TORONTO--(BUSINESS WIRE)--Intuit (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced today the launch of two additional QuickBooks Payroll plans in Canada. The new offering is designed to help small-to-medium sized businesses with employees streamline their payroll, making it easy to manage cash flow and boost their efficiency. It also meets a need in the market for integrated time-tracking, HR services, and trusted payroll from payday to tax time, all in one place.
A recent survey conducted by Intuit QuickBooks revealed that among the Canadian small business owners surveyed, 35 per cent between the ages of 18-34 spend almost a full day each week on payroll-related tasks1. As businesses grow and scale in size and complexity, so do their pain points. According to another recent survey, mid-sized businesses report that managing staffing costs like payroll, scaling their financial management tools, and finding robust financial reporting, are among their top growth challenges2.
The new expanded three-plan Payroll offering, which now includes Premium and Elite, is designed to bring small-to-medium-sized businesses a set of time-saving features and functionalities that meet their varying needs as they continue to grow and hire:
- Payroll Core is the original solution that allows employers to run payroll with efficiency and confidence. It provides employees with easy access to their personal employee information, including digital pay stubs and year-end forms, through the QuickBooks Workforce app. Plus, getting started is easy with free guided setup from a QuickBooks expert.
- New Payroll Premium includes all of the features from Payroll Core, plus built-in time-tracking*, self-serve tools for employees, and as fast as next-day payroll direct deposit** to alleviate cash flow concerns by enabling business owners to hold onto their money for longer up until payroll is processed.
- New Payroll Elite is the most comprehensive payroll plan with everything from Payroll Premium included, plus increased workforce accountability via geofencing technology, project-based collaboration where teams can view and share notes, and detailed reports to track profitability, predict time needs and plan for payroll.
”In my conversations with entrepreneurs and their accountant advisors, they often share that payroll is their single largest expense and managing payroll is their single largest administrative burden,” says Andrew Smith, Director of Product at Intuit QuickBooks. “We are continuously innovating to build a platform that meets entrepreneurs where they are, while providing accounting professionals with the tools they need to serve their clients as they grow in size and complexity. With our newest Payroll plans, we offer a streamlined and scalable solution to help keep money in our customers’ pockets longer, give them confidence that their payroll and time tracking are accurate, and set them up for success.”
For more information on the new QuickBooks Payroll plans, visit: https://quickbooks.intuit.com/ca/payroll/
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1The survey, conducted leveraging Pollfish on behalf of Intuit QuickBooks Canada, was completed by 600 Canadian respondents. All 600 respondents identified as small business owners with 1 to 50 employees. Of the total, 264 were identified as younger business owners (ages 18-34). The study took place online between September 5 - 7, 2022.
2Intuit commissioned an online survey in April 2023 of 3,000 mid-sized business owners throughout Canada, all aged 18+. It polled key decision-makers of businesses with $500,000 or greater in annual revenue and 10-99 employees. Responses were collected using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification based on census data to ensure accurate targeting and results. Respondents received remuneration.
*QuickBooks Time: Time tracking included in the QuickBooks Online Payroll Premium and Elite subscription services. Features vary and may be available in English only.
**Fast payroll direct deposit: Available to QuickBooks Online Payroll Premium and Elite users only. Payroll submitted before 5 PM PT will be processed the same business day (excluding weekends and holidays) and deposited into the recipient’s bank account next day, or in 2-business days depending on the recipient’s bank (i.e. a small percentage of bank branches require 2-business days for direct deposit). Requires setup of direct deposit and bank verification. May be subject to eligibility criteria. Deposit delays may vary because of third party delays, risk reviews, or issues beyond Intuit’s control. Available only for employees, not available for contractors or tax payments.