Question

Discuss how QuickBooks can ensure a company is compliant with payroll taxes. Is there a difference between manual payroll and online payroll in QuickBooks? What are the company’s expectation for reporting payroll

Answer 1

Compliant :

Payroll for QuickBooks Online automatically fills in the latest federal and many state tax forms-you need to just print, sign and mail. Payroll for QuickBooks Online also helps keep track of when tax forms are due and reminds you to file them on time. With Payroll for QuickBooks Online, federal and state payroll taxes are instantly calculated.Also, receive helpful email reminders so your taxes and forms are always on time.

Differences :

1. In case of manual payroll, the scope of possible human error is large. Whereas in case of online payroll, it eliminates human error by minimizing human intervention. The scope of errors is marginal.
   
2. Manual payroll involves a lot of paper trail. Therefore, it is the less eco-friendly option of the two. Online payroll is quicker and does not involve much paper usage. Therefore, it is better for the environment
   
3. In case of manual payroll, the entire payroll process is managed by individuals which required lot of effort whereas in case of online payroll, the entire payroll process can be managed using a computerized system. It requires little human effort.

Company's expectation

1. Data is available on a real-time basis.

2. Reports can be generated within minutes from the system by those having access to it.

3. Analytic data can be generated immediately

4. Accuracy, Security, Compliance based, Cost effective, environment friendly is also expected.