Paying employees can be a complicated process. The myriad of forms and deadlines can confuse even the most seasoned entrepreneur. The decision of how prepare payroll must be carefully considered to ensure you don’t run into issues with the government.
The basic options are as follows:
Prepare payroll internally
Many small businesses decide to prepare payroll in-house in order to save funds. While only you can make the best decision for your company, consider the time and energy you will spend on (a) preparing payroll each cycle, (b) filing annual forms and preparing the requisite reconciliations, and (c) staying caught up with changes in payroll legislation.
Business owners can spend as much as 20 hours per month preparing payroll. One small mistake in can result in thousands of dollars in interest penalties, for example, being late with a payroll remittance results in a 20% penalty for the first offence and a 30% penalty for the second. It is much more profitable to spend that time on your business as the return you can generate in your business will far exceed the cost spent on payroll. Often times, payroll can be prepared for less than $500 per month.
Trusting payroll to a trained professional can result in a substantial time and dollar savings to any small business.
Engage a payroll provider
There are many companies out there who can help you with your payroll such as; ADP, PayWeb, Ceridian, etc. What you need is a payroll provider that does everything that needs to be done, with minimal work from your team. We are highly trained professionals with years of experience AND can answer all the complex questions you will have as your company grows.
Engage Kent Accounting
At Kent Accounting, we handle 99% of your payroll. All you to do is: (a) provide us with the hours each pay period, and (b) make payments to the CRA. We will email you the details of payment amounts and dates to make payments, and with the online payment mechanism the CRA now has, you can do everything from the comfort of your office. Furthermore, as a Chartered Professional Accountant, Kent Greaves has the experience, training and knowledge necessary to answer the most complicated payroll questions.