Moving Your Payroll In House: Maximizing Deductions

Online bookkeeping software training can simplify payroll and minimize tax liabilities. If you're looking to streamline your business accounting needs, investing a few hours in online bookkeeping training can pay huge dividends.

Payroll Protocols

Adopting bookkeeping software empowers businesses to take charge of payroll needs and helps develop payroll procedures for employees.

  • Codifying Contracts: Making compensation structures clear for your employees is crucial. For instance, Quickbooks online training can show you how to create employment interfaces that outline hourly wages, salary structures, bonuses, and benefits. When properly configured, bookkeeping software allows for seamless payroll processing and accounting. This can allow you to bring accounting and payroll processing in-house.
  • Retirement Plans: Retirement products can be notoriously difficult to set up. Online bookkeeping software training can show you how to build retirement deduction into your payroll processing. For instance, if employment contracts include monthly contributions to 401k savings plans, bookkeeping software can make the appropriate deductions and make the process manageable when it comes to tax time.
  • Creating Reports: Although many software programs create a variety of payroll reports, creating reports that are easy to understand can be difficult. For instance, Quickbooks online training can teach you how to create Excel reports that include footnotes, legends, and overlays that make reports more understandable to everyone on your team. These reports can also be stored and accessed across the bookkeeping platforms by anyone with authorization on your team. Online bookkeeping training can show you how to create different authorization categories for your reports to ensure accessibility and security.

Tax Time

Online bookkeeping training can be a crash course in tax preparation made simple. If your business has paid for professional tax preparation, you can use the software to get the job done in house.

  • Tax Deposits: Online training can show you how to make monthly or quarterly tax deposits to account for your projected tax liabilities. This allows you to save the money you'll need to settle your tax liability at the end of the fiscal year. When creating a tax deposit schedule, online bookkeeping training can use your previous tax returns along with your current profit-loss figures to improve the reliability of your tax deposit estimates.
  • W2 Slips: Providing W2 slips for your employees is a big job. Online training can show you how to build your W2 slips throughout the year. Taking a proactive approach to W2 preparation allows for quicker filing and more accurate accounting.
  • Fast Filing: Bookkeeping software can also help your business file your state and federal tax returns.

For more information, contact a company like Blueback Accounting.