QuickBooks Insurance and 401(k): Secure Your Future

Published December 15, 2020
quickbooks insurance and 401k small medium businesses

The launch of QuickBooks Insurance and 401(k) has made it possible for businesses to get comprehensive insurance coverage and safeguard against specific risks. The tool also enables smaller firms to give their employees a 401(k) benefit, which is traditionally only offered by big enterprises with considerable resources.

The extended functionality allows businesses to attract top-tier talent and thrive in a market with much larger players.

In this blog post, we’ll take a closer look at these two essential aspects of business operations that are often overlooked and how a QuickBooks hosting service provider can help you ensure easy implementation of these components.

QuickBooks Insurance

Many small businesses lack proper insurance coverage that can help safeguard the company against certain risks. Property damage and liability claims can cost the company thousands of dollars in out-of-pocket expenses, leaving the company financially vulnerable.

In addition, many businesses delay getting insurance because the traditional process of obtaining a policy is quite complex and cumbersome. Many insurance agencies have several forms that need to be filled out to initiate the process, and it can take a few weeks to complete the process.

Conversely, with QuickBooks Insurance, you can insure your business in mere minutes. Simply open the Insurance tab within the QuickBooks applications and get general liability, employment practices liability, professional liability, commercial auto insurance, earthquake insurance, cyber insurance, and workers’ compensation through four acclaimed providers: CoterieAP IntegoNext Insurance, and Cover Genius.

Choosing the Right Insurance Policy

If you’re having trouble choosing the right provider, then QuickBooks can even help you with that. Using AI technology and existing customer information, QuickBooks can match you with the best insurance policy—one that meets your unique needs. Once you’ve purchased the policy, you can view all essential details regarding the policy and provider in your QuickBooks account.

If you need further assistance choosing a policy, QuickBooks Insurance also offers the option to connect customers with a certified insurance professional to help them navigate the process and ensure they are getting the best policy possible. Many of these policies also come with the choice to pay in monthly installments.

401(k) Benefits Through Guideline

The 401(k) benefit is an enticing job perk that works as a recruitment magnet to attract talented workers and reduce employee turnover. Traditionally, this benefit was largely offered by big businesses with the means to manage numerous employee accounts. With QuickBooks 401(k) supported by Guideline, small businesses can also attract and retain great employees by offering tax-advantaged retirement savings.

Setting up a company 401(k) plan with QuickBooks is easy, convenient, and only takes a few minutes. Small business owners can automate applicable payroll deductions from within the QuickBooks application.

Once users have signed on to Guideline, the account becomes integrated with QuickBooks. Secure data sync capabilities allow all changes and updates to be featured in QuickBooks and your Guideline account without any added steps.

Deductions are made each month automatically, so there’s no need for accountants to deduct charges from payroll manually and re-enter corrected data. Firms can also choose to match the employee’s contributions.

The price of the Guideline 401(k) plan is $39 per month and an additional $8 per month per employee. Businesses can easily add more employees to the plan as the company grows and scales up. As a comprehensive solution, this cost includes full-service 401(k), live U.S.–based support, 3(16) and 3(38) fiduciary, low-cost mutual funds, employee onboarding, and dedicated dashboards.

Easy Implementation With QuickBooks Hosting Providers

If you’re looking to gain an edge over competitors and streamline business operations, QuickBooks Desktop is a powerful solution that comes with extensive capabilities. However, proper implementation is just as important as the software itself.

When you partner with a reliable QuickBooks Desktop hosting provider like gotomyerp, your business can maximize the benefits that come with the application. Not only do we offer premium QuickBooks cloud services at competitive rates, but we support our clients through each stage of implementation, including licensing, optimization, data migration, training, and continued support.

Our dedicated software experts will ensure your company stays up to date will all updates, patches, and improvements for QuickBooks at the best price. Additionally, our team can also help you decide which add-ons, customizations, and third-party integrations will work best with your industry and business needs.

To get started, call us at (877) 888-5525 or try a live demo today!