The MRSB Bookkeeping & Reporting team gives a quick run-down of your options as a small biz owner
As the owner of a small business, you are probably planning to spend at least a few hours huddled over your desk this month, working out payroll deductions for your employees, or perhaps just for yourself. Payroll has come a long way over the years and there are many options in terms of tools and programs to help you. There is still the manual ledger, but these days that requires you to look up the deductions on the Canada Revenue Agency’s website using the Payroll Deductions Online Calculator (PDOC). What if it’s storming and you can’t get into the office on payroll day? Or it’s summertime and you’d really rather spend your day on the beach?
Well, these days you can pack up your laptop and use one of the many accounting programs with integrated payroll. Our personal favorite is Sage 50, formerly Simply Accounting. QuickBooks is another option. These programs allow you to generate paychecks for your employees, using the most up-to-date payroll tax calculations.
If you are looking to further heighten your efficiency come payroll time, you can opt for direct deposit software which enables you to electronically transfer funds into employees’ bank accounts. This not only saves time, but also gives you flexibility to pay your employees from any location. Sage 50 has an add-on called Sage 50 EFT which can perform this function. Other examples of this type of service are Telpay and Beanstream. Your bank may also offer a direct deposit solution for your payroll.
If you require additional information, we are proficient in all of the above and can help you set up your system. Or, if your beach chair takes priority, we can just take over your payroll process and let you work on your tan!
We seem to be on a roll here in terms of introducing new services for our entrepreneurial clients. This definitely isn't a bad thing! At the end of January we introduced you to our Business Value Enhancement service from the MRSB Valuation & Litigation Support team. This month we'd like to talk about a new service from MRSB Tax Services.
Because we're all about letting the experts speak for themselves. Martin Goguen, the newest addition to our tax team, will take it from here and explain what this service is all about and the benefits it might offer your business.
Let me introduce myself - my name is Martin Goguen and I am new to Prince Edward Island and to the MRSB Tax Services team. I have been working in the field of indirect tax for the past decade, primarily as an independent consultant but also for national accounting firms all over Atlantic Canada, Ontario and Quebec. My primary focus has been Tax Recovery, which entails improving clients' ability to recover taxes and minimize tax liabilities. I have successfully recovered millions of dollars in overpaid taxes on behalf of organizations of various size, scope and industry. I'm happy to have joined with MRSB and to be part of their multi-disciplinary team and progressive approach to service delivery. I am confident that we will achieve our goal of providing extraordinary, value-added services to our clients regardless of size and industry.
In my experience, approximately 95% of the businesses I've worked with have walked away with extra money in their pockets.
So, how might the specialized services I provide benefit your business? In a nutshell, I conduct a comprehensive review of your indirect tax compliance processes (GST/HST, PST, Excise Tax, Fuel Tax, duties, etc.) to find out whether you are eligible to 'recover' taxes in any of these areas. Although our review is focused on past transactions, we also recommend ways that you can enhance your processes so you won't overpay in the future.
Your first question might be, "How likely is it that I've got recoverable taxes?" In my experience, approximately 95% of the businesses I've worked with have walked away with extra money in their pockets. 100% of the businesses I've worked with have benefited from the review process either by virtue of found money and annual savings, or by improving their tax compliance system to better manage their taxes.
You might then say, "But what if I'm one of the businesses that doesn't have any recovered taxes coming to me? Is it in my best interest to pay for a service that may or may not yeild results?" A valid question, and the answer is simple: You won't pay us anything until savings are realized by you. We are confident in our ability to benefit your business and want you to get the best end of the deal at all times.
The truth is, overpaid or unrecovered taxes may be inadvertently increasing your organization's costs, which can directly affect your bottom line. I believe that complying with Canadian tax regulations should be part of a process that enables fast refunds while effectively managing compliance costs and reporting requirements. We are fully prepared to tailor your review to your industry and organizational needs, following a five step process to achieve results.
If you would like more information on our Tax Recovery service or have other tax-related questions, visit our Tax team page and contact one of our advisors.
The MRSB Admin Team's long-standing committment to St. Jean Elementary school
In December 2012 a group of more than 40 students crowded into the gym at St. Jean Elementary for Christmas dinner. With diverse backgrounds, several of the students had never tasted turkey before, let alone stuffing or cranberry sauce.
One young boy with a rambunctious spirit was particularly impressed with the new flavours on his plate. Standing up among his peers, who were still intently focused on eating, he shouted, “I like it!”
“I’ll never forget that,” says Kathryn Mills, HR Manager at MRSB Group. She and the rest of the administrative team have been taking part in the St. Jean Breakfast Program for more than two years. She says many of the students who come are receiving a much-needed healthy start to their day.
“A bus shows up and boom, you’ve got all these kids in front of you. For a child who (otherwise) may not get any breakfast, it’s awesome.”
It all started in September 2011, when Mills and the rest of the ‘Admin Team’ decided to take on a cause that they could get involved in together throughout the year. Soon after the team began their morning shifts at the school.
When it came time for a new playground to be built in May 2012, the whole Admin Team got involved, along with volunteers from the local community. Apart from helping to put together the actual equipment, staff provided security at the site, helped paint both inside and out, and served lunch to the volunteers. By the end of that day St. Jean had a sparkling new playground where kids could jump, swing and stay active in a safe environment.
Mills and the team also helped raise funds for the new playground equipment through various activities held at the MRSB office. “We collected pennies, knitted rabbits and chickens to sell for Easter...all kinds of little things to raise money,” says Kathryn.
When asked about what it means to have the opportunity to help these students, Mills says the rewards can’t be measured. “It gives you inspiration to do what you do.”
She and other members of the admin team will sometimes pick up a few things to take to the school, food items they know the kids will appreciate. “You’ll pick up a package of cinnamon, some cheese or cream cheese...whatever you feel like doing or that may be on sale.”
Their latest pet project with St. Jean has been to start raising funds so that the school can purchase further copies of an online literacy program that helps teachers to track students’ reading habits both inside and outside the classroom.
Now approaching three years in their involvement at St. Jean’s, Kathryn says she and the MRSB Admin Team will keep it going into 2015. “Yes, we’ve totally bought into it, it’s wonderful.”