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How Americans Can Take Advantage of Payroll Services in Canada

Posted by Shannon Dowdall

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Oct 18, 2017 9:00:00 AM

How Americans Can Take Advantage of Payroll Services in Canada.jpgLooking to expand your workforce into Canada? It’s a popular option for American companies, especially in the era of mobile work. There are plenty of talented and skilled Canadian workers who fit the bill for roles with American companies, even if you’re not planning a branch office in Vancouver or Calgary just yet. 

There’s one major problem: payroll. Many companies decide to stay south of the border in order to avoid the headaches of paying foreign workers. 

Download our free guide on what US companies need to know about paying  employees in Canada.

Luckily, there’s an option for you: payroll services in Canada. Even if you’re not planning to expand into Canada, you can still take advantage of payroll services offered by Canadian providers. Here’s how it can work for you.

Paying Canadian Workers

If you work for an American company employing Canadians, you could run into trouble in terms of paying these workers. Payroll services in Canada are the usual answer to this conundrum. 

A Canadian payroll services provider has the expertise you need to navigate Canadian laws. Its team knows all about the various legislation protecting workers in different locations. 

If you choose the right partner, its team should also have expertise in helping American firms who have Canadian employees.

Using Payroll Services in Canada

Some American firms don’t employ Canadians nor do they operate branch offices in Canada. Why would they want to employ payroll services in Canada then? 

There’s a fairly obvious answer: price. The American dollar is currently worth more than the Canadian dollar, meaning US companies can pay less for the same service just by heading north. Since many Canadian payroll services companies already work with US firms that have Canadian operations, they have a great understanding of the US laws surrounding employment, reporting, and payroll. 

It’s a great option for American firms looking to outsource their payroll services.

More Advantages

There’s another reason going north of the border for payroll services works so well for American companies. Since the vendor is Canadian, in Canada, and operating on Canadian soil, you don’t need to worry about tax the same way you would if you hired an American firm.

Since Canada and the US have tax agreements, you can realize some tax advantages by outsourcing to Canada. Although things may be changing in the US, so far, relations and tax arrangements remain favourable.

How to Do It

One reason American companies don’t contract in Canada is that it seems complicated! For many, particularly small businesses, it seems much easier to employ a US company.

Yet it’s no more difficult than contracting to another outsourced vendor in another country. Many companies do that, so you know it can’t be too difficult. If it were, they just wouldn’t do it.

Why Go North?

Why should you choose a provider in Canada? There are two reasons. The first is familiarity with US law. Many Canadian companies must be aware of US laws around worker compensation, taxation, and so on. Canadian and American businesses work together closely all the time, which means payroll services in Canada often have the advantage of a team of experts who truly understand the legal issues.

The other reason is that you may eventually cross the border. Canada is one of the first markets US companies expand to, precisely because of favourable trade arrangements. Canada is also a first-stop for American companies looking for skilled and expert workers. In short, you may soon be eyeing the Canadian market! Getting payroll services in Canada will only ease this eventual move into a new market.

Get the Advice You Need

It’s easy to see how and why American companies should take advantage of payroll services in Canada. Talk to a potential partner today and find out just how easy it is.

Canadian Payroll Tax Deduction Calculator

Topics: Payroll Processing

4 Payroll Mistakes That Arise from Seasonal Employment

Posted by Anna Mastrandrea

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Oct 16, 2017 9:00:00 AM

4 Payroll Mistakes That Arise from Seasonal Employment--.jpgFor many businesses and workers alike, seasonal employment is a good thing! Businesses find the extra helping hands they need during peak seasons, while workers can gain experience or earn extra money. 

Some businesses use seasonal employment as a way to reduce overheads and save money. In some cases, this can be a good move. In other cases, however, seasonal employment can become a payroll tangle. This is particularly true if you don’t know the ins and outs of handling payroll for seasonal employees. 

Download our free guide on what US companies need to know about paying  employees in Canada.

These four payroll mistakes are among the most common employers make when it comes to dealing with their seasonal employees. Steer clear of them to ensure seasonal employment remains a good option for your business.

1. Holiday Pay

Since seasonal employees are with you for a short time, you may not think they’re entitled to holiday pay. You might be wrong. It depends on how long the employee is working for you. 

If the employee works 16 weeks or less, they aren’t entitled to any public holiday pay. If they work more than 16 weeks for you, you need to compensate them for public holidays. For example, if your business in Ontario hired students to work from May 1 to August 31, you’d need to pay them for Victoria Day, Canada Day, and the August Civic Holiday/Simcoe Day. Why? The term of their employment is 18 weeks, which is above the 16-week cut-off. 

Employees you hire in the fall to work from October 1 to December 31, however, would only work 14 weeks. They would not be entitled to holiday pay.

2. Overtime Pay

Do you know the rules around paying seasonal employees overtime? Do you need to pay overtime at all? 

Like holiday pay, overtime compensation depends a lot on how long the employee is working for you. If the employee works more than 24 weeks of the year, you’ll need to provide overtime compensation as you would to any other employee. 

For those who work 24 weeks or less, you still have to pay overtime. However, the rules change a little. Those employees who work less than 24 weeks per year are entitled to overtime compensation, but only after they work 50 hours in a week. 

In theory, both of your seasonal employees—the summer students and the fall seasonal employees—could be eligible for overtime. Keep an eye on the hours you assign and any additional shifts the employees might trade or pick up from their co-workers to be sure you’re compliant.

3. The (Un)Exceptional Hospitality Industry

One of the industries that rely heavily on seasonal workers is the hospitality industry. Restaurants, bars, taverns, hotels, motels, and tourist resorts are heavily impacted by seasonal changes in tourism. A ski resort may be very busy in the winter but virtually dead in the summer. Other tourist attractions may see a boom in business during the summer.

There’s a common misperception: Seasonal employees in this industry have special exemptions or regulations. It’s not true. Everything in Canada’s Employment Standards Act applies to seasonal employees in the hospitality industry, including payroll regulations.

4. Severance Pay

Did you know you may actually need to pay a seasonal employee severance? You might not have realized this. Few employers do. It seems a bit strange: You and the employee are both aware of the seasonal nature of the role at the outset. The employee is aware the job will come to an end.

Yet, according to the Employment Standards Act, a seasonal employee might be eligible for severance pay even if you both knew the job would wrap up. Again, it depends on how long the employee spends in your employ.

If you keep an eye on these issues, you’ll be able to make the most of seasonal employment for your business.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Processing

Outsource Payroll in Canada to Ease End-of-Year Business Woes

Posted by Corinne Camara

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Oct 13, 2017 10:30:00 AM

Outsource Payroll in Canada to Ease End-of-Year Business Woes--.jpgThe end of the year is certainly a busy time. Many small businesses end the fiscal year on December 31. Not only are you recovering from the holidays and making preparations for a new year, you’re also scrambling to close the books while everyone’s on vacation. 

Even if your year-end is at a different time—some businesses close their books on April 30 while others wait until September—it’s crunch time. You need to do paperwork and take inventory, in addition to keeping the business running as usual.

Getting a helping hand is never a bad idea, particularly when you’re busy.

Download our free guide on what US companies need to know about paying  employees in Canada.

It’s why a move to outsource payroll in Canada can help you ease your end-of-year business woes.

Better Recordkeeping

Ideally, you’d outsource payroll in Canada prior to your end-of-year activities. When you do, your partner provider has a better chance of easing your business woes. Why? The team will have better records to work with. 

Recordkeeping is a time-consuming task. Many business owners let it fall by the wayside, particularly when they’re busy. The sooner your payroll provider steps in, the sooner its team can get you back on track with better recordkeeping

If you must bring someone in last minute, your payroll provider can help you sort through your records, clean them up, and start with a clean slate for your new year.

Avoiding Audits and Fines

When you outsource payroll in Canada, you may be hoping to avoid a CRA audit or associated fines for your tax return. Your payroll provider can help, although it may not be able to get you out of an audit if you’ve been engaged in particular practices. 

Your provider can help you ensure you’re maintaining proper records and can provide them to the CRA. The provider’s team can also help you keep your payroll accounting on the up and up. Sometimes, you’re simply too busy or you’re unsure of the ins and outs of reporting. Your payroll partner knows payroll backward and forward and will make sure you’re reporting what you need to report.

Save Time

If you’ve been busy, you may not have kept great records, which can make the end-of-year crunch even worse as you attempt to sort out both math and paperwork. Even if you’ve kept good records, doing up the books for the end of the year can still be time-consuming. It’s less than ideal, since you’re already busy enough!

This is why many businesses outsource payroll in Canada: It saves time. Since your payroll partner is an expert, it takes less time to do up the books, even at the end of the year. While messy records may make the task somewhat more involved, your payroll provider can usually sort things out more quickly and easily.

As the team works on getting the books in shipshape for the end of the year, you can get back to focusing on the things that really matter for your business.

Save Money

You might think you’re saving money by keeping payroll in-house. Yet businesses, particularly smaller ones, usually run up rather large bills when they do so. Most of the costs are hidden, however, so it may look like you’re saving money!

You can spend a lot of your valuable time dealing with payroll, particularly at the end of the year. If it’s not your area of expertise, you might spend more time than you need to, and you also might make mistakes. More mistakes could translate into more fines.

When you outsource payroll in Canada, you’ll save time, which translates into cost savings. You’ll also find fewer errors in your reporting, which can help you avoid fines.

Get a Helping Hand

It should be clear that payroll services can help you and your business succeed. You can save time and money, and complete your end of year with less frustration than ever before.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Processing

What to Prioritize When Seeking Payroll Services in Canada

Posted by Karen McMullen

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Oct 11, 2017 9:00:00 AM

What to Prioritize When Seeking Payroll Services in Canada--.jpgYou’ve made the decision: You’re going to partner with a payroll services firm to get your payroll done right. Now you need to evaluate your potential partners. 

Sometimes, finding the right partner is even more difficult than making the initial decision to send your payroll operations out of house. If you’re feeling lost when it comes to scrutinizing offers and potential partners, take a look at these factors.

Download our free guide on what US companies need to know about paying  employees in Canada.

Experience

Whether you’re a small Canadian business or an American firm looking to expand north of the border, you want any partner offering you payroll services in Canada to have experience. 

While you might be able to score a “good deal” by partnering with a less experienced company, you also increase the risk you’ll run into audit issues come tax time. You or your employees may also suffer, particularly if the inexperienced provider makes mistakes. 

An experienced provider of payroll services in Canada knows what it’s doing. It’ll minimize mistakes, streamline your processes, and look out for audit issues before they even become issues.

Expertise

While experience is important, so is expertise. The two often go hand in hand—but not always. Just because a potential provider is experienced doesn’t mean its team has the expertise and training to handle your payroll! 

This is particularly true when it comes to compliance issues. A provider may have experience but it could also have a track record of non-compliance. If so, steer clear! 

You want any firm providing payroll services in Canada to be an expert. Not only will an expert provider handle your services correctly, it’ll also be able to answer any questions you have and steer you in the right direction.

All-in-One Services

You may not be looking to outsource all of your HR functions right now. You might be looking at sending only payroll out for now. Have you thought about the future, however? As your business grows and expands, it may become beneficial to have an HR partner waiting in the wings.

Your payroll services provider should offer you all-in-one services, not just for your payroll needs but for HR as a whole. This gives you unprecedented flexibility when it comes to scaling your services.

If a provider doesn’t offer this, you may end up being nickel-and-dimed for every service you need, both now and in the future. If you’re hoping to save some money by moving payroll services over to a provider in Canada, this situation is less than ideal.

Full Remittance Coverage

One thing you need to be careful of when you’re looking for payroll services in Canada is dishonest operators. You’ll know them when you see them because they often play this trick:

Many service providers in Canada will claim to cover all of your remittances. In reality, however, they only cover the payroll tax. You want a provider that covers everything, including worker’s compensation and any other provincial tax you might encounter.

You should press any potential provider on the remittances it covers. Always be leery if providers claim they “cover everything” but then want to charge additional fees. Read over the fine print before you sign on the dotted line.

Superior Customer Service

What do others have to say about this payroll service provider? Are they impressed? Did they like working with the team?

Do a little independent research before you sign up with a provider. Reviews from clients can be helpful. Of course, you should also discuss the level of customer service support with the company you’ll be working with.

Remember: If you’re not impressed by the customer service you receive during the negotiation phase, it probably won’t get any better once you’ve signed up. Look for payroll services in Canada offered by a provider that aims to wow you from your initial conversation.

If you prioritize these factors, you’ll be able to select the right partner for your business.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Processing

Biweekly Payroll Versus Monthly Payroll: Key Differences

Posted by Shannon Dowdall

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Sep 22, 2017 9:00:00 AM

Biweekly Payroll Versus Monthly Payroll Key Differences---1.jpgTwo of the most common payroll schedules are biweekly and monthly payments. Each one offers different benefits for your business and its employees. But what are the key differences when it comes to biweekly payroll versus monthly payroll? How do you decide which one to implement for your business?

It’s important to consider your payroll options before making a decision for your business. It’s also important to understand the differences. Read on to see the key differences between biweekly payroll versus monthly payroll options.

Download our free guide on what US companies need to know about paying  employees in Canada.

Biweekly Payroll

As the name suggests, biweekly payroll means your employees are paid every two weeks. With a total of 26 paychecks a year (sometimes 27), with employees typically being paid on alternating Fridays. This payroll schedule is perhaps the most popular, as it allows employees a sense of predictability and frequency with paychecks.

This makes for easy budgeting when it comes to personal expenses and helps when unexpected costs arise. This could be why 69 percent of payroll organizations in the United States pay employees on a biweekly basis, and only six percent reported making payments on a monthly basis. It important to note that payroll taxes are the same regardless of which cycle a business decides to follow.

On the other hand, biweekly payroll can get confusing. This cycle of payment doesn’t always coincide with calendar months, meaning some months will call for three paychecks. Additionally, if payday happens to fall on a holiday, paychecks can be paid early on Thursday or later on the following Monday. While it seems simple, it can leave employees confused as to when they can expect to be paid.

The payroll processing time and costs for biweekly payroll versus monthly payroll are also higher. Because payroll is being processed more frequently, the time and cost for a biweekly cycle does tend to be higher than monthly payroll. For this reason, many companies choose to outsource payroll responsibilities to relieve some of the stress associated with payroll duties.

Monthly Payroll

Monthly payroll means employees are paid once per month—equaling to 12 paychecks a year. This payroll cycle is considered the simplest, as paychecks are only processed once a month. This eliminates any confusion when it comes to which day employees are paid, as it’s always the first or last day of every month, regardless of what day it may fall on.

If the last day of the month falls on a weekend or holiday, employees are simply paid the day before. Because less time is spent processing paychecks, employers also find this to be the most affordable payroll option. Some employees find a monthly payroll cycle easier for budgeting, as they only have to handle bills and finances once a month.

While there are many benefits, monthly payroll can also cause financial stress on employees. All bills and personal finances must be handled with one paycheck, leaving little wiggle room should any unexpected costs arise. This can also be confusing for payroll departments should any employees work on an hourly wage, as the hours worked would change month to month. While this payroll cycle is best suited for salaried employees, many people still prefer the more popular biweekly payroll versus monthly payroll.

Which Is Best for You?

Now that you know the differences, its time to consider which payroll cycle is best for your business and its employees. While one offers lower processing costs, the other is rated higher in employee satisfaction. 

It’s still a difficult decision to make. It would be wise to consider working with a payroll service that can further help you understand which cycle might be a better fit for your business. Soon you’ll be able to sit back, knowing experts in the payroll field are handling your payroll. Getting started is as easy as requesting a quote.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Processing

5 Ways Great Payroll Management Boosts Other Aspects of Your Business

Posted by Corinne Camara

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Sep 20, 2017 9:00:00 AM

5 Ways Great Payroll Management Boosts Other Aspects of Your Business--.jpgGreat businesses have great payroll management. When a company’s payroll isn’t running smoothly, a number of challenges are introduced. On the other hand, when payroll is at its best, other aspects of business have the chance to flourish.

If you find yourself wondering how great payroll management can boost other aspects of your business, continue reading.

Download our free guide on what US companies need to know about paying  employees in Canada.

1. Organizes Budgets

When payroll management is poor, it makes it harder for businesses to create, maintain, and understand budgets. Without a clear understanding of costs such as salaries, vacation pay, or bonuses, it’s impossible to know your profits and losses. This leads to difficulty in creating financial reports or budget statements.

When a company’s payroll is on time and controlled, other financial functions are able to run effortlessly, boosting organization and available information. If keeping payroll organized is becoming a hassle, it might be a sign it’s time to consider outsourcing payroll

2. Simplifies Taxes

When payroll isn’t properly maintained, your business will find it extremely difficult to complete taxes to the satisfaction of the Canadian Revenue Agency (CRA). There are a number of rules and regulations regarding the timing and compliance of payroll and taxes that require a keen attention to detail. From deducting employment insurance or Canadian Pension Plan contributions, there’s a lot to keep up with. Having great payroll management will boost the organization and abilities come tax time, limiting your risks of audits and ensuring your business always abides by the law.  

3. Boosts Employee Morale

Consider whom payroll affects the most: your employees. Employees need to feel confident in their company and it’s commitment to completing payroll on time. If payroll is inconsistent, inaccurate, or late, employees may begin to question the financial stability of your company and its commitment to employees.

The biggest result of poor payroll will be a poor working environment. Stressed employees are less productive and more likely to consider finding work elsewhere. For this reason, focusing your attention to great payroll can lead to happier employees who are more productive at work and more satisfied with their job.

4. Regulates Schedules

Timing is everything when it comes to payroll, and a consistent schedule can be the key to perfecting payroll management. If payroll is consistently taken care of on a set schedule, it’s much less likely errors will occur or major dates will be missed. Outsourcing payroll is one way to help regulate payroll schedules and leave nothing to chance

It also helps business owners and employees know when reports are due, when expenses should be submitted, and when financial planning can take place. Overall, having a consistent payroll schedule can help boost both organization and time management.

5. Relocates Time and Costs

Think about the time and money you spend on payroll. Is it too much? Is it time consuming? Sometimes business owners find themselves spending a lot of resources ensuring payroll is handled on time and in compliance to laws. However, payroll shouldn’t be one of the biggest costs in your budget or timing in your schedule. 

When payroll is running smoothly, it should be predicable and affordable. Great payroll management means more time can be allocated to other, more important tasks, like growing your business or finding new clients. If you’re finding too much time or money being spent on payroll, consider reaching out to a payroll service provider. As experts in the field, you can have professionals handle your payroll tasks, letting you rest easy and relocate time and costs elsewhere. 

Payroll is one aspect of business that shouldn’t be overlooked or put on the backburner. When extra care and attention is directed onto payroll management, other aspects of business will have the chance to grow and improve.

What Are You Leaving to Chance by Handling Payroll on Your Own

Topics: Payroll Processing

4 Ways Small Businesses Can Achieve Payroll Success This Fall

Posted by Ray Gonder

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Sep 11, 2017 9:00:00 AM

4 Ways Small Businesses Can Achieve Payroll Success This Fall.jpgPayroll is one of the most important tasks for any small business. It can also be the most dreaded. Without effective payroll management, it becomes difficult for small businesses to keep track of company finances and maintain employee satisfaction. For the sake of your business and its hard working employees, achieving payroll success should be at the top of your to-do list.

 

You’re likely thinking: achieving payroll success is easier said than done. Thankfully, there are a number of things you can do to achieve payroll success this fall and get your business back on track. Here are five simple ways small businesses can achieve payroll success this fall.

1. Know Your Needs

If you’re finding your payroll management isn’t at its best, it’s time to find out why. What’s working and what isn’t? Are employees satisfied with the current payroll systems? Is your payroll schedule working for your business? Depending on the needs of your business, there could be a number of responses.

It’s your job to evaluate the situation and find out exactly what your business needs in terms of payroll. Small businesses have different needs than large corporations. It’s important to understand how these needs affect your business. If you’re finding payroll overwhelming or you’re unsure where to start, it may be a sign to consider reaching out to a payroll service provider. As professionals in the field of payroll, they can help you understand your businesses needs and how to get things back on track.

2. Understand The Laws

In terms of payroll regulations, there’s a lot to know. From taxation requirements to employment standards, the task of knowing it all can be stressful. For instance, did you know different provinces have different vacation pay percentages? Are you aware of all the deductions you’re responsible for making, such as Canada Pension Plan contributions or employment insurance premiums? There’s a lot to know!

In order to achieve payroll success, you need to have a thorough understanding of each rule and regulation to ensure your business is in compliance with the law. Without doing so, you may find yourself in some serious trouble, facing audits, fines, or even prison time. Understand the laws and don’t leave anything to chance.

3. Classify Employees Correctly

Many companies, especially small businesses, find using independent contractors a more practical way of doing business. It reduces an employer’s liabilities and decreases the costs that are associated with hiring a new, full-time employee. However, classifying employees improperly can lead to a long list of expensive penalties.

In the US, for example, misclassifying employees as independent contractors can subject an employer to back taxes of as much as 41.5 percent of the contractors’ wages. And these penalties can go back for three years! While you might think you’re doing the right thing by hiring an independent contractor, if you make any mistakes, you’ll be left with the consequences.

4. Outsource Payroll

After reading these tips, you’re likely realizing there’s a lot to understand when it comes to payroll. Not only are the rules confusing, understanding what your business needs in the first place can be complicated enough! Outsourcing payroll is one of the most affordable and efficient ways of achieving payroll success.

Payroll service providers are professionals at getting your payroll done fast, affordably, and in compliance with labour laws and taxation regulations Give yourself a break and find some piece of mind—outsource your small businesses payroll and begin reaping all the benefits.

12 Things an American Company Looking to Hire a Worker in Canada Needs to Know

Topics: Payroll Processing

How to Find the Best Small Business Payroll Service

Posted by Karen McMullen

|

Sep 1, 2017 9:00:00 AM

How to Find the Best Small Business Payroll Service-1.jpgAs a small business owner, it’s your responsibility to ensure payroll is handled on time, accurately, and in compliance with the appropriate tax regulations and labour laws. As an essential part of how a business functions, payroll should be one of your top priorities. Perhaps that’s why you’ve made the decision to outsource your payroll needs to a small business payroll service provider.

Download our free guide on what US companies need to know about paying  employees in Canada.

Deciding to outsource payroll is the first step—finding the best provider is the second. With dozens of companies to choose from and each offering different lists of services, making the final call can be a challenge. Continue reading for tips on how to find the best small business payroll service provider and get your payroll running smoothly.

Know Your Wants and Needs

There’s no point in hiring a payroll service provider that offers a long list of services you don’t need. On the other hand, it would be a mistake to work with a company that couldn’t support your business as it grows. Understanding the needs of your business (both now and in the future) is vital before making any decisions.

Start by making a list of all the wants and needs you expect from your payroll service. Open with the basics, like tax information and salary calculations for each employee and expand based off the size and needs of your business. Consider things like paid-time-off management and new hire reporting. Ask yourself questions: Will your needs change as the business grows? Does the payroll service offer any flexibility? Do they provide impeccable customer support? These are all questions you need to consider before choosing a small business payroll service.

Ask Around

Word of mouth is powerful. According to a Nielsen Report published in 2012, 92 percent of consumers say they trust word of mouth or recommendations from friends, above all other forms of advertising. This is an impressive statistic, considering it’s increased by 18 percent since 2007. It proves that sometimes asking around for opinions or advice can really pay off.

Before calling any companies or turning to the web with questions, ask fellow business owners if they have any recommendations you should consider. Find out what services they currently use and how satisfied they are with the services provided. Is there anything missing from the service they use? This can all be added to your list from above. And just as when you hire new employees, ask for references! If the small business payroll service has satisfied customers, they’ll be more than happy to provide you with a contact who has already tried the service.

Ask What Makes Them Unique

Now that you’ve gathered some research and have recommendations, it’s time to call and ask questions. The biggest question you should ask is, “what makes your company unique?” This question should provide you with a gold mine of information. If it doesn’t, then it’s a good thing you asked!

You want to know why you should choose this company over anyone else. What’s special about this small business payroll service and how will it affect your business and its payroll? Hopefully, the business will be able to provide you with a range of answers and even case studies to further prove their point. If the answer isn’t compelling, you know it’s time for you to continue your search elsewhere.

Ask For A Quote

The last step is requesting a quote. Not only will this help you get a sense of your budget, it also helps you determine which payroll service is giving you the best bang for you buck. Look for service that has an all-in approach with little or no base fees. This helps you have a better understanding of costs, without any surprises down the road.

Don’t let the search discourage you. Follow these simple tips and the road to payroll success will become closer than you think!

7 Signs It's Time to Outsource Payroll

Topics: Payroll Processing

How to Educate Yourself about Payroll Trends

Posted by Karen McMullen

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Aug 18, 2017 9:00:00 AM

How to Educate Yourself about Payroll Trends--.jpgThere’s a lot going on in the world of payroll. Trends and legislature are forever changing and staying up to date with the latest strategies or techniques is a full-time job. Not to mention sometimes you simply aren’t aware of a trend in the first place. How do you stay on top of it all?

Educating yourself on payroll trends is easier than you think—especially with technology on your side. From blogs to podcasts, there are dozens of resources that offer you the latest information on payroll trends and how you can incorporate them into your workplace. The key is to just get started!

Follow Payroll Blogs

As a payroll manager or small business owner, juggling your daily tasks can already seem overwhelming. Why add reading a payroll blog to the mix? Keeping up with a payroll blog is a great way to ensure you’re not missing anything major in the world of finance. From reminders of important dates, changes in legislature, and advances in payroll technology, following a blog can help you manage your business and stay on top of payroll trends.

If your company outsources payroll, many of these services offer blogs so customers can remain aware of the changing environment and continue to feel confident is the services they receive.

Payroll Podcasts

With podcasts on the rise, it’s only natural that the trend be taken over by the business world as well. And yes—there are plenty of payroll podcasts that will keep you on your toes. For example, the Canadian Revenue Agency released a series of podcasts aimed at business owners and the Canadian payroll community. The goal is to help listeners stay up to date with today’s most common payroll questions.

Other podcasts, such as Accounting Best Practices with Steve Bragg, offers detailed and in-depth reviews of today’s payroll climate and some tips for payroll managers to follow. Regardless of what you’re looking for, it’s likely there is a podcast with your name on it.

Download our free guide on what US companies need to know about paying  employees in Canada.

Interact Online

It’s great to follow blogs or listen to podcasts, but try taking it one step further. Interacting with other payroll professionals online opens a whole new world of information. One comment on a blog can trigger an entire forum of conversation surrounding payroll trends.

Who knows—you might find yourself learning more from other readers and the comments than you did in the initial podcast or post.

Join Online Communities

Facebook, Twitter, and LinkedIn are goldmines of information. From the latest news stories to technological breakthroughs, these platforms are ideal for sharing information quickly and efficiently. Why shouldn’t it include payroll trends?

Start by joining a payroll discussion group, or a well-known payroll professional. Stay up to date with the content they post, such as links or helpful hints. And don’t be afraid to share or comment. Starting a conversation online is one of the greatest ways to learn new information for yourself, and other payroll professionals.

Don’t Forget Technology

One of the fastest changing trends in payroll is the technology used to complete tasks quickly and efficiently. From online recruiting systems, mobile payroll options, and cloud-based solutions, payroll trends are always moving at the hand of technology. It would be wise to stay up to date with technology and how it can help your business grow.

While it’s likely your current payroll software is getting the job done just fine, think about what could make it even better. If you find yourself asking these questions, it’s likely there’s software that offers a perfect solution. By staying on top of technological advancements, you can prevent errors from occurring before they have a chance to exist.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Processing

5 Benefits of Working with Canadian Payroll Providers

Posted by Karen McMullen

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Aug 14, 2017 9:00:00 AM

5 Benefits of Working with Canadian Payroll Providers.jpgOne 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.

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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.

What US Companies Need to Know about Paying Employees in Canada

Topics: Payroll Processing

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