As an entrepreneur, when you run a business, there are various aspects you need to look into. From keeping track of business functions to keeping your employees happy, it takes a lot to maintain the smooth running of your business. One factor which highly affects the happiness of your employees is how well you manage their payroll. Apart from maintaining a basic record of the salary given to your employees, there is a comprehensive system that each business needs to have in place for a well-managed payroll. To help you know more about it, here are some common types of payroll systems listed by experts of payroll services in Edmonton.
1) Internally Managed Payroll Systems
An internally managed payroll system is a method that is feasible for a company which has a less number of employees. With limited employees, it is easier to maintain and manage payroll records without major discrepancies. Managing your payroll is something you can do by yourself, or you can hire a resource specifically for this purpose. The base requirement is the knowledge of maintaining payroll records and awareness about the various laws and taxes applicable.
2) Professionally Managed Payroll Systems
When we talk about professionally managed payroll systems, that’s where the bookkeepers and Certified Public Accountants (CPA) come in. If you feel you lack the expert proficiency in managing your company’s payroll, you can opt for outsourcing it to a bookkeeper at an Edmonton accounting firm or CPA. You could also hire an expert on a contractual basis from a reputed accounting firm. Do keep in mind though, that these professionals will only help you manage your payroll records and may not complete the process of making transactions, bank deposits, and deductions.
3) Payroll Services Managed by Payroll System Agencies
Another way of maintaining the accuracy of your payroll system is to hire a payroll services agency. These agencies manage the complete payroll responsibilities of your company along with making salary deposits and deductions for every month. Such payroll service agencies often give assurance of total accuracy and ensure that late payments are avoided.
4) Software Managed Payroll Systems
Software-managed payroll systems are not widely in use but are gaining popularity slowly. Many software and online portals are now available for you to manage your payroll without going through the tedious process of calculating anything. You simply need to put in the details and these digital platforms record and maintain them for you.
When it comes to managing your payroll efficiently, you have multiple options. If you have a base knowledge of payroll management, you can manage it on your own or with the help of software. However, having a payroll service in Edmonton with the expertise of the field to work on your payroll is always advisable as it decreases the chances of inconsistencies considerably.
Contact ATS Accounting & Tax Edmonton for Assistance
For more information about payroll systems, book your free 15-minute consultation by calling us at 780-484-4006 or contacting us online. Our payroll services can be provided weekly, bi-weekly, or monthly. We can conduct vacation pay, termination pay, parental leaves, sick leaves, overtime pay, WCB calculations, and more. We will also make sure you are up to date with Provincial and Federal payroll deductions by transferring remittances to the appropriate government agencies. We also prepare the information and reports/documents you may need, such as T4 slips and federal summaries, for year-end processing.
