Tag: quickbooks

How to Prepare and File Quarterly Payroll Reports

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Every quarter, small business owners must submit payroll reports to their state and the Internal Revenue Service (IRS). These reports are essential for keeping accurate records of employee salaries, wages, and taxes. In this blog post, we will discuss the information required in these quarterly payroll reports and how to prepare them.

What Information is Required?

The information required in a quarterly payroll report varies by state but generally includes:

  • data on employee wages earned each quarter
  • employer contributions made during the same period
  • taxes withheld from employee paychecks

The report will also include detailed records of each employee’s gross wages (wages earned before any deductions) and net wages (wages after deductions have been taken out).

Additionally, employers should provide information on all employees, including their name, address, social security number, and job title/position held at the company or organization.

How to Prepare the Reports

Incline Business Essentials outsources payroll to a specialized payroll provider like Gusto or Quickbooks.  These payroll providers ensure that the reports are remitted to the various jurisdictions in an accurate and timely fashion. Quarterly payroll reporting is included in the service we provide to ensure your company is compliant.

Filing quarterly payroll reports is an important part of running a successful business or organization. The process can be time-consuming, but we ensure this is handled on your behalf.

PCI Compliance 101 – A Beginner’s Guide to Secure Payment Processing

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Cyber-security and payment protection are top of mind for small businesses and consumers.  Small businesses are becoming increasingly vulnerable to data breaches and cyber-attacks. And when it comes to processing payments, PCI Compliance is a way to certify that your business meets current cybersecurity milestones.  As a small business owner, understanding payment processing and data security can be overwhelming. That’s why we’ve put together this beginner’s guide to PCI Compliance, to help small business owners understand the basics and protect their customers’ payment information. We hate that we have to think about this at all!

If you accept payments through Intuit/Quickbooks, make sure you read the last section of this blog!

What is PCI Compliance?

PCI Compliance stands for Payment Card Industry Compliance. It was developed by a council of payment card issuers, including Visa, Mastercard, American Express, and Discover, to establish security standards for businesses that process payment transactions. These standards were established to protect customers from payment card fraud and data breaches. Did we mention that this is boring and we don’t want to have to learn about this?

If you accept payments through Intuit/Quickbooks, make sure you read the last section of this blog!

Who needs to be PCI Compliant?

If your business accepts ACH, credit card, or debit card payments, you should be PCI Compliant. Even if you only accept a few payments a year, you are still at risk of a security breach. If your business is not PCI Compliant, you could be at risk of liability, fines, and a damaged reputation. They hit you where it hurts!

How can you become PCI Compliant?

Becoming PCI Compliant involves a series of steps that ensure your business is complying with the Payment Card Industry Data Security Standards (PCI DSS). These standards require businesses to implement certain security measures to protect their customers’ payment card information. The steps to becoming PCI Compliant typically involve completing a self-assessment questionnaire and undergoing a vulnerability scan to identify any potential security issues. Snooze, snooze.

What are the consequences of non-compliance?

If your business is not PCI Compliant, you could be at risk of fines, legal action, and a damaged reputation. In addition, if your customers’ payment card information is breached, you could be liable for the cost of the damages. Ensuring that your business is PCI Compliant is not only a legal requirement but also a crucial step in protecting your customers’ payment card information and your business’s reputation. Hit where it hurts….again.

PCI Compliance is essential for any business that processes payment transactions. As a small business owner, it is crucial to understand the basics of PCI Compliance and take the necessary steps to protect your customers’ payment card information. By implementing PCI DSS security measures and regularly monitoring your systems, you can reduce the risk of data breaches and cyber-attacks, and ensure that your customers’ trust in your business is maintained. Remember, being PCI Compliant is not only a legal requirement, but it’s also good business practice and a sign of your commitment to keeping your customers’ payment information safe.

If you accept payments through Intuit/Quickbooks:

Intuit recently released an announcement requiring businesses to use Intuit merchant services to become PCI compliant. To continue receiving electronic payments through Intuit merchant services, you will need to become compliant. You have likely already received an email from Intuit (yes, it’s in your junk) explaining the process.

Compliance requires that you pay an annual fee of $85-$300 to SecurityMetrics.  SecurityMetrics will provide you with your final price.  

As a small business owner, you have choices.  You can become compliant.  You can change to a different payment processing system.  You can decide not to accept electronic payments.  All of these options have implications for your business and for your bookkeeping system.  Please take a moment to talk with your lead bookkeeper about your options.  For more information, contact your lead bookkeeper to schedule a talk.  

If you decide to become compliant, Quickbooks has partnered with SecurityMetrics to provide a more seamless experience.  For more information about how the process works and to become compliant, here is the update from Intuit. 

Or for a more personalized experience, contact SecurityMetrics directly at 801-995-6400