How does your business handle payroll? Do you take care of it internally, or do you outsource it to a third party? Both self-service and full-service payroll offer their own set of benefits to businesses of different sizes and in different industries. In this article, we’ll explore the advantages and disadvantages of both self-service and full-service payroll, helping you determine which option might be best for your business needs.
Pros and Cons of Full-Service Payroll
If you have a small business, you may be wondering if full-service payroll is right for you. Here are some pros and cons to help you make your decision
Many businesses choose QuickBooks Online as their online payroll solution because it provides them with all of their bookkeeping needs at a fraction of what an accountant would charge. The beauty of QuickBooks Online is that you can do everything yourself and save money! With the self-service plan, you’ll get unlimited access to QuickBooks online payroll software without having to pay a monthly fee.
Plus, with the QuickBooks Self-Employed plan, you’ll get up to $5k in free tax preparation assistance through TurboTax Self-Employed. The downside to using QuickBooks Online payroll is that if you want to outsource or hire someone, they will need the desktop version which starts at $10/month.
However, if you’re looking for an affordable way to manage your own business, then QuickBooks Self-Employed might be the perfect fit for you!
If You Choose Full Service, Look For These 2 Services
- QuickBooks Online offers full-service payroll, which means they will handle all of the tax filings and payments for you.
- They also offer a self-service option, which allows you to do the filings and payments yourself.
- If you choose the full-service option, make sure to look for these two services: direct deposit and online access to your payroll reports.
- When deciding on a service, think about what you want out of it and whether or not it fits into your budget. QuickBooks Online’s full-service option can be tailored to fit any business size and company needs, so there’s no need to fret over choosing one or the other.
Pros and Cons of Self-Service Payroll
There are a few pros to using self-service payroll, such as the lower cost and greater control over your payroll process. However, there are also some cons to consider, such as the lack of support and the potential for errors. If you’re not sure which type of payroll service is right for your business, read on to learn more about the pros and cons of self-service payroll.
There are many benefits to self-service payroll that make it an attractive option for small businesses. For one thing, self-service payroll typically costs less than full-service options, so it’s a good choice if you’re looking to save money or simply want the convenience of managing your own payroll processes online.
Plus, with self-service payroll, you have complete control over your employees’ time cards, wages, and tax withholdings. All of these things would be managed by QuickBooks Online Payroll Self-Service for instance.
4 Options To Get Started With Self-Service Payroll Software
- QuickBooks Online Payroll Self-Service: If you have a small business with fewer than 10 employees, QuickBooks Online Payroll Self-Service may be a good option for you. With this option, you can enter employee hours and pay rates yourself, and the software will calculate payroll taxes and prepare paychecks for you to print or direct deposit.
- QuickBooks Online Payroll Subscription (Full Service): For companies that have more than 10 employees, the QuickBooks Online Payroll Subscription offers a full-service solution by automating payroll calculations and producing reports automatically in addition to providing access to online tax forms on your behalf.
- QuickBooks Self-Employed: QuickBooks Self-Employed is another subscription plan available for those who run their own businesses. In this plan, you’ll gain access to specialized tools for small business owners such as invoicing and time tracking.
- QuickBooks Desktop Self-Employed: QuickBooks Desktop Self-Employed is also designed for freelancers and self-employed individuals. The interface of this program is nearly identical to the desktop version of QuickBooks but it’s not compatible with Macs or mobile devices.