Avoid Regulatory and Financial Pitfalls with Payroll Management
In Canada, payroll management requires more than writing out paychecks and recording them in your ledger. While this is a part of the process, it is just the start. You also need to make sure to take care of any perks, insurance, tax filings, and related items for each person on the payroll. This can involve disbursing funds into a variety of accounts, such as retirement funds, each time an employee is paid.
Because this can get very complex, it's common for companies to hire outside payroll management services. Since these services have the time to focus exclusively on these and other financial matters, the chance of error is greatly reduced. You are also able to save your core employees' time so that they can do things that are more unique to your business.
Managing accounts payable is another task that is often complex, and in many cases, best outsourced. As with payroll, taking care of your bills can require more than simply writing out checks. A good accounts payable system takes into account the terms of all of your credit lines so that everything is paid on time but not unnecessarily early. This keeps your funds available for other uses as long as possible, while avoiding late fees, delivery holds, and other negatives.
If your business has grown to the point that payroll management has become unwieldy or keeping track of accounts payable seems like trying to manage swirling confetti, it's time to bring in outside help. Contact us today to set up services for either or both of these aspects of company financial management. We'll be glad to set up a plan that will help you keep your business' outgoing payments running smoothly.