This year resolve to have a better payroll system in place.
This year resolve to have a better payroll system in place
When it comes to putting money into the business, small business owners may be extra cautious about any kind investment. After all, their business is their livelihood. But what about an investment that can help grow and secure the business? A new online payroll system may be the answer to help propel your small business forward and set you up for a successful new year.
How small businesses benefit from a new payroll system
The paycheque is a very important reason for why employees show up for work. And considering that 50% of Canadians are living paycheque to paycheque1, it’s no wonder that Canada’s payroll professionals are a vital part to ensuring employees get paid accurately and on time.
Unfortunately, payroll errors (anywhere between 0.2-2% rate) occur and can be detrimental to a business’s bottom line. A new payroll system can help curb the error rate by more accurately calculating payroll deductions and remittances.
There’s also costly expenses of trying to handle payroll in-house. The cost of software, hardware, cheque printing and administrator headcount can really add up. An online payroll system can help manage your costs by putting everything your company needs to process payroll into one single provider.
Did you know that Canada Revenue Agency (CRA) penalties ranging from 3% to 15% may be applied if you fail to pay or remit deductions by the prescribed deadlines2?
Keeping up with the most current tax/payroll regulations can be a burden on your company; with a payroll provider who is on top of the most current tax laws and regulations, you can mitigate compliance risk and focus on growing your business instead.
Building the business case for a new payroll system
Before you go knocking on the boss’s door asking him/her to open up the company purse strings, make sure you have a solid business case for a new payroll system. Outlining the benefits above is a start; make sure you speak the language of the person(s) that will ultimately make the decision. Here are a few reasons to help make your case:
- Improved efficiencies – by eliminating manual processing, your company can improve staff efficiency and help them focus on more strategic aspects of growing your business.
- Time/cost savings – time is money, especially in small business; by reducing the time it takes to process payroll transactions and stay on top of compliance regulations, you are adding valuable time back into your business.
- Future-proofing – use today’s technology to your business advantage; invest in a solution that grows with your business. Making sure your company has the latest features and functionality updates ensures you won’t outgrow your system.
Ceridian payroll solutions for small business
More than 38,000 small businesses like yours look to Ceridian to make sure their employees are paid accurately, on time, and in full compliance. Powerpay is a flexible, scalable and reliable online payroll processing solution designed to meet the current needs of your organization and easily adjusts as your business grows or your needs change.
Eliminate the hassle, risk, and worry of payroll in three easy steps:
- Securely enter payroll data online, even using your mobile device.
- Preview payroll, check for automatically-identified errors.
- Submit payroll for processing, leave the rest to the experts.
And with access to our CPA-certified payroll experts who are ready to provide you with unlimited support, you can focus on propelling your business forward.
1Canadian Payroll Association’s Eighth Annual Research Survey of Employed Canadians
2Canadian Payroll Association: Three costly payroll mistakes and how to avoid them