Anyone who had ever managed payroll knows there is a lot more to than cutting cheques each week. This is one of the reasons many small businesses use an outsource payroll services company. This can be especially important if they operate in both the Canada and United States. The laws that govern employment and taxes are completely different in the two countries. If a business wants to hire a Canadian worker, they need to be well versed in Canadian tax and employment law. Failing to do so can hive dire consequences. This is another reason small businesses that operate in both nations seek out payroll solutions that involve outsourcing.
Top Reasons for Outsourcing Payroll Services
- You will spend less time on this and more time running your business. Running a small business is hard work. There are only so many hours in the day and there is so much work that needs to be done. Outsourcing payroll frees you up to do the actual running of your business rather than spending time keying in employee data and then checking it for errors. Even if you have someone doing it for you in house, you will get more bang fro your buck by using a payroll provider.
- You can save money. There is an expression, “Time is money.” It is simple. Your saving your time for doing the real work of your business. You and your employees can focus on your business and its needs rather than on payroll processing. Plus, they often offer other services that you might need in the human resources department.
- It is more secure. When you do your own payroll, you take certain risks. You can expose your employees to identity theft and yourself to embezzlement or just the misuse of employee information. One payroll solution is to use an outside firm. They have far better quality control programs. They also have more secure ways of keeping your data safe and secure.
- They know all the rules and comply with government regulations. Most people are not familiar enough with all of the government regulations to even know if they are complying or not. Given the real problems not complying with them can cost you and your business dearly, you need to know you are doing everything by the book, so to speak. In Canada, they have a huge problem losing tax revenue to small businesses. The government is cracking down on payroll issues that might lead to problems. It just is not worth it.
- They are experts at payroll. That is all they do so they do it extremely well. They know all the ins and outs of handling payroll in the country where they operate. There is no guesswork when you hire a payroll processing company to handle it for you.They have been trained on the art and science of compliance with government regulations on payroll. You are an expert on your line of business and they are experts in this area.
There are a lot of benefits to doing business in Canada or hiring Canadians to work on your products. There is a reason many television shows are filmed north of the boarder. It can be cheaper to operate there . The drawback is the 190 rules and regulations Canada has on its books dealing with payroll issues. That is a lot of rules and regulations that you would need to learn and that is more time you are not able to spend on your business, clients, customer and your employees. There is a better way to get a good payroll solution.
Outsourcing your payroll processing just makes more sense for small businesses, whether they want to operate in Canada or not. You can save yourself time, money and not have to deal with the hassle of handling your own payroll. This is one payroll solution that makes a lot of sense.