Ultimately, 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.
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.