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What to Look for in a Payroll Service Provider in Canada

Posted by Corinne Camara

|

Jul 1, 2016 9:00:00 AM

What_to_Look_for_in_a_Payroll_Service_Provider_in_Canada.jpgUltimately, looking to engage a payroll service provider is about acquiring the flexibility and resources needed to provide adequate care for your growing company. Read on to discover how these factors are important when you first start looking around for a provider.

Compliance Expertise

A payroll service provider in Canada is going to use their expertise to navigate your company through the often-complex legal compliance related to Canadian employment management. A payroll service provider is a trained team of human resources and payroll management personnel. You are no longer required to spend hours of your day trying to research all the ins-and-outs of HR and payroll—a payroll service provider will be able to handle it for you. They should also be registered with the Canadian Revenue Agency (CRA).

If you're a foreign business moving into Canada, a Canadian payroll service provider will have a vast knowledge of the laws and regulations associated with employment compliance. Your trusted provider will also offer advice on how your own country’s laws will affect the payroll of your Canadian employees as well. You may think, particularly if you're an American company, that many of the laws are identical—but you’d be wrong! You don't want to risk the potential disaster that could occur if you don’t make sure you’re on top of everything, and many of the laws in one province can be different from the next. Spare yourself a lot of pain and anguish and look for a payroll service provider than has expertise in foreign companies.

Will They Cut Costs?

It's no secret that a payroll service provider can may open up your budget by cutting down on the expenses and time you spent handling human resources and payroll in-house. A quality payroll service provider in Canada will be a team of top industry standard professionals, dedicated to working with you to get the job done efficiently. For a monthly flat rate they will handle all human resources within your company, research all the necessary payroll protocols and paperwork, and can act as a legal advisor in regards to Canadian policies and regulations as well.

A small-to-medium sized business which could only hire a couple of HR employees at most, is going to benefit by having a larger team available right from the beginning so they can focus on growth, development, and their bottom line. A foreign company will benefit by not having to go through the hiring process and navigating all of the subtle cultural differences that can cause tension between business owners from a foreign market and new hires. Training can be bypassed, with payroll provider already having a team flexible enough to manage your business needs effectively and negotiate in a market they are already familiar with.

Finally, there's no point in your trying to save costs by handling payroll by yourself if you fall prey to costly errors like misclassification. Getting a slap-on-the-wrist fine is going to set you back and mess with your budget, which might already be down to the wire. A payroll service provider in Canada will be able to file all of your taxes on time so you aren't penalized with late fees, and they will keep up to date with all employment legislation changes. Relying on a payroll service provider to professionally and competently handle all the compliant issues that may arise with your payroll will guarantee you are not your own worst liability.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Service Provider

How to Use a Payroll Service Provider

Posted by Stacey Duggan

|

Apr 8, 2016 10:30:00 AM

How_to_Use_a_Payroll_Service_Provider.jpgWe've covered a wide variety of topics on this blog—the benefits of a payroll service provider, how they can help with taxes and complicated payroll issues, human resource concerns, and even legal compliance. This time, we've decided to take a more direct approach: how to actually use a payroll service provider. We’d like to cover the basics in more depth.

Many companies have already switched over and many more are considering it, but require just a bit more information before they commit to such a dramatic change. It's understandable—any fundamental change to operations should be carefully weighed and researched before going ahead with anything and that means everything from how it works to how much it costs to how it affects the employees.

Finding the Right Payroll Service Provider

Naturally, the first place you'll want to start is by finding the payroll service provider that suits you best. This means a group that can handle everything you throw at them and more—true experts in their field. Find one that knows all there is to know about human resources, payroll law, employment and labour regulations, and other legal concerns that will affect your business. The more they know, the less you have to worry about.

Because it's a true partnership, you'll also want to find one that emphasizes communication and customer service. Since payroll is such a fundamental and uncompromising aspect of business, you can't find yourself working with an organization that isn't committed to open conversation, updates, and support when you need it most.

Since there are a lot of different types of payroll providers in the world, you'll also want to ensure that the one you're dealing with is transparent in terms of fees as well. As many small businesses and start-ups know, your margins can be razor thin and you want to account for every dollar spent. Some payroll companies advertise a fee, but continue to add costs not discussed during negotiation phase, which can end up hurting more in the long run. A good payroll service provider will show you exactly what you'll be paying and that number won't change. That's peace of mind worth investing in.

The Essentials

Once you've found the provider you want to deal with, it's time for the nuts and bolts. When you first do your consultation, you'll be agreeing on some details—your holiday and vacation policies, your pay schedule, tax information, any exceptions or specifics built into certain contracts, and more. Once everything's agreed upon, a contract is signed and you can begin to work with them.

As mentioned before, there should be no hidden fees associated and that means at regular intervals you'll receive an invoice and a simple document detailing all aspects of the payroll processing and more that was done on your behalf. This makes it easy to keep all your information in one place and a great deal easier for your record keeper to boot.

Your Operations

In a word, your operations simply become more efficient. You no longer have to worry about legal compliance for example, arguably one of the most frustrating aspects of payroll, because it will all be taken care of for you. Not even taking into consideration the amount of money you’ll save outsourcing payroll, the time that will be freed up will be worth its weight in gold. For those employees who were once working on payroll, they can be put to better use focusing more on the core goals of the company, whether that's expansion, a higher profit, marketing—the possibilities are endless. Consider consulting with a payroll provider today and find out more about how it can help you and your business succeed.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Service Provider

4 Advantages of Partnering with a Payroll Service Provider

Posted by Corinne Camara

|

Jan 6, 2016 9:00:00 AM

4_Advantages_of_Partnering_with_a_Payroll_Service_Provider.jpgAs the marketplace begins to shift dramatically, certain topics are brought up again and again. We have a higher focus on contingent workers, on business expansion and more and more people are partnering with a payroll service provider as a part of their daily operations.

It's not hard for some to see why, but it leaves others with questions as many innovations do. What is a payroll service provider and what can they do for your business? Here are just some of the benefits of the partnership.

1. Navigate Strict Compliance

Each country and region has their own specific laws – many that seem familiar and many more than don't. In Canada alone, there are at least three different laws concerning how often you're required to pay your employees. It can be frustrating to keep track. This is mainly where a payroll service provider comes to the rescue. Specifically, their job is to ensure that all of your payroll and human resources duties are done in strict accordance to the law. They'll concern themselves with new tax rates and deadlines, new human resources commitments (like the Ontario Accessibility Requirements, for example) and other things. Because they have a full team of people on their side, where many companies can't afford one, you can bypass the worry of mistakes and know you're compliant from the start.

2. Existing Infrastructure

Many businesses have begun expanding into a global marketplace, but any sort of expansion can be a huge hassle, not the least of which has to do with administrative registration at the governmental level. A payroll service provider, however, has all the infrastructure necessary already established and can ensure you have the appropriate insurance, banking and financial foundation required to make your move. For most, this streamlines the process and can shorten it by several months – not to mention the savings in time and resources involved.

3. Constant Innovation

It's not just laws that change year to year – businesses are also changing, especially as technology continues to excel as time goes by. We live in a world where out of date information and tools can make or break an entire company but it can be nearly impossible to have the money and resources required to stay on top of every trend. Every year, businesses waste copious amounts of money on employee training, changes in services offered, research and tech upgrades to try to stay ahead and even then, some are only barely hanging on.

Because payroll service providers specialize in their field, they're already on top of it. Their first priority is efficiency, and because of that, they’re constantly perfecting the way they do business. Rather than your business putting in all the effort, they train their own employees rigorously, upgrade their own technology and software, and research any and all information necessary to do the best job they can. That keeps you free of liability and a lot of extra trouble.

4. Cut Down on Waste

Perhaps one of the best aspects of a payroll service provider is their versatility – not only do they expertly handle the financial side of business, but they also provide a great deal of human resources work as well as navigating the legal side of both of those things. For a lot of companies, hiring a full human resources or payroll department is expensive and for some, an impossibility on a small budget. Even for companies that can afford it – wouldn't they rather spend money on operations, rather than peripherals?

In a word, a payroll service provider rolls many administrative roles into one, which spares you the trouble of wasting assets and time. When you rely on a solid third party to handle the details, you can focus solely on the big picture.

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

Topics: Payroll Service Provider

Payroll Processing Companies: What You May Want to Know

Posted by Stacey Duggan

|

Sep 11, 2015 9:00:00 AM

Payroll_Processing_Companies_What_You_May_Want_to_KnowCompanies that seek to expand to Canada and elsewhere face several obstacles. Besides handling the geographic logistics, companies also have to deal with the country's customs and labour laws. As you can imagine, this can get quite difficult! Moving to Canada, for example, is daunting considering that the country has a seemingly overwhelming number of labour and payroll laws on the books (more than 190 to be exact). For small and mid-sized businesses that may not have the resources to handle two separate sets of labour laws (let alone one), operating in a different country presents its challenges.

Outsource Payroll

Thankfully, businesses can hire payroll service companies that can handle all of it for them. Bookkeeping, taxes, labour conditions, medical record-keeping (including online medical record services), general record keeping, etc. These human resources (HR) tasks are critical to the smooth functioning of any business—especially multinational ones. Independent payroll processing companies have the tools, staff, and expertise to take care of every HR responsibility imaginable.

The Experience You Need

Any business owner can tell you just how difficult it is to do in-house human resources duties. Many small business owners are not experienced enough with tasks like totaling hours, calculating gross-to-net earnings for each employee, paying payroll taxes, and filling out tax returns. Especially when tax season arrives, business owners can be at a loss on how to handle it all!

Efficient and Accurate

That is why over 85% of certified public accountants believe small business owners (i.e. owners who run a company of 50 employees or less) should hire outside payroll services. That guarantees no mistakes are made and that HR services are provided safely and efficiently.

Avoid Costly Mistakes

Cost-effectiveness is key here. After all, even the tiniest payroll mistake can lead to serious repercussions down the road. In Canada, for example, the Canada Revenue Agency (CRA), the equivalent to the United States' Internal Revenue Service (IRS), is known for scrutinizing small businesses as they accumulate the highest amount of unpaid taxes. As such, it's important for small businesses in the U.S. that want to expand into Canada to be extra careful when processing their taxes, which is even more reason to hire an independent HR company!

Get the Support You Need

Expanding to more than one country can lead to many new, exciting opportunities for burgeoning businesses. However, without the proper support, lofty dreams can come crashing down. For more information on HR companies, online medical record services, and other HR components, feel free to leave a comment or question at the bottom.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Service Provider, Payroll

7 Benefits of Working with a Payroll Service Provider

Posted by Stacey Duggan

|

Aug 7, 2015 9:00:00 AM

7_Benefits_of_Working_with_a_Payroll_Service_ProviderMany business owners hem and haw when deciding whether or not they should take the jump and start working with a payroll service provider. They cite payroll as their least favourite business task but are hesitant to give up control of a vital part of their organizations and they have difficulty justifying the costs associated with it.

We’re here to tell you that working with a payroll service provider is absolutely worth it. Here are seven key benefits of outsourcing.

Save on Costs

Let’s get this one out of the way first—working with a payroll service provider is actually less expensive than managing the task in house. For small and medium-sized businesses in particular, the math just doesn’t add up to handle payroll internally. You have to pay a salary and benefits to a payroll clerk. You have IT and software expenses, including upgrading your systems to match your software vendor’s requirements, repairs, and support. And you have to buy supplies, like printers, ink, and paper. Calculate what you’re already paying on payroll processing and it probably adds up to more than a plan with a payroll service provider would cost you.

Heightened Productivity

Payroll is time consuming. When you outsource the responsibility, you free up your time, your HR department’s time, and your accounting personnel’s time, so everyone can be more productive. You and your employees can go back to concentrating on core business activities instead of spending most of your time on payroll hassles. You’ll only have to get in contact with your provider once every paid period.

Guaranteed Accuracy

In-house payroll processing is often riddled with avoidable mistakes. When you work with a payroll service provider, you get guaranteed accuracy. Your employees will always be paid correctly and your government paperwork, filings, and remittances will be error-free because the work will be handled by payroll experts.

If, by chance, pay cheques are delayed, paperwork is mishandled, or errors are made, the payroll service provider will take accountability and will remedy the situation to your satisfaction, right away. 

Avoid Penalties

Payroll errors and omissions can be costly, as can late tax filings. Because you’ll receive guaranteed accuracy from a payroll service provider, you’ll also significantly reduce your risk of being subjected to government audits and getting hit with expensive penalties, interest fees, and fines.

Reliability

You can depend on your service provider to manage payroll functions at every pay period. With an in-house clerk, the work being done is only as reliable as the person doing it. Your clerk can suddenly take a vacation, get ill, or go on leave. Or even worse, he might give notice and walk away with all of his payroll knowledge. You can always rely on your service provider to perform the work no matter what circumstances come up. You’ll never be left without help.

Insight

Because you’ll have a team of payroll experts working for you, you’ll always have up-to-date insights and knowledge into current best practices as well as tax laws and regulatory mandates on the local, provincial, and federal levels. The professionals will always be there to offer you guidance, recommendations, and help.

Added Security

Your employees’ payroll files should be confidential. And they should be protected. If your servers and networks aren’t totally secure, you could be risking data breaches. And if your payroll staff isn’t trustworthy, you could be facing fraudulent practices, like ghost employees, theft, embezzlement, and identity theft. These shady business practices can really hurt your business and your loyal employees. When you outsource, though, your information and your money will be completely safe. Your service provider will have the technology needed to identify and alert you to many different types of payroll fraud.

Canadian Payroll Tax Deduction Calculator

Topics: Payroll Service Provider

What a Payroll Service Provider Can Provide You in 2015

Posted by Karen McMullen

|

May 1, 2015 9:00:00 AM

What-a-Payroll-Service-Provider-Can-Provide-You-in-2015You could process your payroll internally but doing so will cost you a considerable amount of time, effort, and money. Plus, unless you’re an expert, you won’t be able to guarantee accuracy or legal and legislative compliance. Instead, why not streamline your payroll processing in 2015 so you can spend more time focusing on your core business activities?

When you outsource your needs to a payroll service provider, you partner up with a company with the expertise and experience necessary to get the job done right and on time, every time. Plus, you can take advantage of other services, too.

Payroll Services

Of course, your payroll service provider will take care of all the administration related to your payroll needs. This includes paying your employees at every pay period, tracking vacation, sick, and personal days, creating earnings and vacation reports, and calculating expenses, commission, RSP contributions, and benefits. The company will also handle your T4s, ROEs, and paystubs. It will take care of your tax remittances, including worker’s comp and provincial-specific taxation, and your year-end tax filings for you. And it will ensure that you’re fully compliant with all payroll and tax legislature.

HR Services

In addition to your payroll needs, your payroll service provider can take on your HR administration as well. It will onboard new employees, which includes negotiations, benefits packages, and agreements as well as prepare and deliver layoffs, terminations, and disciplinary misconducts. It will provide ongoing expertise, guidance, and support when you face sensitive employee issues, as well as stay up to date on employment standards for you, so you don’t have to. Your partner can also help manage worker’s comp and Ministry of Labour claims and investigations as they come up.

If needed, your payroll service provider can also create or revise your human resources policies and procedures, such as job agreements and descriptions and employee handbooks and orientation.

Employee Health and Safety

To keep your employees safe and healthy, your payroll service provider can also offer you employee training and development services related to health and safety programs. This includes the implementation and ongoing training of health and safety fundamentals, workplace violence, emergency preparedness, WHMIS, AODA, workplace inspections and hazard identification, and slip, trips, and falls safety. It can also customize your OHSP policies and manuals, conduct workplace accident investigations, and act as a delegate for all Workers' Comp meetings, mediations, and appeals.

Many Benefits

If you own a small or medium-sized Canadian company, you can benefit from the services offered by a payroll service provider. Not only will this partner handle your payroll needs, but it will also ensure you’re up to date and compliant with current tax and employment standards and take care of your HR administration and health and safety program. Outsourcing your administrative needs can streamline your business activities while saving you time and money and giving you peace of mind. Your payroll service provider can be one of your company’s strongest assets in 2015.

How to Choose?

There are many payroll providers that you could choose from. It’s important to consider all of your options and partner up with the right provider for your unique business needs. Not every company is alike. Each will offer different types of services, pricing structures, and levels of customer service. To get the most out of your new partnership, you must choose a company that is experienced, is focused on its customers’ needs, offers the service features you’re most interested in, and is reputable in the industry.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Service Provider

3 Reasons Why a Payroll Service Provider Can Save You Money

Posted by Ray Gonder

|

Apr 22, 2015 9:00:00 AM

3-Reasons-Why-a-Payroll-Service-Provider-Can-Save-You-MoneyManaging payroll is just about every business owner’s nightmare. It’s often the most dreaded task in business. It’s time consuming, complex, and frustrating. But most of all, it can be costly. Managing payroll in-house can be a big strain on your budget. Many business owners think that handling the responsibility in-house is more cost-effective, when it fact, outsourcing the task can help you save money, especially if you own a small or medium-sized company. Not convinced? We’ve detailed three good reasons why a payroll service provider can save you money below.

A Payroll Service Provider Vs an In-House Payroll Clerk

When you hire a payroll clerk to work out of your office, you have to pay the base salary, along with benefits, sick days, vacation days, and leaves. Not to mention, you have to pay to get the clerk trained, and pay for payroll software and even supplies, like printers, paper, tax documents, and cheques. These expenses add up. You’re also paying this person to work full time even if there’s no work to be done, which is simply a waste of your hard-earned cash.

With a payroll service provider, though, you only pay for the work that is done. And since these providers have experts on staff who know the ins and outs of tax legislature, payroll processing, and government regulations, the work is done quickly and more efficiently than any in-house clerk could manage. That’s just one of their guarantees. Your payroll provider also already has the software and supplies needed to get the job done, so there’s no added expense for you. If you’re still unsure, calculate how much you’d be spending to manage payroll in-house and then compare it to packages offered by service providers—you’ll likely be surprised once you do the math.

Time Saved Is Money Saved

If you’re handling payroll processing on your own, you’re probably spending a lot of time looking up relevant tax literature, filling out paperwork and double-checking your numbers. The fact is you’re not a tax expert, so it’s going to be a time-consuming task. And all that time spent on payroll processing should be spent on other business responsibilities—the stuff you are an expert in.

Payroll processing is never ending. It doesn’t matter if you’ve just attended to payroll demands, there are more just around the corner with the next pay period—ready to suck up all your time. You need to calculate payroll, print, sign, and distribute cheques and pay stubs, generate reports, and prepare and remit payroll taxes and returns to the Canada Revenue Agency. A cycle never ends. But when you invest in a payroll service provider, you get that precious time back so you can concentrate on strategies that will help your business grow in the future, which is exactly what you should be doing.

Avoiding Costly Mistakes

Many business owners rely on the services of a payroll service provider because they trust the experts to get the job done right, every time. After all, they are the ones with the in-depth knowledge of government regulations and tax codes, so they can ensure that you’re always in compliance.

One of the most stressful aspects of payroll processing is the risk of making errors—that can cost you in fines and penalties. Payroll service providers know what they’re doing so the risk of error is significantly lowered. And if they do make mistakes, they take responsibility for it and you can seek financial restitution. When all of your tax paperwork is correct, you save money in fines and penalties.

7 Signs It's Time to Outsource Payroll

Topics: Payroll Service Provider

4 Reasons Small Businesses Should Outsource a Payroll Service Provider

Posted by Karen McMullen

|

Apr 17, 2015 9:00:00 AM

4-Reasons-Small-Businesses-Should-Outsource-a-Payroll-Service-ProviderDid you know that more than 85% of Canada's certified public accountants recommend that small businesses outsource their payroll?

When one considers all the advantages that outsourced payroll services can offer to a small business, this figure isn't surprising. Compared to internal payroll and bookkeeping, outsourced payroll is more time-efficient, cost-efficient, and more beneficial to your enterprise overall.

Still not sure if your company should look into outsourcing its payroll to a Canadian payroll service provider? Here's a more in-depth look at all the ways a payroll provider can benefit your small business.

1. Expertise

Many small business owners know how to do business, but they aren't necessarily experts in payroll. When you outsource your payroll to an external agency, you and your employees' paycheques will be managed by people who make their living by being experts in the complexities of payroll. Because of this, you can be confident that your payroll and taxes will be processed accurately and without error every time.

2. Cost-efficiency

Studies have shown that small businesses will spend approximately $2,600 in direct labour costs each year that are related to their payroll. That doesn't include the cost of paying the salary of a full-time, in-house payroll employee. By outsourcing your business's payroll, these costs will be slashed almost entirely, allowing your business to put more of its budget toward growing, rather than stagnating.

3. Time-efficiency 


Another huge advantage that outsourced payroll services can offer is time savings. Attending to payroll internally requires a huge time commitment, as making errors can be disastrous. By allowing an outside agency to handle your payroll, you and all your small business's employees can devote more time to the core mission of your business, generating more revenue, and being more valuable members of the enterprise.

4. More than just payroll processing

Processing payroll for less time and money is obviously a major advantage of outsourcing your company's payrollbut many of today's outsourced payroll processing providers offer even more services that can benefit your company. One of these indispensable services is human resources support. Your payroll processing provider will be able to offer the guidance and expertise needed to handle any issues that arise with employees, allowing your in-house human resources department to devote more time to resolving non-payroll-related issues.

 

7 Signs It's Time to Outsource Payroll

Topics: Payroll Service Provider, Small Businesses Payroll

What a Payroll Service Provider Can Do for Your Canadian Small Business

Posted by Karen McMullen

|

Apr 6, 2015 9:00:00 AM

What-a-Payroll-Service-Provider-Can-Do-for-Your-Canadian-Small-BusinessIf you run a small- or medium-sized business in Canada, you know that payroll and human resources aren't just about cutting cheques and staffing your company. Human resources management in Canada involves knowledge of regulations throughout the country and each province or territory, and it can be even more confusing when doing business in the United States and Canada. One way to avoid the headaches of employment laws and regulations, and simultaneously streamline your payroll and benefits distribution, is to outsource these tasks to a payroll service provider.

Besides handling paycheques, what can outsourced HR management services do for you and your employees? Plenty! HR and payroll service providers can give you access to web portals, automated telephone systems, and other software features that help make employee self-service for pay stubs and benefits enrollment a breeze. This is especially important for small businesses—providing your employees with the software to handle these requests themselves saves you and your HR specialist’s valuable time. And if your company doesn't have an HR specialist or department on staff, an outsourced payroll processing company can provide you with the help you need.

What else can these HR and payroll services do for you? They can offer guidance on Occupational Health and Safety Programs and even provide your company with customized OHSP manuals and policies for your employees. In the event of a human resources complaint, especially those with legal complications, an HR and payroll service provider can offer guidance and support to help you best handle these issues. They can also prepare and deliver disciplinary misconducts, lay-offs, and terminations to ensure that your company complies with employment law in your region, and they can handle Workers' Compensation requests, as well.

Payroll services companies can even help you with your company's taxes, which can be a valuable asset in helping you avoid costly and time-consuming audits. Best of all, outsourcing payroll and HR management simplifies your business so you can best run your company. Contracting an outsourcer means only having one report to approve and one invoice to pay, and that means less paperwork for you as a business owner. If your business is giving you a headache in dealing with payroll, benefits, and human resources issues, it's time to outsource. Contact a payroll service provider in Canada today to find out how you can let someone else do the busy work for you!

7 Signs It's Time to Outsource Payroll

Topics: Payroll Service Provider

5 Reasons Why Your Business Needs a Payroll Service Provider

Posted by Ray Gonder

|

Mar 25, 2015 9:00:00 AM

5-Reasons-Why-Your-Business-Needs-a-Payroll-Service-ProviderThough you can choose to handle your business’s payroll processing on your own, either with an in-house bookkeeper, manual bookkeeping, or with a payroll software program, you should look into outsourcing your payroll needs to a payroll service provider. When you choose a payroll service provider, you’re doing your business a great service. Here are five of the top reasons why your company needs a payroll service provider.

Bank on the Provider’s Expertise

Your professional payroll service provider will only employ experts in the industry—people who specialize in knowing and understanding the complexities of payroll legislature, government regulations, and payroll taxes and deductions. They have all the necessary knowledge and expertise to get the job done accurately and quickly. In fact, they guarantee that their calculations will always be correct so you don’t get stuck paying hefty fines—which could happen if you try to take on payroll processing on your own.

More Time for Your Company

As a business owner, your time could be better spent on doing what you do best: taking care of your company, not sitting at a desk under piles of paperwork. Looking up relevant legislature, calculating expenses and deductions, and double checking for keying errors requires a lot of time and special attention to detail—and it has to be done at every single pay period. When you opt to use a payroll service provider instead of handling this major responsibility on your own, you’ll have more time to dedicate to your business so you can grow your company. Your business needs you at the helm, and outsourcing your payroll allows you to be where you need to be for the good of your company’s future.

More Money for Your Business

When you save time, you save money. How much time do you think it takes to calculate payroll every two weeks, print, sign, and distribute cheques and pay stubs, generate reports, and prepare and remit payroll taxes? If you think you can do it in a jiffy, you’re mistaken. A time-cost analysis will make it clear that your business can benefit from a payroll service provider. You can also save money from hiring a full-time accounting clerk, and paying for equipment, office supplies, and payroll software. Not to mention the money you save from avoiding CRA fines and interest payment caused by errors or missed deadlines.

Better Security

Embezzlement, identity theft, and tampering with company records are all serious security risks. You may hope that your employees are honest and would never partake in illegal activities for their own gain, but sadly, this isn’t always true. When you trust an employee with payroll processing, you run the risk of being defrauded. Even when you use a payroll software program, do you truly know how secure your company’s server and network are? Using a payroll service provider is by far your best bet for increased security. Your data will always remain safe and confidential because providers use state-of-the-art systems to store and protect your company’s information.

Government Compliance

Naturally, you’re no expert in payroll legislature. That’s simply not your area of focus, and this is understandable. But it’s no excuse for being noncompliant with federal and provincial laws—the government won’t care that you don’t have the necessary knowledge to do the job right. You’ll be penalized even if all you did was make an innocent mistake. Payroll providers know government rules and regulations inside and out and they always keep up to date with changing laws, so you can relax knowing you’re always in compliance.

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

Topics: Payroll Service Provider

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