When you get your next paycheck, you might find yourself heading out to dinner with friends or family. What you probably won’t do is ask yourself what your company’s payroll service has to do to get that money to you. What is payroll services? That’s not likely to be the first question on your lips.
The truth is, a payroll processing service cuts checks for a company’s employees, but there is quite a bit more to it than that. A serious problem facing all businesses, and small businesses especially, is payroll processing. Without the right payroll processing services, mistakes can be very costly. Payroll management can be extremely complex. Handling all of the correct deductions and other matters often prove to be too much for a small business and that’s where outsourced payroll providers come in. Not only can they handle pay for employees, they can also offer HR support as an ongoing part of their services.
It might be stating the obvious, but businesses get into businesses to focus on what it is they do best. For most small businesses, payroll processing is not what they planned on doing when they first got off the ground. When they planned to open their doors, the first question on their minds was probably not, what is payroll services?
What is payroll services? It’s making sure that a business runs smoothly. It’s making sure that all of a company’s obligations to their employees and to the government get handled with expertise and accuracy. It is offering human resources management, ESA and OHSA compliance and any kind of government remittances that are applicable.
If you have a company that does any business in Canada, it might not surprise you to learn that there are several different regulatory legislative requirements. The payroll differences between the US and Canada alone is all the more reason to find a payroll processing company that has the experience and the expertise to handle all of the nuances and differences.
In Canada, small businesses have been identified by the Canadian government as the single greatest source of uncollected taxes. In order to bring in this revenue, the government of Canada is cracking down on small businesses that don’t pay or don’t pay properly. A small business that does not comply, or does not comply properly, could very easily cease to be a small business altogether.
Accountants all across the country and Canada recommend to small businesses they work for that outsourcing their payroll systems will not only increase their profits but will also allow them to focus on the business they love. During tax season, accountants are much more effective when a payroll company handles the payroll systems. They don’t have to wonder if everything is going to come out balanced sorted because a good payroll company will put every last dollar in its place.
If you have a small business, find a payroll service you can rely on. You’ll thank them in the end.