Though you may not have realized this when you first started your small business, but taking care of employee payroll duties for your company consists of a whole lot more than just cutting checks for salaries. Not only do you have to worry about taxes and all of the headaches that are associated with them, your payroll duties will only grow more complicated as your company grows. No matter the current size of your company, one of the best things that you can do concerning employee payroll it to outsource to a payroll service provider. Once you have outsourced your employee payroll to a company that is more qualified, all you will need to do is write one check to the company that you have hired and they take care of all the rest of the work for you. Here are a few interesting facts about the process in case you are not quite sold yet.
Small businesses benefit from outsourcing payroll, HR services, and employee benefits to a dedicated company, so that they can focus on their core business. One of the things that you might not have thought about when you first started your business is all of the taxes and other accounting that is involved in the payroll process and how complicated it can be. In fact, accounting and tax preparation can be particularly tricky for most small business owners. This is especially true if they have little experience with financial record keeping.
Those who own a small or medium sized businesses need a payroll provider that offers employee access tools such as a Web portal and automated telephone systems so that they can get the best out of their investment. These features make it a little bit easier to keep track of all of the most important information that you need to make sure that your small business is running smoothly at all times.
Did you know that in Canada, small businesses have been identified as the greatest source of uncollected taxes? As a result of this unfortunate fact, the CRA is focusing its efforts on enforcing payroll tax policies for small businesses. It is believed that these kind of tax issues are not necessarily a result of tax dodging, but from business owners just not understanding what needs to be done to take care of the taxes of their companies. As a result of these oversights, the Canadian government regularly produces payroll deduction tables to help employers deduct the correct amount from each employee’s pay check.
No matter what kind of business that you run or how big it happens to be at the moment, investing in payroll solutions can be a great way to make sure that your business runs smoothly all year and at tax season in particular.