Being a small business owner involves a lot of potential, but it can also also involve a lot of risk. American small business owners and large firms alike can pretty easily make costly errors if they attempt to pay and manage Canadian employees. While the Canadian government routinely publishes tables to explain payroll deductions, making the decision to employ Canadian and American employers might mean that your business should consider a company that provides online payroll solutions.
Small business owners will especially benefit from online payroll solutions companies because mistakes in payroll can be devastating, expensive and retroactive. For example, so you, or someone on your staff know how to process pay for federal employees? Just because your payroll program staff knows how to operate and use a payroll deduction calculator and payroll deduction tables does not mean that they are ready to handle both American and Canadian payroll requirements. Once you make the decision to expand it is likely time for you to invest in an online payroll solutions system. Do not be one of the many American businesses who limit their growth into Canada because you are afraid of managing the tax and payroll systems in another country, instead research what your best options are for online payroll solutions.
Small businesses, often defined as a company with 50 or fewer employers, almost always benefit from outsourcing HR tasks as well as payroll service. Many payroll processing companies are experiences with also handling sensitive and sometimes complicated HR issues. Small businesses who research options for improving payroll for small companies can often tackle both HR and payroll service at once. Freeing up the in house hours of these tasks can allow your business to concentrate on your company’s core business.
As businesses continue to expand in the current global economy, the companies that are the most successful use an online payroll solutions system to calculate everything from overtime pay for exempt employees using the same source to complete medical record scanning.
While it can be difficult for some American companies to make sure they are in compliance with Canadian regulations when paying their Canadian staff, the wisest business practice is to rely on online payroll solutions. In addition to being wise, outsourcing payroll makes it so your internal staff only has to create one report and pay one invoice for these services. This is especially time saving during tax preparation.
Since there is more to payroll than just cutting American checks and Canadian cheques, follow the best business practice and research and employ a reputable online payroll solutions company.