A potential issue facing all small business owners is employee payroll processing, as it can be risky, complex, and expensive if mistakes happen. Business owners who manage employee payroll themselves have to total hours, perform gross-to-net calculations for each employee, calculate and deposit payroll taxes, and prepare and file tax returns accurately and on time, but when you use outsourced payroll solutions, you only have one report to approve and one bill to pay.
As a small businesses owner, you?ll benefit greatly by using an employee payroll service, HR services, and leaving employee benefits to a specialized company, so you can focus on your core business. Accounting and how to figure payroll taxes can be especially difficult for small business owners, who often have little experience bookkeeping, that?s why more than 85% of CPAs recommend that you employ the acumen of professional employee payroll services providers.
You?ll find that using an outsourced payroll service can save you time and money, particularly around tax season.
In addition to employee payroll service, a payroll provider can offer ESA and OHSA compliance, government remittances, and HR Management. HR management and employee payroll in Canada are different than in the U.S., because we have very different laws and regulations. When it comes to payroll processing in Canada, there are more than190 regulatory legislative requirements, that?s why it can be challenging for U.S. based companies to ascertain that they?re in compliance with Canadia when paying their Canadian staff.
There are many U.S. firms that are reticent to expand into Canada because of the jurisdictional differences between the two countries. Firms based in America can potentially make costly mistakes mismanaging their Canadian employee payroll by relying on spurious practices and misinformation. Hiring a PEO service in Canada will help you to avoid this. Plus, they?re aware that the Canadian Revenue Agency is focusing its efforts on enforcing employee payroll tax policies for small businesses in Canada, because small businesses have been classified as the greatest source of uncollected taxes.
Obviously, there?s a lot more to employee payroll management than just cutting cheques. So if you?re ready to expand into the Canadian market, consider hiring a company specializing in Canadian employer of record services. You?ll be glad you did.
