To have a balanced statement, you should also mention all the current cons of Gusto, such as no breakdown of employer taxes in Xero Mapping to FICA, FUTA and SUTA, no breakdown to employee reimbursement types, no benefits of SIMPLE IRA or SEP IRA (low set up cost, great for startups or proprietors), etc. The main differences is that there is no double entry concept in Gusto! That could be very confusing for users who are used to the Xero payroll system.
Hmm... I think that's a personal preference thing. I don't need (and don't see why other people really need) a breakdown of employer taxes to FICA, FUTA, SUTA in their accounting. I think the reason why it used to be broken out by so many accountants was because they desperately needed those breakouts so they could easily do all the payroll by hand and submit the right monies to the right places (I know because I used to do that back in the day). But now? Here are employer taxes, here is the employee withholding, and yes, it all got sent in. Done. I'll give you the employee reimbursement thing, but we've figured out a workaround so it isn't painful. Many proprietors who have a SEP IRA wait until their taxes are done & then just send in an annual check to their brokerage account, so I guess I'm not following why this is a "con" of Gusto. I've never used the Xero payroll system, so I can't compare and contrast the two. The biggest gripe I've heard from ecommerce sellers has been about Gusto's lack of time tracking, but we solve that with TSheets. I see Gusto's benefits as great for a small business owner, and any of the minor inconveniences simply aren't deal breakers for me (and I assume will be fixed with time). But... with all that said, the video is simply my opinion, and you don't have to agree with me. :o)
Thanks for your video Patti! one question for the partnership, for those existing customers in Xero, can they still use the old package? the one without partnership. Thanks!
I know that you *can't* use the old Xero Payroll.... they killed that off entirely. They also shuffled things around, including pricing, as a part of this. The new plans go into effect on Nov 1, 2018. www.xero.com/us/pricing/new-pricing/
The integration is easy; but where can I find out how to setup Xero, or best way to setup Xero before I do any integrations? Right now the bank grabs all the data of the money going to and fro, but I don't know if I have the chart of accounts setup the best way for the integration. Also, I don't want my assistant who handles the customer side of the business accounting to see all the HR and payroll breakdowns while reconciling incoming funds, so I have been very slow to even consider implementing.
If you're uncomfortable with accounting for payroll, my best advice is to align yourself with a reliable accountant who can help ensure everything is set up and running well. They can also probably replace your assistant in the reconciling.
Great Video. What is the main reason why you preferred Gusto to ADP? ADP has ADP Run Payroll which shields the owners' payroll from the general employees' payroll -- an important feature for some small businesses that have both salaried (exempt) and hourly paid employees. Gusto setup is fully transparent to the person running the payroll. Any workaround in Gusto for this? Thanks.
There are quite a few reasons why I prefer Gusto to ADP, but here are my top two: 1) if you ever receive a notice from the IRS, etc., ADP will tell you to contact your accounting professional whereas Gusto will actually resolve the issue (if they can) or will thoroughly explain the issue and hold your hand in helping to resolve the issue. 2) Gusto grows with you as you grow. If you just need payroll, great. But as you grow, you'll probably eventually want to provide benefits to your employees... and eventually you might need more advanced HR resources. They can handle all of that for not too much money. As to your question, I'd recommend you contact Gusto, and if they don't have a solution, you can at least get it added as a feature request.
Thanks for watching! How do you feel about the Xero/Gusto partnership to handle payroll?
do you provide accounting services for New York business?
Yep. We work with businesses all over the country (and world, as long as they have a US-based business).
Thanks for the video on this topic! Exciting news!
Cheryl Finfrock My pleasure! Such great news.
To have a balanced statement, you should also mention all the current cons of Gusto, such as no breakdown of employer taxes in Xero Mapping to FICA, FUTA and SUTA, no breakdown to employee reimbursement types, no benefits of SIMPLE IRA or SEP IRA (low set up cost, great for startups or proprietors), etc.
The main differences is that there is no double entry concept in Gusto! That could be very confusing for users who are used to the Xero payroll system.
Hmm... I think that's a personal preference thing. I don't need (and don't see why other people really need) a breakdown of employer taxes to FICA, FUTA, SUTA in their accounting. I think the reason why it used to be broken out by so many accountants was because they desperately needed those breakouts so they could easily do all the payroll by hand and submit the right monies to the right places (I know because I used to do that back in the day). But now? Here are employer taxes, here is the employee withholding, and yes, it all got sent in. Done.
I'll give you the employee reimbursement thing, but we've figured out a workaround so it isn't painful.
Many proprietors who have a SEP IRA wait until their taxes are done & then just send in an annual check to their brokerage account, so I guess I'm not following why this is a "con" of Gusto.
I've never used the Xero payroll system, so I can't compare and contrast the two.
The biggest gripe I've heard from ecommerce sellers has been about Gusto's lack of time tracking, but we solve that with TSheets.
I see Gusto's benefits as great for a small business owner, and any of the minor inconveniences simply aren't deal breakers for me (and I assume will be fixed with time).
But... with all that said, the video is simply my opinion, and you don't have to agree with me. :o)
Thanks for your video Patti! one question for the partnership, for those existing customers in Xero, can they still use the old package? the one without partnership. Thanks!
I know that you *can't* use the old Xero Payroll.... they killed that off entirely. They also shuffled things around, including pricing, as a part of this. The new plans go into effect on Nov 1, 2018. www.xero.com/us/pricing/new-pricing/
The integration is easy; but where can I find out how to setup Xero, or best way to setup Xero before I do any integrations? Right now the bank grabs all the data of the money going to and fro, but I don't know if I have the chart of accounts setup the best way for the integration. Also, I don't want my assistant who handles the customer side of the business accounting to see all the HR and payroll breakdowns while reconciling incoming funds, so I have been very slow to even consider implementing.
If you're uncomfortable with accounting for payroll, my best advice is to align yourself with a reliable accountant who can help ensure everything is set up and running well. They can also probably replace your assistant in the reconciling.
Great Video. What is the main reason why you preferred Gusto to ADP? ADP has ADP Run Payroll which shields the owners' payroll from the general employees' payroll -- an important feature for some small businesses that have both salaried (exempt) and hourly paid employees. Gusto setup is fully transparent to the person running the payroll. Any workaround in Gusto for this? Thanks.
There are quite a few reasons why I prefer Gusto to ADP, but here are my top two: 1) if you ever receive a notice from the IRS, etc., ADP will tell you to contact your accounting professional whereas Gusto will actually resolve the issue (if they can) or will thoroughly explain the issue and hold your hand in helping to resolve the issue. 2) Gusto grows with you as you grow. If you just need payroll, great. But as you grow, you'll probably eventually want to provide benefits to your employees... and eventually you might need more advanced HR resources. They can handle all of that for not too much money.
As to your question, I'd recommend you contact Gusto, and if they don't have a solution, you can at least get it added as a feature request.
@@AcuityEcommerce Thanks a lot for the quick response.
Do you have an example chart of accounts for people selling online with Amazon and Shopify?
Yes. we do. We have downloadable charts of accounts included in both our Accounting for Amazon and Accounting for Shopify courses.