Payroll and Vendor management services
Payroll is one of the most laborious parts of operating a business – and certainly one of the most expensive. There are so many variables to consider: whether your employees work as salaried staff, or by the hour, or in a contract position; whether there are benefits above and beyond a basic wage; how often the employees should be paid, be it weekly, biweekly, or semi-monthly; if the employees are salaried, what are their CPP, EI, and income tax deductions, not to mention union dues or spousal support; EHT and WSIB payments, which are based on salaries; frequency of remittances to the CRA, among others. Everything needs to be paid on time, with hours and days all carefully scheduled. When employees leave the firm, whether by their own initiative or yours, ROE forms must be prepared for them. Outsourcing this process makes a great deal of sense for any firm regardless of size – from a small business with only a handful employees, to a very large one with a roster of thousands and payroll in the tens or hundreds of millions.
Whole companies exist solely to provide these services to clients, but many of them don’t take the bigger picture into account. Also, with Canadian-controlled private corporations especially, many employees of the firm are in fact owner-operators and others who are related to them. There are many tax implications for this that these payroll service providers may not be aware of. But we are! Take advantage of our experience with the full breadth of payroll tax and a wide variety of circumstances which may apply to your firm.
We can help by creating payroll schedules for you and your employees and determine how often they should be paid. We can calculate the deductions which should be taken out of each paycheque – CPP, EI, and income tax, among others. We can also help you to prepare a monthly or quarterly remittance schedule to remit these deductions – along with your own employer wage costs, such as CPP and EI – to the CRA on a prompt and timely basis. Because our team of accountants are experienced payroll experts, you can count on us to minimize the potential for errors and perform consistently and on a tight schedule.
With regards to your employees, they can access their paystubs and past T4 slips at any time through our service, as can your administrators and HR department.
Whatever your payroll needs, we can provide you with all-in-one services – but we also know that meeting payroll needs is not a one-size-fits-all operation. We’re happy to help you figure out what payroll solution is best for your firm, in the circumstances you find yourself, and whether it needs to be changed to meet your changing circumstances.
The days of issuing cheques to cover invoices sent by vendors is nearly behind us – today’s vendors are increasingly accepting payments through electronic transfer. We offer vendor management services, which especially in tandem with payroll management, allow firms the comfort of knowing that their major expenses are handled by experienced and trusted experts in the field.
Awerix CPA Professional Corporation. All Rights Reserved