Payroll services such as Payment Evolution, ADP, Ceridian, and Wagepoint have made managing payroll much easier for businesses.
But business owners still struggle with:
- Missed deadlines which can lead to expensive penalties
- Incorrect treatment of payments like employee bonuses
- Incorrect treatment of statutory holiday pay or vacation pay
- Incorrect calculations of CPP, EI, and tax withholdings resulting in a Pensionable and Insurable Earnings Review (PIER)
- Issuing the wrong information slips resulting in a PIER
These are headaches that no one needs and the issues result in the business owner or bookkeeper having to put out fires instead of focusing on the business.
The problem with these payroll services is that the business owner or bookkeeper still has to have an understanding of payroll rules, log into the system, and enter the pay run. The onus is still on you to take action and you have enough to do without handling something that should run smoothly and automatically. In addition, you still need someone knowledgeable to oversee the system and ensure the information being inputted is accurate.
What To Do To Improve Payroll Services
One option is to hand the task of managing payroll over to someone else. For example, as part of our Untangled small business accounting package, we handle payroll services for our clients. Because we’re also handling your bookkeeping and use technology to automate much of the process, it’s faster, more accurate, less time consuming, and typically less expensive than using other payroll services.
This kind of scenario requires nothing of the business owner (after initial set up) when employees are on salary. If there are hourly employees, the owner simply has to provide each employee’s hours. The software we use handles all payments to employees and the CRA, does all payroll filings, and produces T4 slips for the employees at the end of the year.
We will create a custom form for your business for onboarding new employees. Simply provide the web link to your employee, ask them to complete the New Employee form, and it automatically comes to us—we’ll get them set up!
For tasks, we set up automatic email reminders for each of your deadlines and provide you with customized instructional videos for your system.
Reducing Payroll Errors
Payroll penalties for non-compliance are some of the worst in our tax system. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system and connect you to the right resources to ensure that your payroll runs smoothly.
You’re not an expert in payroll and why should you be? You’re good at what you do. But payroll errors can result in headaches and costly penalties.
Let Achen Henderson manage your bookkeeping and your payroll to ensure that errors do not happen. This will free you up to focus on the things that you are good at that really matter—like running your business. Contact us today to get started.