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Payroll invoice template for small businesses

all right so who has the best payroll service for small businesses whether you're looking to hire your first employee set up payroll for your escorp or simply looking for an upgrade from your current provider then picking the best provider will be very important in this video we are going to be comparing the top payroll providers on the market right now ADP QuickBooks and Gusto as a licensed CPA I have direct experience with using each of these payroll providers for my clients and for my own companies that I run as well I have personally been on the back end of some serious payroll issues that can be extremely frustrating and costly if you do not know what you're doing I have dealt with thousands of dollars in payroll penalties in fines due to glitches mistakes errors bad customer support and so on and a lot of this can be avoided by simply choosing the best payroll service for your business to begin with now each payroll provider has pros and cons some have more features than others some have better customer service and some are well more expensive than others the best payroll service for your business will depend on your unique needs and by the end of this video you should have a pretty good idea of which one of these options are best for your business and once you do just use the description of this video to get a discount to any one of these providers if you're new here my name is Sherman the CPA and I guide business owners to less stress and lower taxes every single day at my CPAC coach.com and now I'm going to guide you to picking the best payroll provider so let's get right into [Music] it all right so let's break this all the way down first of all what do small businesses need in a payroll provider on the highest level they need to pay their employees a payroll provider will help you calculate and withhold taxes from your employees paychecks and submit payment to them typically through through direct deposit or check then at the end of the year they will typically prepare in foul your employees W2s with the appropriate government agency and finally send the employee a copy of their W2 now almost every payroll provider can do this for you whether you use QuickBooks Gusto or ADP however there are other nuances involved with payroll like automatically fouling your monthly or quarterly payroll tax returns automatically paying paying your payroll taxes to the appropriate agencies administering benefits like health insurance and 401K plans or how about the ease of use some systems are simply harder to use than others and finally customer support the level of customer service varies greatly amongst your options here now some of the services here are better at doing some of these things than the other ones which is hard to tell from the outside looking in so let's get into the inside experience of working with each of these providers listed in no specific order number one QuickBooks payroll so because 85% of businesses use QuickBooks already as their accounting system it is only right that we start here with payroll now let's go ahead and start with the pros the number one reason why I enjoy using QuickBooks payroll is because it integrates directly with QuickBooks Online which makes bookkeeping a whole lot easier every paycheck you submit can be match directly with the transaction on your bank statement which can save you a whole lot of time so basically QuickBooks is very efficient the software is also pretty easy to use you can log on and pay employees within seconds now let's get into some cons here starting with the important stuff like filing and paying your payroll taxes so as of today all of QuickBooks payroll plans include what they call Full Service payroll which means they will foul and pay your payroll tax returns on your behalf therefore once your payroll account is set up you should not have to worry about fouling your payroll taxes at all at least in theory but the reality is that if you do not set up your account correctly this feature will not work and you can easily be fined for failing to meet your payroll tax requirements as a result please go penties and unfortunately QuickBooks payroll process makes it very easy to make this mistake there are a lot of business owners who think their payroll is working correctly only to be surprised by a letter in the mail from their state informing them about penalties for not meeting their payroll requirements and to make matters worse QuickBooks customer support is very poor in my experience so if you have an issue with your payroll service with them and are not well-versed in your payroll requirements it's quite possible that interacting with their support will only make you more frustrated and stressed just check out this comment from a user on Reddit he basically says that he is a bookkeeper and won't even accept clients who use QuickBooks payroll because the support is so bad now you may be able to get around QuickBooks bad customer support if you have an accountant who can manage your QuickBooks payroll for you or someone who understands the nuances but this is unnecessary with some of the other Solutions in the market and finally another major drawback of QuickBooks payroll is that it lacks several HR features from benefit Administration to managing your employees PTO now to be fair QuickBooks has been adding more and more features and Integrations with health benefit providers 401K providers amongst other things but the service is still lagging behind as competitors by far but if you don't need the extra bells and whistles and you will make sure that your account is set up correctly QuickBooks payroll will be one of your most affordable options with that said let's look at a popular alternative to QuickBooks payroll amongst small business owners number two Gusto if you want an affordable payroll service that can do a little more than QuickBooks payroll Gusto may be a great solution for you first and foremost Gusto's user interface is very simple and easy to use you can easily manage and pay your employees as well as your contractors regardless of where they are located secondly Gusto also offers full service payroll which simply means they will pay and foul your payroll taxes but unlike QuickBooks many people find that their payroll service is a little bit more reliable and hands off than QuickBooks payroll in addition gustl Shines on the HR and benefit side of things their service can integrate directly with health insurance brokers and you have the ability to offer far far more benefits than QuickBooks but not only that they also have far more HR tools to help you hire and manage your employees only saving you more time and headache and price-wise Gusto's prices are very affordable incomparable to QuickBooks payroll with plans starting at just $40 per month now while Gusto is a great option for most small businesses it's only fair that we mentioned some of the cons first and foremost cust is fairly new in comparison to their comp competitors that have been in the payroll business for over a half century Gusto was just formed around 2012 and they have had explosive growth which poses a number of issues for the company with a major one being customer support now while their great technology alleviates a lot of the need for support their support is still very limited in comparison to others in the market first and foremost their support is only available Monday through Friday and they have limited hours of availability on those those days whereas some of their competitors have 24/7 support in addition some customers find their support to be slow at resolving issues which can be frustrating if you have a payroll issue that is acre late fees and interest by the day for some context here I spoke to a rep at ADP about Gusto and this is what they said to me our support department is bigger than their entire company just marinate on that for a second and even though Gusto has a lot of great HR benefits tools and features the support for those tools are even more limited than their core payroll Service Plus while those features are very helpful it is far from an all-in-one HR platform But ultimately if you're looking for the most bang for your buck Gusto may be the best option for your small business and if you sign up with gusto using the link in my description you'll get a $100 Visa card now let's talk about the market leader in the payroll market number three 80 P ADP is number one in the market for payroll services with over 1 million business customers and over half of those being small business owners now there are a lot of things that make ADP Superior in the market but in my experience what sets them apart from the market is their customer support ADP will not just rely on softwar generated checklists to help you get your payroll set up they will literally get on the phone with you and help you complete the required steps for example example before you can run payroll on any of these thirdparty systems you have to first set up an account with your state and a lot of business owners are confused about how to go about completing their State's registration and sometimes they even make mistakes when doing so ADP provides dedicated onboarding support for things like this and will literally sit with you as you go through these steps and even beyond the initial setup ADP has 24/7 Live Support and can even provide you with a dedicated account manager depending on your level of service so in a nutshell their customer support is unmatched in the market but so is their product while platforms like Gusto and QuickBooks race to provide HR benefits and tools ADP provides an all-in-one HR solution for business owners ADP has a long list of features that include everything from background checks and employee onboarding to HR toolkits and training procedures to attract hire and manage your employees now in terms of cons when it comes to ADP there's only one that comes to my mind price ADP is a bit more expensive than QuickBooks in Gusto so much so that you have to get in contact with them to even get a quote their rates start at about $70 per month and will go up based on the level of service you need for your business but the price is Justified in my opinion by adp's exceptional customer service and endless features that you can use as your business grows and because I work with ADP so much they provide all of my clients with a 20% discount which you can use in the description of this video but with all that said the best payroll provider for your business will depend on what you're willing to pay what features you need and don't need and the level of support you desire ADP has the best support Gusto is the most cost effective and QuickBooks is the most convenient that's my opinion as a business owner in CPA that has been doing this for over a decade comment below and let me know what you think though