As a small business owner, it’s an ongoing struggle to find ways of reducing costs. Some approaches work, and some don’t. If you don’t know which is which, you’ll find yourself wasting your time. Is payroll management a worthwhile area to focus on saving money? Is payroll management worth hiring a staff accountant for, or spending hours on it yourself every week? You’ll have answers within the next couple of minutes.

A business owner could pay staff members so easily; just take some cash out of the safe. True or false? Truly, some small companies just write a check, then cross payroll off their checklist. But payroll entails more than just recording hours worked and multiplying by hourly wages. If you feel something is missing, but you don’t know where to start, contact us for a free consultation; we’ll get you up to speed. As a business owner, you’ll also need a comprehensive knowledge of taxes — especially if you want to save money. But wait: if you’re not thrilled by the thought of studying tax regulations, don’t worry — outsource to someone who already knows.

Do You Actually Need To Hire A Staff Accountant For Payroll Management?

If you’re a small business owner, you likely don’t need a staff accountant for payroll management in particular. Yes, in-house payroll is complicated and specialized because of local, provincial, and federal taxes. Regulations and percentages shift, which goes unnoticed by many, yet you still need to comply (or face consequences). Most importantly, tax deductions will save you money, but to take full advantage of them, you need a deep knowledge of what’s available. On the other hand, hiring a staff accountant is costs a whole lot; it’s a long term expense. Outsourcing is the middle ground between getting your payroll done efficiently yet keeping your valuable time and money. 

Three Ways Outsourcing Leads To Your Peace Of Mind

It’s crucial you have faith in your payroll’s timeliness and accuracy. Payroll outsourcing lets your rest easy, knowing that everyone is paid on schedule and without any mistakes. If there are any adjustments to make, it won’t cost you time and disrupt your work routine. The cherry on top is that employees will have greater faith in your skills and the stability of the business, since they’re paid promptly and appropriately. That assurance will likely increase productivity among your staff.

You can let a professional know what your financial goals are, then sit back as they work towards it. Outsourcing the right way will connect you with someone in touch with ever-evolving tax legislation and rates. They’ll be able to snag deductions you never knew existed and cut costs, freeing up more cash for your business budget. Your small business remains compliant as long as they file your taxes by the due date and verify the amount you pay is accurate. Exorbitant CRA fines? Forget about it. 

If you make your own payroll, you must figure out hours worked, overtime, taxes, printing checks, and much more. That takes time and research, especially if your bookkeeping could be more organized. Don’t even think about cutting corners; court orders necessitate keeping airtight documentation. Outsource, and you no longer have to stress about that stuff. What if you want to check in on how payroll’s going — and whether you’re saving money? In that case, you could simply ask for a report, which will likely contain insights you wouldn’t have noticed on your own.

“What About My Private Data?”

The payroll system you use should protect an employee’s private information. If it doesn’t, you’ll need to switch sooner or later. You won’t have to worry about data breaches, other workers looking at your pay rates, or leaking an employee’s sensitive information by accident. Outsourcing businesses often have excellent internet security. It’s their job to work with countless companies over the internet.

If you’re indeed realizing you need a new program, here are the best payroll software for a small business in 2023:

“Who Should I Outsource To?”

We thought you’d never ask. ACM CPA offers payroll administration designed to take care of everything for you. No matter how large or small your business is, we can handle your overtime pay, sick leave policies, and hourly regulations. Accountants supervise our bookkeepers, who deal with tracking self-reported hours, onboarding new employees, and vacation pay calculations. Plus, we’ll ensure you’re compliant with applicable laws such as minimum wage rates, benefits, and deductions. Whether you’re sending payroll to the WSIB, EHT, or CRA for insurance premiums, employee health tax, or pensions, we’ll cover it.

Book a free consultation with us; we’ll discuss how to free up more of your time to focus on what really matters.