In many businesses, back-office activities such as payroll, can take up more time than one would expect. It’s not as easy as it seems, especially as a business grows and it’s needs expand. However, there is a solution you should consider: outsourcing payroll.
Outsourcing payroll in Canada has many benefits, all that allow you to focus on more important aspects of your business. In many ways, it’s a simple solution that protects your business and helps you grow. If you’re considering outsourcing payroll, here are some things you should know.
Why Should You Outsource Payroll?
There are many reasons why should consider outsourcing payroll in Canada, and they all provide benefits for your business. With strict regulations in place by The Canadian Revenue agency (CRA), having an expert running your payroll is a tremendous asset that limits risks. Saving time, reducing costs, and bringing an expert to your payroll services are just some of the most obvious benefits. From paychecks to federal regulations, you can rest easy knowing all your vital back-end tasks are being taken care of by experts in the field.
Always on Time
Things get busy. It’s completely understandable that payroll not be at the forefront of your business to-do list. However, your employees rely on you for their paycheck. While it might not seem like the biggest concern, regulated payroll keeps your employees happy and your business afloat.
By outsourcing payroll in Canada, you have guaranteed on time payroll processing. No longer will you have to worry about staying on schedule and managing timesheets—it will all be taken care of efficiently and quickly.
Knowledge of Regulations
As mentioned before, the CRA has strict guidelines and regulations for almost every aspect of your business finances. If you don’t think it’s serious, consider that failing to file Record of Employment can get you up to six months in prison, a $2,000 fine, or both. The list of penalties and consequences is long and complex. Not complying with these can get you and your business into some hot water, and as your business grows, the last thing you want is a lawsuit.
Outsourcing payroll in Canada means a professional is ensuring that your business is complying with federal and provincial regulations. They are up to date with legislative changes regarding employment standards and payroll taxation, as well as year-end tax reports. From worker’s compensation to T4s, you will no longer have to worry that your business will be at risk of an audit.
To answer the biggest question on your mind, outsourcing payroll in Canada will save you money. In fact, organizations that manage payroll services in-house spend on average 18 percent more than organizations that outsourced these functions. Depending on the size of your business, managing payroll can take multiple employees. The larger the business, the more money to be saved by outsourcing these functions. From accurately tracking employee timesheets, to accurately filing for taxes, outsourcing payroll gives you the upper hand.
Increase Your Productivity
Outsourcing payroll in Canada is easy and effective. It takes some of work off your shoulders, and lets you refocus your energy on more pressing business matters. From expanding your business, building new leads, and improving customer relationships, the last thing on your mind should be payroll. Give yourself a break and your business a boost by letting professionals take care of the back end of your business. From day one, you will see nothing but amazing results.