As a business owner, you work hard to make sure your company grows and succeeds. Payroll and human resources administration is easy to overlook but can affect your success in some surprising ways.
Even the most loyal employee will lose patience with compensation mistakes, paper cheques and deduction miscalculations. You count on your staff to keep the business running, and they expect you to pay them fairly and accurately. Today’s workers want easy access to information about their benefits and their paycheque. They also want their pay deposited directly into their account.
Productivity and profitability
The time you spend calculating deductions, remitting taxes, issuing T4s, writing cheques and record keeping is not free. It’s time you should be spending generating income, identifying new opportunities and contributing directly to your bottom-line. Automated and electronic payroll services can lower operating costs and help you use your time wisely.
Staying on top of industry trends and best practices is critical to your success, but so is knowing how to attract and retain your best employees. Understanding competitive compensation, attractive work environments and the labour market will give you the competitive edge you need to keep your company staffed and running smoothly.
Confidence and compliance
Knowing where your payroll dollars are going allows you to make strategic staffing decisions. When you know your employees are being treated fairly and your accounting practices are sound, you can focus on the future with confidence. Plus, knowing that you’re compliant with government regulations and remitting taxes correctly lets you get on with business worry-free.