One of the most important aspects of any business is payroll. However, it can also be one of the most complicated and time consuming aspects of running a business. Employees need to be paid, and you need to comply with regulations and laws. But it seems like there aren’t enough hours in a day to get it all done.
Working with Canadian payroll providers is one of the most efficient ways of handling payroll duties. Not sure how? Read on to see the top five benefits of working with Canadian payroll providers.
1. Expert Knowledge
Most business owners and payroll staff don’t have the time or resources to memorize the rapidly changing laws and regulations regarding employee classification, taxation deadlines, or government forms. Some smaller businesses don’t have the means to hire payroll staff at all. This leaves you in a tricky situation, trying to grow your business without the right resources.
Working with Canadian payroll providers ensures your business continues to run smoothly, without hiring a full-time payroll employee or learning all the regulations yourself. With an expert knowledge of HR and payroll, you can trust that your employees are taken care of, with experts handling employee benefits, training, retirement plans, and payroll services.
2. Avoid CRA Penalties
According to the IRS, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings and payments. And the findings are similar in Canada. There are so many deadlines, classifications, and deductions, knowing all of them seems impossible. This leaves your business at risk of losing money due to improperly filed taxes. Perhaps even worse, your business could find itself at risk of an audit.
Canadian payroll providers are there to protect you, ensuring you and your business aren’t left at risk of Canadian Revenue Agency (CRA) penalties.
3. Increase Security
Payroll management is intricate and sometimes risky business. Even with the most trusted staff, there’s always the risk of identity theft, embezzlement of company income, or tampering with files for personal gain. In fact, Forbes estimates that approximately 4 million fraudulent insurance accounts are opened every year using stolen personal information. The risk is high. On the other hand, leaving sensitive data on a company server can leave your business vulnerable to cyber-attacks or crashes. How safe is your server?
Working with Canadian payroll providers leaves your payroll services in trusted hands. With state-of-the-art systems for storing and protecting data, you can rest easy knowing your business and employee information is protected.
4. Refocuses Time
Your business has needs and it’s up to you to handle them. The last thing you want is time taken out of your day to handle both the simple and complicated aspects of payroll. There aren’t enough hours in a day to manage your business, while also managing payroll and HR duties.
There are many signs it’s time to outsource payroll, but finding yourself spending more than enough time on the task is often the biggest tell. Working with Canadian payroll providers keeps your employees paid, and your energy focused on more important business functions. With more time on your hands, growing your business and working towards your goals can become your focus.
5. Peace of Mind
Running a business is stressful. However, research has shown that carrying stress can have negative impacts on many aspects of your health, from your physical well-being to your love life. Working with too much stress can put both you and your business in a dangerous situation.
Give yourself a break and consider outsourcing payroll. Working with Canadian payroll providers ensures nothing with your business is left to chance, letting you relax and your business run with ease.