Payroll & Accounting Services Canada

What is a payroll processing system?

It’s important to keep in mind that there’s more to payroll than paying employees. Payroll processing is the act of managing employee payments. It covers everything from inputting an employee into your payroll software to giving them their paychecks.

Why should I use a payroll service?

As a business owner, it’s unlikely that you have the extra bandwidth for payroll headaches. Payroll processing services are key for optimizing a company’s organization, productivity, administration, and financial management. If you only have one, two, or a handful of employees, it may seem like payroll is something you can handle yourself. But employee quantity isn’t the only thing that can complicate payroll. You have to contend with all the regulations calculating and paying payroll taxes, submitting payroll tax returns each quarter, and managing various payroll deductions (including retirement plan contributions, health insurance premiums, and wage garnishment). That’s why many smaller businesses — including numerous one-person businesses — use payroll services.

What is payroll accounting?

Payroll accounting is no different from other accounting principles. Payroll accounting is essentially the calculation, management, recording, and analysis of employees’ compensation. In addition, payroll accounting also includes reconciling for benefits and withholding taxes and deductions related to compensation.

Why is payroll accounting necessary for an organization?

Payroll accounting is important for 2 reasons: financial management and legislation compliance. To understand the importance of payroll accounting, it’s necessary to examine your legislative and financial obligations.

Legislatively, federal and state wage-and-hour laws require that you pay your employees accurately and on time. Moreover, you must report wages paid, taxes withheld and your own share of taxes to the federal and state tax agencies. Financially, you must ensure that you’re compensating your employees and managing your payroll expenses appropriately.

Payroll accounting helps you achieve those legislative and financial objectives while providing you with an audit trail for your payroll transactions.

Is it better to outsource payroll?

As a business owner, you can easily be overwhelmed by payroll responsibilities. Whether you have one employee or many, there are a lot of things to consider. And with ever-changing legislation affecting payroll and related HR functions, things can get increasingly complicated – and go wrong, quickly. In these cases, that’s where outsourcing can be of value.

Our Expertise in Payroll Services

Looking for a way to streamline your payroll and reporting processes? Let our experts help you.

• Payroll Account setup and conversion.
• Payroll Statements and Reconciliation.
• Employee Record maintenance.
• Payroll Tax Calculations, Deductions, and Remittances.
• Planning for CPP, EI, and other Income and Deductions.
• HST / GST Employee Workers’ Compensation Reporting.
• Employee Income Taxes, Withholding, planning, and reporting – T4 & T4 A.

Payroll Services

Payroll services require professional handling of employee paychecks. Our team removes the burden from your shoulder of tedious payroll tasks and ensures that even the smallest of details are attended to. From setup to reporting, we handle every aspect of this important job so you’re free to do what you do best: run your business effectively.

Payroll services include complying with the CRA regulations and proceeding with the employee benefits on time. Payroll and payroll taxes considerably affect the net income of most companies and they are subjected to laws and regulations set upon them by their respective governing body. We offer an end-to-end payroll service to ensure that your employees are paid correctly and on time. This allows you more time to work on the strategic direction of your business, improve the customer experience, as well as to achieve growth goals. We offer:

• Monthly payroll bookkeeping services
• Paystub creation for each employee and breakdown of applicable Canadian taxes
• Activity statement preparation and lodgment
• Monthly Source Deduction Calculation and remittance instructions
• Monthly management reporting solutions including KPI analysis
• CRA representation regarding payroll matters
• Make payroll and reporting CRA compliant
• Help to ensure tax compliance for foreign or domestic employees working in Canada

What is the cost to outsource payroll?

Payroll processing prices vary depending on how many employees you have and how much work needs to be done. Call us or email us today to get a quote of how much the payroll services are going to cost you.

What do we do to protect our information and maintain confidentiality?

We have the best software and technology in our hands to make sure your information stays safe and sound. We work very closely with professional institutions that specialize in digital security as well. When you get in touch with one of our accountants, you can rest assured your work is in good hands.

Why Choose Us

We aim to achieve high client satisfaction by putting the customer needs at the center. We understand the ins and outs of our client’s roster first. It helps us to suggest customized and tailor-made solutions to best fit the customer requirements. Our professional service is designed to provide you with reliable, cost-effective solutions to your company’s payroll challenges. Additionally, our dedication to your company’s success means you can count on us for error-free paychecks and reports. Don’t waste your valuable time on cumbersome payroll tasks.

Call us today for a consultation and learn more about how our payroll, accounting, and bookkeeping services can benefit you.

Your benefit: Another Peace-of-Mind service will enable you to dedicate your resources to the in-need, non-financial parts of your business.