Wondering where to start with payroll?
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!