Quickbooks Payroll Review – Taking A Closer Look At Quickbooks Payroll Services

quickbooks payroll review
Share

On this page, we will provide you with a comprehensive QuickBooks payroll review so that you can understand all the features of this service and decide if it is the right choice for your business’ needs.

As a business owner, handling your finances can easily prove to be one of the most difficult, frustrating, and time-consuming administrative actions. For this reason, many people will choose to hire their own bookkeeper and/or accountant. This way, the owner and immediate management of a business won’t need to spend much time even dealing with financial matters. One of the main issues with hiring somebody to handle your finances, though, is that it can quickly prove to be too expensive. This is why many businesses choose to use platforms like QuickBooks to handle things such as payroll and bookkeeping.

QuickBooks Payroll Review: What is this Service & Why Use it?

QuickBooks Payroll is an all-inclusive service which can handle various necessary business finance tasks. It can automatically calculate and send your employee’s paychecks, track all of your expenses, prepare financial statements, and various other bookkeeping and accounting tasks which you might otherwise have chosen to hire an employee for. In today’s age, platforms like QuickBooks make it easier for business owners to automate many different aspects of business finance.

This QuickBooks payroll review will provide you with all the information that you need to know about this service, including any potential deal-breakers that you should be aware of. To start off, let’s explore some very basic background information about this service and why you might decide to use it for your payroll and bookkeeping needs.

Related: Payroll Services

Automatic Assistance of Payroll

Handling the payroll of your company is something which can be a little time-consuming. As you know, though, it is a task that is consistently necessary for you to do if you wish you to keep your employees happy and at work for your business.

One of the main features that QuickBooks Payroll provides you with is the ability to automatically process and send your payroll with direct deposits. In many cases, the payments are done instantly, but this also depends on the package that you choose to use. In any case, the automatic payroll features will prove to be much easier than trying to do this manually by filling out and signing individual checks.  

Links to Your Desired Source of Payment

If you have a business bank account, you can easily add it into the QuickBooks Payroll system so that it automatically links and uses the funds in your business account for paying bills and payroll. If you would rather use a credit card, you can also choose to link your credit card information to the QuickBooks platform. Since much of the idea behind using Quickbooks in the first place is to help you make payment and the flow of money in and out of your business to be simple, QuickBooks’ system will quickly prove itself to be much more efficient for handling bills and payments than you would otherwise have to do manually.

Tracks All Expenses Made on the Platform

One of the best benefits of using QuickBooks is that all of your business expenses can be easily tracked using the online platform. The expenses can also be assigned to a location or a certain class. This helps you to keep track of each of your expenses in a manner that will be easy to sift through. Best of all, it will also immensely lessen the load that you will have once tax season comes around. When applicable it’s important to make sure that you properly record your expenses, since this can be the easiest way to eventually hurt the integrity of your records when you need to depend on having accurate information for your tax forms.

Packages to Suit Diverse Budgets

If you simply want to take advantage of the ability to handle payroll over QuickBooks, you won’t need to pay as much as somebody who wants to take advantage of the most features possible. Since there are many different packages which come with a diverse array of prices and potential features, you can pick and choose which features matter most to you before finding the package which best suits your needs. Whether you have a limited budget or are willing to pay top-dollar for all of the most popular features, there are packages which will likely fit your budget and expectations.

Additional Premium Services Available

Outside of being able to simply handle your payroll and use the many different standard features of QuickBooks, there are also various different premium services which you can decide individually if you want or not.

Some of the highlights of their premium service include a subscription to the latest labor law posted (which are required by law to be posted in places of employment), workers’ comp insurance, 1099 contractor services, and TSheets time tracking. In this QuickBooks Payroll review, we will break down each of the major features of this platform. Once we are finished discussing the popular package features, we will also break down each of these premium services in greater detail.

QuickBooks Payroll Review: Comprehensive Feature Breakdown

quickbooks payroll reviewBefore you will be able to decide if this is the right service to meet your business’ needs, you should understand all of the features that you can receive from QuickBooks Payroll. Now that we have broken down some of the basic background information behind this service at this point of our QuickBooks Payroll review, let’s go ahead and start looking at the main features of this service in complete detail. As we are exploring the following features, remember that they aren’t all available in each of the different packages. Once we are finished looking through each of the package features, we will provide an in-depth breakdown of each of the different packages so that you know which packages contain which features. Regardless, let’s start off by taking a look at the big picture.

Related: Online Payroll Services

Unlimited Automatic Payment to Your Employees

This is the feature that you were probably looking for in the first place. Let’s be honest. Handling payroll can be a strenuous task. This is likely what brought you to consider QuickBooks Payroll in the first place. One of the most popular features of this platform is that it automatically sends your payments when they are due by direct deposit. This means that you will be able to save hours each month that you would otherwise spend manually handling your payroll. Once payroll turns into a chore for your business, QuickBooks Payroll can help you to maximize your free time and save time for more compelling tasks.

Same Day Payments

There are many different “automatic” payroll systems that you can use but aren’t entirely punctual. After all, if you have to wait several days for a payment to process, patience can quickly start to take a toll. This is why many people who subscribe for a payroll service of some sort ensure that the payments will be made on the same day. Thankfully, this is not a category where QuickBooks can improve. All payments are processed and delivered on the same day. The funds are deposited directly into your employees’ accounts, making the funds available right as you intend them to be.

Tax Calculations Included with Each Payment

When it comes time to do taxes, businesses that handle their bookkeeping are simply much more efficient than those who forget to track all their expenses and prepare for their taxes. If you track your expenses using the QuickBooks platform, there are certain packages which will calculate your tax payments gradually so that you don’t have to spend time doing this when tax season arrives. In reality, this is a feature which could save you an entire day or weeks’ worth of work. Especially if you are the type of company which has a bad habit of procrastinating their tax calculations until the last minute.

100% Penalty-Free Guarantee

When the absolute worst-case scenario arrives, you will run into problems with the IRS. This can be a very troublesome and stressful scenario if you aren’t competent with how to navigate through the laws and system. One of the absolute best features of QuickBooks Payroll is that it comes with a penalty-free guarantee. This means that they will deal with the IRS if you run into any problems. They will also pay any sort of penalties that you may acquire.

Helps You Prepare for Tax Forms

If you subscribe for one of the Full Service Payroll packages (described below), you will be able to take advantage of one of the best features imaginable. Specifically, having all of your payroll taxes done for you. Imagine how nice it would be to kick your feet up and relax when tax season comes around. If you get any of the Full Service payroll packages, you can scratch one more job off the list of business finance tasks. Since the tax is continuously calculated throughout the year in many different packages, you can also choose to have this done manually without investing too much time.

W-2 Forms Filed & Sent for You

Each of your employees will need to have W-2 forms in order to legally file their taxes. As an employer, though, there isn’t a magic button that you can press to have this automatically done for you. You are expected to know how to do this, and to go through all the steps to do it properly without any sort of assistance. Those who use QuickBooks Payroll can take advantage of the feature which helps you to create and send out each of your W-2 forms. Best of all, the quality of the forms is nothing less than professional and will be much easier than trying to do this manually.

Assistance with Every Step of Setup

As long as you don’t subscribe for the most affordable package, you can receive quite a bit of assistance during the setup process so that there is no learning curve or extra time involved in getting your QuickBooks platform setup and ready. Simply let the experts set everything up for you. Just keep in mind that this is a feature which is not available in all the QuickBooks Payroll packages. In order to ensure that you get this feature, make sure to subscribe for one of the Full Service payroll packages. Receiving assistance during the setup process can help you save a lot of time and also make sure that everything is working properly when you are ready to start using the service.

QuickBooks Payroll Review: All the Additional Services Available

quickbooks payroll reviewEach of the following features that we described above are completely unique to the packages. Some of the features are offered in all of the packages, whereas some require you to pay a little extra so that you get the right package. In addition to the features which we described below, there are also some additional services which are not offered in the packages and can be purchased separately. With a couple of exceptions, the additional services do not directly affect your ability to handle payroll with QuickBooks. Therefore, there are various additional services offered alongside QuickBooks Payroll which might be convenient to add on to any package.  

Related: Quickbooks Bookkeeping Services Review

Labor Law Poster Subscriptions

Labor law posters are something which are required to be posted at any place of employment in a place where employees can easily see. As we all know, though, labor laws are something which are constantly changing. This means that it can be really difficult for you, the employer, to uphold your commitments to the law and keep your labor law poster updated.

When you subscribe, it will automatically renew every 12 months. Each time the law changes, you will automatically receive new posters. To ensure that you don’t lose your poster (or that someone destroys it), you will also receive PDF files so that you can print out your own new ones. Poster subscriptions come with a 100% compliance guarantee so that you will never have to worry about the information matching the law.

TSheets Time Tracking

If you hire employees and arrange payment on the basis of each hour worked, then accurately tracking the total hours that each of your employees work is very important. As we all know, though, this can be a little difficult to do if you aren’t entirely efficient at handling this manually. In order to make your payroll process a lot simpler and less time-consuming, you might decide to spend the extra price to sign up for TSheets Time Tracking.

This is a service which comes with many different benefits and is very affordable. To put this in perspective, those who spend at least 30 minutes manually tracking the time that their employees work each month will be happy to pay the affordable price for TSheets Time Tracking since it is so affordable and can end up saving you quite a bit of time.

Workers’ Comp Insurance

For starters, it’s important to understand that many states in the USA require you to purchase workers’ comp insurance straight from the state. Then, there are many states which simply require employers to purchase insurance for workers’ comp. Unless your business operates out of Texas, you will need to have workers’ comp insurance. If you haven’t quite found a great insurance company for workers’ comp, then you might consider adding this on to one of the QuickBooks Payroll packages since it minimizes the number of bills you need to pay. Specifically, the total number of companies that you need to remember to pay. If you would rather pay one company to handle multiple necessary aspects of your business, the workers’ comp premium add-on for the QuickBooks Payroll service will definitely prove to be an attractive option.

1099 Contractor Forms & Services

As a business owner, filling out 1099 forms manually for your contractors can be a little time-consuming and annoying. If you have outgrown doing this manually and are willing to pay somebody else to handle your 1099 forms, then you might take advantage of this additional service.

Although this isn’t completely done by other people, this service helps you to automatically fill in each of the boxes of the form, print it out, or e-mail it directly to each person. This service is done at a pretty reasonable rate. Starting with the ability to send three forms, you can pay an extra fee for each form that you need to file.

QuickBooks Payroll Review: Different Package Options

quickbooks payroll reviewNow that we have explored all the many different possible features that you can get with QuickBooks Payroll Review, let’s go ahead and look at all the different packages. In this section of our QuickBooks Payroll review, we will be providing a comprehensive guide on each of the different packages, including all the specific features which are available in each package. This will help you decide if this is the right service for you, and also give you a better idea if this is the right service for your needs, or if you would rather use a different company to handle your payroll needs. As we will continue to illustrate in this QuickBooks Payroll review, getting this service means that you will be able to handle much more than just payroll.

Related: Best Payroll Software

Self Service Payroll

This is the most basic QuickBooks Payroll package, and only offers the basic features that you need to get started with your automated payroll system. However, it doesn’t offer many of the premium features that we discussed above. However, those who sign up for the Self-Service Payroll package will still be able to handle their payroll just as efficiently as those who use the more expensive packages.

    • 24-Hour Direct Deposit
    • Calculate Employee Paychecks
    • Calculate and File Year-End Forms
    • Fast & Unlimited Payroll Runs
    • 30-Day QuickBooks Free Trial

As you can see, this package only includes a free trial of QuickBooks. This makes it a great option for those who want to try out the QuickBooks Payroll system with a minimal investment before deciding if they want to use it for the long-term. Just keep in mind that most of the popular features that you can receive from this platform are not offered in this entry-level package.

Self Service Payroll with QuickBooks

This is the most affordable QuickBooks Payroll package which includes full access to QuickBooks. It also includes a lot more features than the basic Self Service Payroll. Just keep in mind that this is a Self-Service package, which means that you won’t receive any assistance for things like taxes, IRS problems, W-2 forms, and so on.

    • 24-Hour Direct Deposit
    • Calculate Employee Paychecks
    • Calculate and File Year-End Forms
    • Fast & Unlimited Payroll Runs
    • Track Income & Expenses
    • Minimize Tax Deductions
    • Send Invoices & Accept Payments
    • Quick Financial Reports
    • Send Estimates
    • Includes QuickBooks

This is a great package for the business that already has their own bookkeeper or accountant since it gives them all the tools they need to do their job at a very efficient level. Or, somebody in your management who is savvy with financial matters. As you can see, this is a package which offers quite a bit of features and isn’t that much more expensive than the most basic Self Service package.

Self Service Payroll with QuickBooks Plus

This is the least affordable Self Service package but comes with QuickBooks Plus and all the features that this entails. This is the next best thing to subscribing to the most expensive QuickBooks Plus package, minus the fact that this doesn’t include full service. This means that you don’t receive the no-penalty guarantee, assistance during setup, and so on.

    • 24-Hour Direct Deposit
    • Calculate Employee Paychecks
    • Calculate and File Year-End Forms
    • Fast & Unlimited Payroll Runs
    • Track Income & Expenses
    • Minimize Tax Deductions
    • Send Invoices & Accept Payments
    • Quick Financial Reports
    • Send Estimates
    • Track Income & Expenses
    • Manage & Pay Bills
    • Track Inventory
    • 1099 Forms for Contractors
    • Includes QuickBooks Plus

If you are competent in the many different financial aspects of your business, and simply want a package that offers all the most advanced QuickBooks Plus features at the most affordable rate then you might make this your top package choice. As stated, though, this package won’t offer any extra human assistance or any of the additional features we described above.

Full Service Payroll

If you want to try out the Full Service that QuickBooks Payroll offers, you don’t necessarily need to commit to a large investment. As you can see with this package, there are many options for those who would rather try out the Full Service package and use a free trial of QuickBooks. Remember that those who would rather use a free trial can receive one with any of the Full Service and Self Service packages, including a free trial of QuickBooks Plus.

    • 24-Hour Direct Deposit
    • Calculate Employee Paychecks
    • Calculate and File Year-End Forms
    • Fast & Unlimited Payroll Runs
    • Payroll Taxes Handled for you
    • Same Day Direct Deposit
    • W-2 Forms Filed and Sent for you
    • Assistance Setting Up Payroll
    • US-Based Customer Support
    • No-Penalty Guarantee
    • 30-Day QuickBooks Free Trial

If the Full Service option of QuickBooks Payroll is what you are considering the most, this is the best place to start. Although this doesn’t come with the full version of QuickBooks, it will help you to experience the benefits of Full Service before you decide whether or not you want to make a long-term commitment.

Full Service Payroll with QuickBooks

This is the entry-level package when it comes to Full Service Payroll and having the full version of QuickBooks. This package only lacks a few features that we will discuss in the final package and is noticeably more affordable than the best package. As a result, those who don’t need the features of QuickBooks Plus will see this as their best choice for Full Service.

    • 24-Hour Direct Deposit
    • Calculate Employee Paychecks
    • Calculate and File Year-End Forms
    • Fast & Unlimited Payroll Runs
    • Payroll Taxes Handled for you
    • Same Day Direct Deposit
    • W-2 Forms Filed and Sent for you
    • Assistance Setting Up Payroll
    • US-Based Customer Support
    • No-Penalty Guarantee
    • Track Income & Expenses
    • Minimize Tax Deductions
    • Send Invoices & Accept Payments
    • Quick Financial Reports
    • Send Estimates
    • Includes QuickBooks

Those who subscribe to this package are able to take advantages of all the benefits that come with Full Service. This includes the no-penalty guarantee which ensures that you will never have to deal with the IRS. Best of all, human assistance during the setup process, and whenever you run into a technical problem.

Full Service Payroll with QuickBooks Plus

The most premier and feature-packed packages for QuickBooks Payroll is also the least affordable package. Typically, premium services like this will price their packages according to the benefits you receive. If there are more benefits, then it is reasonable to expect that you will need to play a little extra for the additional benefits. As we can see below, there are tons of additional benefits in this package.

    • 24-Hour Direct Deposit
    • Calculate Employee Paychecks
    • Calculate and File Year-End Forms
    • Fast & Unlimited Payroll Runs
    • Payroll Taxes Handled for you
    • Same Day Direct Deposit
    • W-2 Forms Filed and Sent for you
    • Assistance Setting Up Payroll
    • US-Based Customer Support
    • No-Penalty Guarantee
    • Track Income & Expenses
    • Minimize Tax Deductions
    • Send Invoices & Accept Payments
    • Quick Financial Reports
    • Send Estimates
    • Manage & Pay Bills
    • Track Inventory
    • 1099 Forms for Contractors
    • Includes QuickBooks Plus

The main difference between this package and the other Full Service options is that it comes with the full version of QuickBooks Plus. QuickBooks Plus helps you to manage and pay bills, track your inventory, and to manage 1099 contractors. If these features are something that you want, along with the benefits of Full Service, invest the extra cash and get the absolute best QuickBooks Payroll product possible.

QuickBooks Payroll Review: Some of the Most Popular Benefits

quickbooks payroll reviewNow that we have broken each of the main features of QuickBooks Payroll and the various packages, let’s go ahead and look at the benefits and potential setbacks of this service. To start us off, let’s look at some of the most critically-acclaimed features and benefits of this service.

Customer Service and Assistance with Setup

Although this isn’t offered in the Self Service packages, those who subscribe to one of the Full Service packages are typically blown away with the level of assistance that you can receive during setup and the use of the QuickBooks product. Whenever you run into a question, you can simply call customer service and have them assist you.

Automatic Recurring Payments & Simple Account Linking

There is simply no sense in subscribing for this service if you aren’t able to handle your payroll payments with minimal effort. After all, this is the feature which likely caused you to consider this product in the first place. In terms of the efficiency of the recurring payments and ease of setting up your payment methods, this product stands out as one of the simplest platforms for automatically handling payroll.

All-in-One Bookkeeping Option

In reality, those who take full advantage of the many services and features offered in one of the Full Service packages may even be able to avoid hiring their own bookkeeper and accountant. Although there will surely be times where you might still need the assistance of a professional, this service really does a great job at potentially eliminating the need to hire an employee to handle bookkeeping tasks.

Information Updated and Saved Instantly

Financial information can be very difficult to sort out and organize in the first place. Then, it’s important to remember that things can change instantly as you go out and spend business cash. One of the great features of this platform is that all information is updated and saved instantly. In all likelihood, you will never run into problems with lost data or data which isn’t up-to-date.

Can Even Print Checks for You

Do you ever get sick of the need to constantly buy new checks from your bank? Those of us who work in the business world and have plenty of employees can easily run out of checks, making this an expensive and time-consuming chore. However, those who use QuickBooks can eliminate this process altogether, and simply fill out and print out checks for their employees online.

QuickBooks Payroll Review: Potential Deal-Breakers

Although there are clearly many different great things to say about QuickBooks payroll, it’s important that we also mention some of the potential bad things. This way, you can be aware of some of the most popular critiques of this service and decide whether or not they will impact your decision.

Mac and PC Software Differences

The Mac version doesn’t include the ability to let you see payroll paychecks. There are also many instances where people who use both Mac and PC operating systems in their business run into technical problems. To ensure things always work optimally, try to use this product on either a Mac or PC. If you use both, it is possible to run into problems.

Downloaded Transaction Reports Aren’t as Comprehensive

The transaction reports that you receive online are a lot more detailed and comprehensive than the ones that you get when you download them offline. Those who need to download transaction reports and send them over to multiple people, then, might be a little disappointed with the appearance and overall quality of the downloaded forms and might avoid doing this altogether.

System Doesn’t Always Help You Input Transactions Properly

Unless you get one of the Full Service packages, you don’t receive any sort of guarantee that the IRS won’t flag your company and conduct an audit. Although the QuickBooks system is normally very accurate and helpful, there is always a possibility that transactions entered manually can be inputted incorrectly, causing potential problems in the future.

Not All Packages Come Included with QuickBooks or QuickBooks Plus

As we discussed above, each of the packages come with a full version and a trial version. In reality, the best thing to do is simply sign up for the full version if you don’t want to invest more later on to purchase the full version of QuickBooks or QuickBooks Plus. The only people who can benefit from a free trial are those who are complete beginners to this platform.

Interface Can be a Tad Complex

Those who are tech-savvy likely won’t encounter any sort of interface and navigations issues while working with the QuickBooks Payroll system. However, there are many instances where people run into technical problems because they get lost in the QuickBooks interface. If you imagine this might be the case with you, simply sign up for Full Service so that you can call customer service for assistance when needed.

QuickBooks Payroll Review: Major Points & Takeaways

As a whole, QuickBooks Payroll is a wonderful online platform for handling various bookkeeping and accounting tasks. Those who subscribe to one of the Full Service packages, in particular, will be able to essentially have their own accountant without actually hiring an employee since the platform will handle various financial tasks for you. Although this platform isn’t perfect, it is a wonderful choice for anybody who simply wants to handle payroll automatically.

In-sight Newsletter

The newest gear, techniques, & advice delivered to your inbox.

Latest in Finances

Asset 2