We have some exciting upgrades and improvements to tell you about that are sure to supercharge your QuickBooks payroll experience.
Payroll Cost Allocation
The introduction of the payroll cost allocation feature has been met with an enthusiastic endorsement from accountants. The purpose of payroll cost allocation is to distribute the payroll expenses across various departments or segments within a business. This helps make tracking expenses more efficient, and it allows a decision-maker maker to better understand the following:
Profitability
Resource allocation
Strategic planning
Budget calculations
Previously, this allocation process was time-consuming, requiring users to input journal entries, taking an estimated two minutes per employee. For mid-market companies, this meant nearly two hours of work just to gain an accurate understanding of their finances. However, this is changing.
Payroll cost allocation by class is being tested now for full rollout to customers coming soon.
You will be able to assign multiple classes to pay type/employee while executing payroll
You will have the option to edit the class after paychecks have been written
You will have the ability to view correct class allocations for multiple classes in your profit and loss (P&L) report.
This new feature eliminates the need for making journal entries to allocate paychecks and ensures that employer’s responsibility taxes and contributions are proportionally reflected on the P&L report. This is a significant leap towards efficiency and accuracy.
Customer Focused Payroll Run Update
Recognizing the challenges faced by payroll administrators in running payroll effectively, QuickBooks Payroll launched a feature that enables users to update payroll drafts with just a click!
The new system now compares the data between the draft, employee profile, and time source. This means you will now see an Update Call To Action (CTA) link in Enter Hours, allowing you to synchronize the most recent information from various sources. This upgrade is designed to alleviate the burden and time cost of manual data entry.
This capability enables customers to verify that their data is accurate, particularly for larger employee groups.
If you have any questions about QuickBooks Payroll, or you want to talk about implementing it for your company, please contact us at (303) 801-4772 or use our contact form here.