The New QuickBooks® Insurance and 401(k): How It Can Benefit Your Practice
With the introduction of the new QuickBooks® Insurance and 401(k) from Intuit, small optometry practices can now afford to offer their employees more benefits. One of the top wishes from most jobseekers is access to a 401(k), which many small practices have struggled to afford in the past.
The new QuickBooks® offer makes it easier and cheaper for small practices and businesses to maintain important insurance and find and keep quality employees for longer.
Consider consulting with a certified tax accountant when choosing the best insurance and 401(k) options from QuickBooks®. They can help you manage your books, allowing you to focus on your patients’ needs.
Many small businesses, including optometrist practices, gamble with insurance since they are unable to pay the premiums. This results in many being under-protected. Although skimping on insurance can save you money, if someone sues you or your building receives damage in a storm, you may end up paying more than you would have in insurance fees.
The new QuickBooks® Insurance option is straightforward to use. After accessing the Insurance tab from your QuickBooks®, you can choose from multiple types of insurance, ranging from standardized to specialized. Once you select a type, you’ll get a quote within minutes, and you can finalize the process quickly.
Other insurance companies often take weeks to give you a quote and require a lengthy application process, which takes away your focus from your patients.
In addition to standard insurance, QuickBooks® will use your information to recommend the best insurance type and provider for you. If you already work with a bookkeeper to help with QuickBooks® tax filing, you can ask them to confirm QuickBooks’® recommendations.
QuickBooks® has made it easier than ever for small practices to offer their employees a 401(k). Hiring new employees can take a significant amount of time, energy, and money, so you want to be sure that those you hire remain with you.
One way to attract high-quality employees is by offering benefits like good health insurance and a 401(k). However, many small businesses like optometrists feel that 401(k)s costs outweigh their pros.
The QuickBooks® 401(k) option, powered by Guideline, makes the whole process automatic. Ask your bookkeeper to help you set it up, and you won’t need to think about it again after day one.
It’s affordable for small practices too. You’ll pay a base rate of $39 per month, plus an additional $8 per employee. Because it’s all automatic and synced with your QuickBooks® payroll system, neither you nor your employees will need to spend extra time working out deductions. Plus, as a QuickBooks® customer, you’ll get access to a 401(k), low-cost mutual funds, 3(16) and 3(38) fiduciary, and live support to help you in case of problems.
Work With a Bookkeeper
Outsourcing your payroll, insurance, and 401(k) work to a bookkeeper can save you time and money. Most small practices are chronically understaffed and always busy focusing on their patients, working to provide the best care possible. At Caro & Associates, we specialize in helping small optician practices with their financial needs.
We know how to streamline your payroll system, ensure that you aren’t overspending, and submit all your taxes on time with the maximum deductions possible. If you want to take advantage of the new QuickBooks® Insurance and 401(k) options, contact us at (206) 497-0671 or email us at firstname.lastname@example.org. We’ll help you get set up and make your business more productive and protected.