You will no doubt be surprised to learn that the step that all companies must perform, file maintenance, is responsible for no less than 83% of the overall cost of running the payroll.
to creating and managing employee files
to compiling payroll data (hours worked, benefits, vacation, etc.)
to pay calculations, issuing cheques, transferring direct deposits and government remittances
to end-of-period tasks and producing T4s and RL-1s
The actual payroll preparation process only constitutes 17%. That 17% is where using Acomba Payroll will allow you to profit.
Each operation performed by a payroll service costs money depending on the complexity of the task, number of pay periods or the number of employees. This represents a major and recurrent investment.
Typically, you have to pay:
In comparison, the purchase of the Acomba Payroll Solution costs about the same regardless of the number of employees. The only variable is the cost of supplies. The following table shows cumulative cost of hiring a payroll service versus managing the process internally.
|Automatically calculates both provincial and federal source deductions, union dues as well as employment insurance, QPP and CPP contributions, etc.|
|Manages contributions to the Health Services Fund|
|Calculates CSST contributions in real time|
|Manages payrolls by department or accounts|
|Manages detailed timesheets, calculates payroll amounts, archives data and provides time verification documents|
|Manages type of hours worked|
|Manages individual work schedules|
|Categorizes hours worked and pay amounts by project or cost center (Cost Analysis required)|
|Manages employee functions and specific pay conditions|
|Tracks, manages and archives time worked and pay amounts associated with specific agreements|
|Report printing in XML, PDF, TXT, RTF, etc. formats|
|Payroll calculations according to tax regulations in each province or territory|
|Simultaneous management of hourly wages, fixed salaries and commissions|
|Creation of specific remuneration modes|
|Definition of company-specific earnings, employer contribution and employee deduction parameters|
|Eight possible payroll frequencies|
|Taxable benefits management|
|Check/stub format defined according to department or employee|
|Complete individual employee files|
|T4s, RL-1s and modifiable employment records|
|Multicompany option for managing several companies|
|Payroll direct deposit|
|Vacation pay management|
|Check printing or direct deposit|
|Note management and customer file tracking in support of specific agreements and justifications|
|Management of inactive employees and temporary absences|
|Employee expense categorization|
|Time clock data import|
|Employment record (form or white paper stock)|
|Security and data access management (Customization and Security required)|
|Standard T4s, RL-1s and their summaries (paper or electronic file)|
Take charge of payroll management. Save money and become more independent!