Pros: Convenient as it is integrated in with the QuickBooks software
Cons: Too easy to make mistakes, too expensive and not fool-proof enough!
I am a bookkeeper and own my own business and have several clients who need payroll services. One uses this service and I am in charge of reviewing the entries and quarterly reporting. They have made many, many self-made mistakes using this package.
I do not like this service for many reasons. One is the price. Way too expensive for a company with two employees as it seems to average $200 per year for the minimum service. Another reason is that a regular business person who has no payroll background may not set it up correctly. If the payroll items list is set up wrong, your withholdings and other expenses will not go into the proper accounts. This causes a mess of incorrect reporting! I have seen this happen in many cases where I have had to fix the payroll list and make entries to move things around.
The other thing that often gets messed up is the liabilities accounts. If not set up right from the start, employee withholdings will go into the wrong account (often an expense instead of a liability account). Then when the liabilities are paid, they are not zero-ing out like they should. When you withhold taxes and then pay them to the proper agency, there should be a zero balance. Also, when printing out the reports to mail in the the state and IRS, the amounts could be incorrect!
There are so many other less expensive payroll solutions out there now. I prefer to use an internet-based company that does all the calculations, direct deposits, reporting, etc and then you download it into QuickBooks. They send you email reminders about what payroll taxes are due and there is no way to put the taxes in the wrong category (to cause your quarterly reports to be wrong!)
Overall, I just do not think its make as fool-proof as it needs to be for the lay business owner to use. Accountants and bookkeepers can use it rather easily but its way too easy to make mistakes which ends up costing penalties and interest to the business owner! There are less expensive and simpler options now available.