All employers must keep payroll records for each employee, including:

Employers must also keep records of all shift schedules stating daily start and end times as well as any applicable modified work arrangements and overtime bank agreements.

Small business owners and managers have a few options when it comes to managing payroll. They can hire an accountant to assist, automate certain tasks with payroll software or an online payroll service, or take a common approach using a combination of tools and templates.

Our company provides simple solutions for tracking employee information, organizing schedules, calculating payroll costs, and providing detailed earnings statements. We provided payroll reporting in Smart digital sheets, a work execution platform that empowers you to more efficiently manage your finance operations with real-time collaboration and process automation.

Benefits of outsourcing Payroll services

Saving for Time for other jobs

Managing payroll internally is quite a taxing task. Payroll department has to look into several intricate and minutest of details such as garnishments, new hires, terminations and benefit deductions to name a few. Plus, any changes in federal and state regulations just makes it even more complicated.

Outsourcing payroll accounting to a professional firm unburdens you from worrying about these.

One payroll period follows another, and the working hours in between never seem to be sufficient.Outsourcing payroll accounting to a professional firm unburdens you from worrying about these time-consuming tasks requiring 100% precision. It also frees up your HR department’s time which can be utilized for core functions which are strategically more important for your business.

Avoid CRA Penalties

it’s almost impossible for a small enterprise to be on the ball with the latest changes in federal and state tax regulations. Payroll mistakes are not to be taken lightly by CRA, because while this can upset your employees, filings with omissions or incorrect details raises a red flag. These mistakes lead to undesirable events such as heavy penalties and even audits.

Reduce your Payroll Cost

As a business you can save several precious dollars by outsourcing your payroll function. This is particularly true if you happen to be a small or medium sized enterprise. Established enterprises with a larger work-force can afford to have an in-house payroll department, but if you are a small business with limited resources and small work-force, you must seriously consider outsourcing your payroll function to a professional and reputed payroll service provider.

Since time is money, as a small business owner or start-up, it’s costlier for you. This is the reason that many small and middle-sized businesses make a smart move by outsourcing their payroll function to a payroll firm.

Increased Security of your records

Payroll processing is quite complex a process which involves loads of monitoring due to inherent risks involved. Theft of personal information can cost you a fortune. Yes, your employees are trustworthy; however, it requires extensive monitoring and security.

Data storage and protection measures, multiple server locations and backup facility ward off any potential possibility of payroll fraud.

Professional Team of Experts

Outsourcing payroll accounting gives you access to professional team of experts who study and research a lot about government regulations. Renowned payroll service provider agencies have an experienced team of experts who can manage benefits and deductions in payroll system.

Besides, workers compensation, addressing employees concerns and human resource in general are taken care of pretty well by the team which is an added advantage for you as a business.

No Infrastructure or Maintenance Costs

In-house payroll management means investing in paid software plus upgrade costs. Since you need the latest tax tables installed on your systems all the time, that’s an extra time and money consuming strenuous activity, you can’t evade; however, by outsourcing you can say goodbye to these maintenance and infrastructure cost woes with utmost ease.

Direct Bank Deposit

Employees working in small scale companies always want direct bank deposits to be made; however, for small companies it is quite difficult to do so.

They have to roll out paper checks every month and also have to manage plenty of paper work to keep a record of rolled out payroll checks. Outsourcing payroll allows you to eliminate plenty of paper work and also eliminates the possibility of any fraud. It’s also less time consuming and error free which makes life easy for small enterprises.

No Risk of Losing In-House Payroll Employee

Outsourcing payroll functionality will help you streamline payroll process without much complication. Also, an overworked payroll employee doing multi-tasking may quit his/her job anytime and walk out with the knowledge acquired during the tenure.

The risk always looms large particularly on small businesses relying on an employee to manage multiple responsibilities. Outsourcing payroll accounting to an outsourcing service provider relieves you from this stress. Also, output in terms of quality and accuracy will always justify your investment giving you ROI manifold.

Robust Human Resource Management System

Having a robust HRM system is essential for any enterprise today. Outsourcing your payroll accounting equips you with a robust human resource management system offering faster processing of information and better employee management than an in-house manual human resource management system.
Choosing right payroll service provider can give your firm a competitive edge.