Are you paying your staff on time with correct deductions?
For a person from a non-financial background, payroll simply means a record of all the salaries, wages, bonuses, and deductions of an employee from a particular organization. In accounting, it means the amount paid to an employee for their services for a specific period of time. Payroll affects the net income of the company and generates an active response from its employees. Good employee morale requires payroll to be paid timely and accurately.
Why use a payroll department?
The primary purpose of a payroll department of any company is to ensure that their employees receive their salaries on time with the correct deductions and necessary withholdings. The said department also has the responsibility of remitting any of the withholdings or deductions of employees. This is basically done to develop and maintain good and healthy employee relations and to promote the growth of the company.
Do you understand the Canadian regulations for Canada Pension Plan, Employment Insurance, and Employer Health Tax?
Payroll can also refer to the list of employees of a business and the amount of compensation that is due to each of them. Nevertheless, payroll is subject to certain rules and regulations i.e., in Canada, payroll is subject to provincial and federal regulations (Canada Pension Plan, Employment Insurance, and Employer Health Tax and Tax).
Payroll, being an important function for any organization, requires expertise and a clear understanding of applicable laws on the part of the payroll clerk in processing the payroll of employees. This requirement also helps to foster confidentiality and administrative convenience.
With Fred Albi Chartered Professional Accountant payroll services, we aim to ease your mind and help you avoid miscalculations and noncompliance interest and penalties.
We stay well informed on payroll tax and regulatory requirements, keeping you compliant and free of day-to-day payroll obligations. We can provide administrative services such as direct deposit and automatic deductions from pay cheques.
We offer a wide range of payroll services such as:
- Printing of employee pay cheques on time for payday
- Direct deposit of pay into employee bank accounts
- Appropriate calculation and withholding of taxes
- Calculation of taxes to be paid by employer
- Filing of quarterly and annual payroll reports
- Depositing of withheld amounts with tax authorities
- Printing and filing of year-end employee tax documents such as T4’s
Additional payroll services offered by Fred Albi, Chartered Professional Accountant include:
- Managing retirement and savings plans
- Managing health benefits
- Timekeeping–online or paper format
- Producing export files containing finance/general ledger data to be imported into accounting software
- Human Resources (HR) assistance
- Workers’ Compensation assistance
For peace of mind and to ensure all deductions and payments are made on time, contact us for a complimentary consultation to learn how we can help you with your payroll services.