There's been a lot of talk about payroll and payroll efficiency, especially as more and more numbers come out to show us just how much strain it puts on each and every company. In fact, it's by far one of the most expensive aspects of doing business, yet at the same time, an it’s an absolutely unavoidable cost. It's one of the major reasons why outsourcing has come up as a topic of conversation so often. Despite the occasional negative connotation, it has actually been encouraged when it comes to peripherals—things that are not core to the operations of a business, yet necessities nonetheless.
Now's the time that business is beginning to shift away from traditional ideas. We realize that focusing on our goals is a more successful use of our time and that leaves us with a decision to make. In this case, partnering with a Canadian small business payroll processor can make the difference between absolute efficiency and success, or continuing to be bogged down by background processes.
1. Save Time and Money
In effect, when you work with a Canadian small business payroll processor, you don't have to worry about processing in-house anymore, which takes a major load off your staff, your time, and your budget. When you consider how long payroll takes—an endless cycle that only gets more complex as more employees are added, benefits are offered, expenses are considered—it's no wonder people don't switch earlier. Like many small businesses, perhaps you can't afford a full team to manage all of these things, which means you have one or maybe two people putting in the effort of five, only to have to restart at the beginning of every new pay cycle.
When you outsource, you're taking a whole chunk of work off your plate and you're able to put your resources to better use. This is money you could be using for marketing or better equipment, something that could further your goals and promote growth. These are people you could have in your accounting department, or managing your higher finances. Think of all you can take back when you no longer have to expend energy working on payroll.
2. Simplify Your World
Payroll isn't just about finance and financial planning—it's about legal compliance, accounting, human resources, management, benefits. You need to consider tax and employment law, labour rights, garnishments and deductions, expenses and overtime, vacation pay, employment insurance, CPP contributions—and that's for every single check. We often underestimate just how complicated it is, and how much time and effort goes into it. We know that errors in payroll can not only lead to employee discomfort and low morale, but in extreme cases, can even be cause for fines and penalties. A simple misclassification error can even lead to massive lawsuits, horrible press, and even jail time if found guilty of contempt.
Partnering with a Canadian small business payroll processor is an exercise in simplification and risk management. With less to worry about and less errors, you're left with an efficient process that works for everyone, with no headaches.
3. Gain Expertise and Innovation
Most companies simply can't afford to send their workers for constant training, updating their skills every time a law or method changes. Workshops are expensive and it piles up—even upgrading software on a regular basis can take a toll. A Canadian small business payroll processor, on the other hand, is constantly up-to-date and always comes equipped with the latest technology. This keeps you and your business ahead of the curve, ready to take on whatever changes may happen. This means you can trust your important peripherals with them—they know what they're doing, they always have your back, and they're ready for anything.