It involves taking care of, drafting and administering periodic salary slips, while making sure to comply with Government regulations.
Regardless of its complexity, a mistake in payroll management can quickly become very costly for your business. Because we know how much your business means to you, we have identified four payroll management mistakes to avoid.
Payroll management is sometimes underestimated and is inadvertently found in the hands of someone who does not have the necessary information or does not have the required knowledge about various laws to be respected.
Make sure you get help from a qualified person to take care of your organization’s payroll management. If you want to do it yourself, make sure to follow recognized training courses. That way, you can avoid making serious mistakes and save time and money at the same time.
Endless forms, classification, multiple manual verifications… It’s time to work more efficiently by using accounting software.
Telework having gained in popularity in the last year, many businesses have adopted it with their employees. By using accounting software like Acomba, you can send your employees their pay slips by email, which is much more efficient. This is one of the functionalities offered by MyPaycheque.net via the compilation of data provided in Acomba Payroll.
You can also use accounting software to calculate federal and provincial income taxes, union dues and CSST contributions, employment insurance, QPP, CCP, alimony, RRSP, etc. You will also be able to simply produce mandatory government forms, including the printing and online transmission of RL-1 and T4 slips without dual entry.
Finally, it will help you manage overtime, training hours, sick days, seniority banks, accumulated hours, kilometrage.
You master your payroll system on the tips of your fingers, but it’s not necessarily as easy for your employees to understand. Beyond the simple net amount that they receive, employees will want to understand the management of their overtime hours, sick days, seniority banks, accumulated hours or even their expense account.
Make your employees’ experience more enjoyable when they start working for you by providing them with a document containing all the information they need for a better understanding of your payroll system. Make sure that they have easy access to it and that you listen to their needs.
Hold short information sessions from time to time or invite specialists to better answer your employees’ questions.
A company can count on several types of employees and that can make things difficult when the time comes to process payroll. Without an adequate classification system, you could find yourself in unpleasant situations. For example, a full-time employee could receive a part-time employee’s pay or you could forget to adjust an employee’s salary according to their new position.
To ensure that you capture all details about each employee’s income, make sure to properly classify your employees according to their respective status. You can easily distinguish full-time employees from seasonal employees or a trainees from a volunteer.
In any event, keep in mind that the quality of your payroll management has a major influence on the professional relationship between your employees and you. By adopting good practices, you will avoid unpleasant surprises.
You want to perfect your knowledge in this area? Ask one of our experts for a free demo of the Acomba payroll solution.
Questions? Contact our advisors in order to discuss your options.
We have already proposed a few guidelines about payrolls produced internally versus those done by a subcontractor.
To learn more, we invite you to consult the article here.
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