What is QuickBooks Online Payroll and how does it work?

QuickBooks Online Payroll is a cloud-based payroll solution that automates payroll processing, tax calculations, and compliance for small to medium-sized businesses. The platform handles automatic paycheck calculations, federal and state tax filings, direct deposits, and generates W-2s and 1099s, while providing employees with self-service access to pay stubs and tax documents.

Benefits of Integrating QuickBooks Online Payroll with Abacum

• Sync payroll expenses directly into Abacum for real-time labor cost tracking and analysis
• Automate headcount planning by connecting actual payroll data with forecasted hiring plans
• Eliminate manual data entry between payroll processing and financial planning systems
• Enable accurate departmental cost allocation using detailed payroll breakdowns
• Create comprehensive compensation benchmarks combining historical payroll with budget projections
• Generate automated variance reports comparing planned versus actual payroll expenses
• Streamline month-end close with automatic payroll accrual calculations