Managing your payroll can be confusing and stressful. Canada Revenue Agency (CRA) can be challenging to deal with and payroll errors can be costly. Sometimes it may feel like the payroll is managing you, rather than the other way around. You have probably spent countless hours creating a system and implementing tools that will help you keep your budget under control and your financial status healthy.
Maintaining control of your payroll is equally important. It can become a black hole of disappearing profits if not properly managed. Some of the most common payroll mistakes can be avoided. Errors such as late remittances and incorrect deductions carry heavy penalties and steep interest rates while you spin your wheels trying to backtrack and make corrections.
Here at The Art of Accounting we can help you jump back into the driver’s seat. If you’re looking to outsource your payroll completely, we can take if off of your hands, ease some of the burden and eliminate guess work. Perhaps you just need a little help learning how to maximize your use of QuickBooks accounting software. We can help with that too! We have been Certified QuickBooks Pro Advisors since 2008. Becoming knowledgeable and comfortable with QuickBooks allows users to take advantage of its powerful features. Contact us to find out more about QuickBooks training sessions as well as live webinars that will help you.
Here are two of the most costly payroll errors:
You should never have to pay late fees. With a little guidance, you can keep more of that hard-earned cash in your pocket. At The Art of Accounting, we pay attention to details and make sure that remittance deadlines are met, saving you time and money. Likewise, QuickBooks users can make use of a fantastic recurring reminder tool to avoid late payments.
Taxable benefits, non-taxable benefits, CPP deductions, EI deductions, pensionable earnings. For some business owners this can be overwhelming. The Art of Accounting can help with that. Our knowledgeable and approachable team is ready to answer your questions and guide you so that source deductions and statements of earnings are processed correctly.
This Benefits and Allowances Chart from CRA is a great quick reference tool.
This Employer’s Guide: Taxable Benefits and Allowances goes in-depth to answer your questions.
Remember, The Art of Accounting is here for all your accounting needs. We are conveniently located in Burlington, belong to the Burlington Chamber of Commerce, and we have the skills and tools to support you as you grow your business. Contact us today!