![]() If you use QuickBooks during the year, all you need to do at tax time is print your financial statements. By far, the largest headache in preparing a tax return is compiling your income and expenses. Perhaps the most important thing QuickBooks can do for your small business is to simplify tax time. Inventory Valuation Summary report in QuickBooks Online 6. Here’s a video link from Intuit on how QuickBooks small businesses use QuickBooks Payroll: E-pay your payroll taxes directly from QuickBooks.Have QuickBooks fill in the payroll tax forms for you.Calculate federal and state payroll taxes automatically.Pay employees with a check or direct deposit.Running your payroll through QuickBooks will allow you to: The purchase of a QuickBooks Payroll subscription is required to run payroll, but you have several levels of service to choose from to fit your needs. The best thing about using QuickBooks payroll is that it’s integrated with QuickBooks so that your financial statements are always up to date as of the latest payroll run. ![]() This way you can be confident that every hour you pay your employee is also considered for billing to a customer. When you enter employee time as discussed above, the hours not only flow to your invoices but also to the payroll module. QuickBooks has its own payroll function that can automatically calculate and run payroll as often as you need. Mistakes made in calculating paychecks can result in steep penalties and unhappy employees. Payroll is an area that you don’t want to skimp on by trying to do it manually. ![]() You don’t need the payroll add-on to track employee time for billing purposes. Just like time, these billable expenses will be available to add to the customer’s next invoice. ![]() Any expense entered can be marked as billable and assigned to a customer. Time entered and assigned to a customer will be available to add to the customer’s next invoice. Track Employee Time & ExpensesĮmployees or subcontractors can enter their own time as they progress through the day, or a bookkeeper can enter their weekly time if the employee submits a manual timesheet. Statement of Cash Flows in QuickBooks Online 4. ![]()
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