As one of the most important aspects of any business, proper payroll management is an absolute must. However, things do tend to get a little complicated when businesses expand into other countries with different payroll, taxation, and hiring regulations. If handled improperly, your business could find itself in some serious hot water.
For any business that’s expanding into the Great White North, working with one of the payroll companies in Canada is one of the smartest investments you could make.
Not sure why? Here are some of the key ways payroll companies in Canada benefit foreign businesses.
You’re Working with Experts
For the most part, the basic administration of payroll is the same week after week. However, when you expand into another country, things get complicated. While you may think you’re prepared to handle payroll internally, you’ll soon find yourself stressed learning new rules and keeping up with changing regulations. That’s why it’s best to trust the experts.
When you outsource payroll to a payroll company in Canada, you’re working with experts who have years of experience when it comes to foreign countries and Canada’s payroll system. No situation is too complex and you can rest easy knowing your workforce is being paid accurately, on time, and in compliance with Canadian laws.
You’re Reducing Risks
When foreign countries try to handle Canadian payroll on their own, the room for error increases dramatically. For instance, misclassifying an employee as an independent contractor can leave your business at risk of some hefty fines, even if the incident was entirely accidental. Unless someone on your staff has a wide knowledge of Canadian payroll regulations, handling payroll on your own can be a serious gamble.
Payroll companies in Canada eliminate these risks and allow you to focus on your core work—not the stressors of improper payroll management. From properly classifying employees to year-end tax reporting, your business will always be in compliance with government laws and you won’t run into any surprise fines down the road.
Because there are so many payroll mistakes that can be made, outsourcing payroll is almost always the best option.
You’re Covered All across Canada
Expanding your business into Canada is an interesting journey. Not only are you entering a new country, but you’re also working in a new province. Maybe you’re even in a few different provinces!
To make payroll even more complicated, each province or territory in Canada has a number of different regulations that make payroll different from place to place. For instance, vacation pay in Canada is typically four percent while Saskatchewan pays six percent. Knowing each province’s rules is important for any company that’s expanding across Canada.
When you work with a Canadian payroll company, you’re covered no matter which province you’re expanding into. Not only are you covered for your initial expansion, but as your business grows, you’ll continue to be covered as you conquer new ground in different provinces. Instead of trying to keep up with each province’s rules yourself, sit back and let a professional payroll company handle it for you.
You’re Able to Focus on What’s Important
Taking care of payroll administration on your own is a massive undertaking. From managing vacation time and taxes to making sure everything is submitted accurately and on time, you could easily find yourself spending hours each week keeping everything on track.
For the sake of your business and its success, allocate your time to more important duties by outsourcing payroll.
Don’t waste time trying to handle everything all on your own—with the help of payroll professionals, your payroll will be handled so your time is free to be invested back into your business.
Don’t leave payroll to chance. Working with payroll companies in Canada offers your business the resources it needs to expand without any hiccups.