Up next in 10
How To Use Payroll _ Easy Tutorial
1K views
Jun 23, 2024
Navigating payroll can be daunting, but this video tutorial makes it simple and straightforward. Designed for business owners, HR professionals, and payroll administrators, this guide covers the essentials of setting up and managing payroll efficiently. You'll learn how to process employee payments, handle tax deductions, and comply with regulatory requirements. The tutorial includes practical tips, step-by-step instructions, and common pitfalls to avoid, ensuring you can confidently manage payroll tasks with ease. Whether you're new to payroll or need a refresher, this video provides all the information you need to get started.
View Video Transcript
0:00
How to use or run payroll
0:02
Hey guys, welcome back to the YouTube channel. Today, I will be showing you how you can run payroll for your small business
0:09
So let's get into it. Now, you can run payroll for larger businesses, but if you are running a large business, you're probably used to it
0:15
But if you're just starting out with your business, you're not sure how to run payroll
0:19
You're confused about quite a few things, and it was the same with me. I didn't know how to run payroll, and you want to make sure that you're not paying your employees via your personal accounts
0:27
or just by, you know, handing them cash, because that can leave you. to a lot of errors and not only can it lead to errors but it can also lead to a lot of legal
0:35
trouble so you can get into quite a bit of legal trouble with the IRS if you're doing that and
0:40
they will find some other issue with your basic payment methods if you're running a unofficial payroll
0:46
So that is why what I recommend is that you go on and check out one of these softwares and I'm
0:51
going to show you guys exactly how to use this software. So first off you have so many different
0:55
accounting software is available or payroll software is available that you can use
0:59
to run your payroll. You have things like A counting, you have UDU, you have Gusto, you have QuickBooks
1:07
so there are quite a few options available for you to be running payroll, and I recommend these
1:12
because they cost you around $13 to $20, and it's a very safe and legal way for you to run your
1:18
payroll. And before we get into it now, these are the four basic options that I really like. These
1:23
are my top four favorites, but I personally have been using QuickBooks, so I'm going to show
1:28
you guys exactly how to get started with QuickBooks and run your payroll. Now, before you get started
1:34
and create your payrolling system with QuickBooks, you need to first create a checking account
1:39
for your business because you don't want to intermingle your funds. That is very, very important
1:44
If you are running a business, then you want to make sure you have a separate business account
1:49
a bank account that is for your business. And if you're running the LLC, you can name it by the LLC
1:54
And then you have your own personal account. You don't want to intermingle your funds. because that is going to lead to quite a few issues down the road So you want to make sure you have a separate checking account for your business Now to get started with setting up on QuickBooks what you going to do is you going to go onto QuickBooks And then you just going to click on free 30 trial You can run a
2:15
free 30-day trial of any of their versions or it just purchase it right away. Currently, they are
2:20
running a 50% discount. Now, after that, what you're going to do is we're just going to enter your
2:25
personal information. I'm just going to do that. Now, you're just going to click on Start Free
2:30
trial to begin your trial on QuickBooks, and it's a very simple and intuitive platform
2:36
Now, the reason that I recommend QuickBooks is that as a cloud-based platform, you can run
2:40
your payroll from anywhere, wherever you might be. Plus, you really have no legal trouble
2:46
So first off, you're going to enter the legal business name, whatever you have registered
2:50
your business as. Next up, you're going to choose what kind of business do you have
2:54
It's the sole trader, partnership, private limited company. So we're going to add this as a private limited company
3:00
Then you're going to choose how long you have been in business. So we're going to add less than one year
3:04
And then your industry. So we are going to choose the personal beauty and well-being
3:09
And then you're just going to click on next over here. And then you're going to enter your role as your business
3:14
So what is your specific role? I am the owner. And then you're going to enter if you have an accountant or bookkeeper, no idea it all myself
3:21
And I'm going to click on next. And after that, you're going to be adding what are the basic features you want to be using with QuickBooks
3:28
So pay our employees is our most important feature of QuickBooks. That is what we are here to do
3:34
We want to set up a simple way to pay all our employees, have our quick and easy system of payroll
3:40
So once you have done that, this is going to be your account. Dashboard on your left, you have your navigation panel
3:46
where you have your basic dashboard, which is called Get Things Done. Then you have your business overview, get paid and pay
3:53
customers and lead, employees, bookkeeping, taxes, and other applications that you can integrate into your QuickBooks
3:58
platform for more simpler working of your business. Now to set up our payroll, first off
4:03
you gonna go into your employee section and we just gonna add like a hypothetical employee so you just going to click on add employee And then after that you going to choose their display name So if they have some other name in your business then you can add that as well
4:17
But we're just going to add the business name like so. Then you can add their address
4:21
You can enter notes. You can add their email, phone number, employee ID, gender, you know, all their personal details
4:27
But we're just going to save the name over here. And you can see a simple employee has been added
4:32
Now, after that, you can click on Get Paid and Pay. Now, after that, you can add customers manually or choose to import customers
4:39
then you have the option to pay. So if you click on pay over here, you can start adding your suppliers
4:44
So we're just going to add a hypothetical supplier. I'm just going to add this as very self-explanatory
4:50
It's the meat supplier. So you can click on create expense, and then you can create expenses for the specific supplier over here as well
4:58
Not only can you run simple payroll, but you're going to be able to do this as well
5:02
Now, if we take a look at the business overview, over here, you can see that you have your expenses, income, sales, bank accounts, and all that
5:10
where you will be able to have a overall money in and money out graph as well, and you will be
5:16
able to monitor that as well. Now, if we take a look at the products and services that we are
5:20
selling, we can also monitor all of your products and services and how much you are selling
5:24
with this platform as well. Now, over here, I have gone to the payroll section of our QuickBooks
5:31
trial. Now, once you have done that, you can see you have your payroll over here
5:35
where you have your overview, employees, contractors, workers, compensation, benefits, HR advisor
5:40
and compliance. Then you have your reports as well. Then you also have your taxes section where
5:45
you can manage your taxes as well. So what you're going to do is we can start by our setting up
5:50
our payroll system over here. So we can click on employees over here. And we're going to add
5:56
some employees. So we're going to click on get started. And then we have not paid over here any of our
6:02
employees in 2022 and we are going to add the next payday as tomorrow at the 9th and then
6:08
you going to add your company name so now as you can see over here we have begun setting up our payroll it super easy You are just going to fulfill all these tax such as your basic business information your team your workers compensation policies 401k retirement plans
6:25
your tax info, bank account, and your tax forms, and your payroll will be set up
6:29
Then you can set up the payday as we did in the initial timing, and then you have your different payroll standards as well
6:35
So you can have your contractor payments, your employee directory, your payroll details
6:39
your payroll summary. So you can receive all of that in the report section of your QuickBooks application
6:46
and you can manage all of that later on. So you have a good way to keep track of all the payroll as well
6:52
And if we go into the report section once more, you even have things like tax liability and payroll
6:57
summaries as well as vacation and sick leave. So you're going to be able to not only run a simple payroll
7:02
system with QuickBooks, but you can also run a more complex system. Now, I do recommend QuickBooks as one of my
7:09
top personal favorites because it allows you tax deductions. You're able to keep a very, very stronghold
7:14
of understanding what your payroll is going to look like for your employees and for yourself as well
7:20
In all legal terms, there are so many other applications available online that will enable you to
7:26
run payroll as well. So I do recommend that you check those out as well and find the best option for you
7:32
Gusto, if we take a look at Gusto over here, Gusto is another super amazing payroll platform
7:38
And you can take a look at their payroll as well. They have some of the most fantastic options available
7:44
Plus, they automatically file your payroll taxes. They have best in class customer service
7:49
And they have an overall easy-to-use and clean platform. That is why I like these two options the best
7:55
Check whatever other platform as well and see which one works for you. And I hope you guys found this video helpful
8:01
And you're now able to understand why you should not be just using your own personal account
8:05
to run your payroll and how you should start setting up. your payroll on any one of these platforms now make sure to leave a like and subscribe to our
8:12
youtube channel and if you have any questions or queries leave them in the comment box down below
8:17
and i will catch you guys in the next video
#Billing & Invoicing
#Bookkeeping
#Business & Productivity Software
#Business Formation
#Home Office
#Human Resources
#Small Business