.
- The established firms keep abreast of changing technology and regulatory changes.
- As for price, the various providers are all fairly competitive.
E.Johnson Consulting, LLC can serve as your consultant during the out sourcing process.