Mélanie Larouche | Journalist
You're probably in the rush of preparing one employee tax slip or summary after another. Ugh. For some entrepreneurs, the whole process is like a bad dream that doesn't end!
Between work schedules and the legal obligations of owning a business, the extra work for employers is hardly a walk in the park. Nevertheless, some business owners still swear up and down that they'll never outsource their payroll. But it can't hurt to dig just a little deeper into the benefits of delegating some of the work to professionals.
Here are the 5 most common excuses entrepreneurs use to justify why they don't outsource payroll management--and why they're not always right.
You can use a calculator to estimate the cost of the services for your business. When you consider all the time you spend managing payroll, using an outside service could provide you with a nice return on your investment.
There are several options that help entrepreneurs cut down the amount of time spent on administration, automate recurring tasks and simplify processes. A team of specialists is also available to provide support.
It's not only employee T4s, RL-1s and provincial and federal summaries at tax time that you need to handle, but a whole host of other tasks that start adding up: at-source deductions, transfers, payroll taxes, expenses, pay stubs, etc.
The devil is in the details, and there's no shortage of them in the minutiae of payroll! Contracting out payroll management reduces the risk of non-compliance with regulatory requirements and frees up hours that could be better spent doing something else, like the main business activities that generate revenue.
Contracting a payroll service takes that responsibility out of your hands and the provider is obligated to follow all laws and regulations, without exception. So you can forget about the risk of penalties when rebates or numbers don't meet new government requirements!
Steps like these show employees that you care about them and appreciate the work they do.
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