Top Ten Year-End QuickBooks Payroll Processing Checklist generally occurs after the rush and celebratory atmosphere of the holiday season has gotten over. Considering the lazy way many employees still work after the holiday season.
Businesses must employ payroll support agencies like QBPayrollHelp to avoid mistakes and discrepancies occurring due to less focus on current tasks. However, these issues don’t need to arise because of less concentration and more other valid reasons.
Those who operate their payroll system on their own and manage it also are quite aware of its complexities revolving around rules and regulations, procedures, tax laws and forms, deadlines, etc. Doing all these at the end of the year is another battle altogether.
The QuickBooks Payroll Processing Checklist process has always made bookkeepers and accountants a little wary considering its time-consuming quality and prone to being error ridden if done with only half focus. For this very reason, many businesses opt to employ payroll expert agencies who could offer experienced support via QuickBooks Payroll Tech Helpdesk, especially for those pesky. Still, imperative year-end QuickBooks payroll processes which if went wrong can be quite costly for the business.
As per the survey by IRS (Internal Revenue Service), the financial year ending in March 2015 saw at least 40% of small businesses paying tax penalties of an average of $845 which were mainly due to mistakes like non-payment or delay in payment of withholdings, classifying employees or improper filings, etc.
Many support agencies like QBpayrollhelp accord customers and clients with supreme support that helps them to finish their payroll tasks by choosing an option from several different levels of services from guides for do it-yourself payroll process to Intuit full-service payroll options.
They also offer sound advice on which QuickBooks payroll software integration will be the best for the business after understanding its needs and requirements.
Many agencies like Ebbs Associates are also world renowned for being one of the only support agencies to provide proper authentic training on regular basis for QuickBooks and QuickBooks Payroll at their Portland address or training center.
For the current financial year their schedule was as follows:
- Orientation of the Program: 5th January 2016
- 1st Class was scheduled for 5th January 2016
- The last Class was scheduled for 5th April 2016
- All the classes were held on Tuesdays for 3 hours from 5:30 p.m. to 8:30 p.m.
In case the user is still not using a payroll service by Intuit integrated with QuickBooks, then they need to pay close attention to the checklist of 10 tasks enumerated below as they need to be completed before the end of the year forms can be generated.
The Checklist of Top 10 QuickBooks Payroll Processing Checklist
- Be up to date with the latest updates for payroll.
- The automatic updates option should be turned on for QuickBooks Payroll software.
- Supplies required should be ordered before generating payroll tax forms.
- Employee data for active ones should be checked and verified.
- Year-end bonuses decided to be distributed should be performed
- Proper verification of the data of exempted employees must be covered.
- Verification and reviewing of the data revolving around the benefits according to the employees.
- Wages, sick leaves, and holiday leaves applied by the employees should be verified and corrected if recorded wrongly.
- Information regarding the transactions performed with the vendor should be thoroughly verified for Forms 1099 and 1096.
- State Unemployment and Disability insurance rates should be verified and updated.
Note: For more detail on the above 10 checklists, you can visit Intuit website on My Year-End Checklist.