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Payroll Processing Services

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Efficient and accurate payroll processing is an integral part of a successful small business or corporation. Payroll processing services are key for optimizing a company’s organization, productivity, administration, and financial management.

Accountor CPA has CPAs (Chartered Public Accountants) who specialize in payroll processing and management to simplify your business operations.

What is a Payroll Processing System?

A payroll processing system is a set of procedures, software, and technology that manages the payment of wages by a company to its employees. The process includes compiling employee work data, managing benefits and deductions, and distributing employee pay for a specific time period.

There are many online payroll processing systems and software available for this, including QuickBooks, Wave Accounting, FreshBooks, and Xero. All of these payroll processing systems operate on the cloud to provide maximum flexibility to businesses, employees, and payroll managers.

An accountant can help you find the right payroll processing system for your business’ needs.

How Can Payroll Processing Services Help Small Business?

Payroll processing services provide a number of benefits to small businesses and SMEs across Canada. With scalable and professional payroll processing services you get:

  • Fast, simple, and accurate payroll processing without dedicating your time
  • Custom and personalized solutions to meet your company’s needs
  • The latest payroll processing software and technology
  • A dedicated team of experienced professionals on hand
  • Organized cloud storage of your payroll data
  • Easily accessible tax forms, pay stubs, and employment history for employees
  • Regular reporting and analysis to help you find areas to expand or reduce

For a small business, time and resources are of the essence. Payroll processing services ensure that as a business owner or manager, you can dedicate your time to growing your business, not calculating deductions and tax remittances on dozens of paycheques each week.

Tax compliance and adhering to government regulations is also important to a start up or small business, as one mistake in remittances or tax filing for your employees can lead to hefty penalties and leave a dent in your blossoming reputation. Payroll processing services ensure this compliance so you get peace of mind.

In House Payroll Processing vs Outsourcing

The payroll management process requires employers to follow formal procedures to pay staff. As a business owner, you can either follow and manage these procedures by yourself in-house, or you can outsource your payroll processing to a professional company.

Small businesses, SMEs, or start ups may not have the resources to hire an in-house payroll manager. Instead, the task of payroll often falls to the business owner, who must dedicate valuable time each week to managing payroll to ensure employees are paid right and on time.

With outsourced payroll processing, a small business or SME can be confident that their payroll is being handled professionally and maintained to the highest standards, without needing to spend hours each week doing it themselves.

Even larger corporations with the resources to hire an in-house payroll manager can benefit from outsourced services. Outsourcing payroll processing provides an objective view on a company’s payroll, allowing these experienced accountants to provide consultation and advice about how a company can better provide for its employees and manage their payroll more efficiently.

Outsourced payroll processing companies also ensure compliance no matter the size of your company. Don’t risk your company’s reputation and compliance - work with a professional outsourced payroll processor.

Tasks that an end-to-end outsourced payroll processing company can manage include:

  • Implementation of payroll processing software
  • Keeping payroll records for all employees
  • Sending paycheques to employees via direct deposit or preparing physical cheques to be printed
  • Making employee payments on time
  • Calculating and using amounts to pay, deduct, withhold, and remit on each pay
  • Calculating annual wage and tax reports (T4 and T4A)
  • Filing provincial and federal payroll taxes
  • Administering employee benefits
  • Managing reimbursements for employee expenses
  • Payroll reporting and analysis
  • Sending and managing payments for other deductions, like benefits plans, perks, retirement plans, and more
  • Ensuring your business is fully tax compliant year-round and staying up-to-date on the latest Canadian tax laws and payroll requirements

Outsourcing your payroll processing to a professional company ensures accuracy and consistency for your employees and your remittances in tax season. Get peace of mind when you work with an outsourced payroll services company.

International Payroll Processing

Does your company operate outside of Canada but have Canadian employees? Our international payroll processing services help foreign companies manage their Canadian employee payroll requirements.

Our payroll management services for international companies ensure full tax compliance with Canadian legislation and laws. We also provide consulting regarding the related payroll deductions that Canadian employees may expect, such as benefits, retirement contribution, or other employee perks.

How to Do Payroll Processing

While there may be variations between companies for regular payroll processing, there are some commonalities and standard steps in the payroll administration process.

Step-by-Step Payroll Process

Initial Steps

  • Choose a payroll system and payroll processing service;
  • Create a payroll policy, including pay period, payroll deductions, tax remittances, how to pay employees, and labour law compliancy;
  • Gather general employee information, such as address, SIN, tax-filing status, and banking information;
  • Establish a time-tracking software that can be integrated with your payroll software.

Per Pay Cycle

  • Collect employee timesheets for the given pay period in the payroll software;
  • Determine each employee’s deductions and tax remittances and calculate net pay;
  • Approve and submit time cards in payroll software;
  • Issue payments to employees (through direct deposit or paper cheques);
  • Report and update payroll records to show deductions and tax contributions made.

At Year End

  • Issue employee T4s and/or T4As;
  • Compile relevant tax documents to prepare for corporate taxes.

Online Payroll Processing for Small Business

Gone are the days of the payroll ledger and calculator. Online payroll processing software is widely available and has changed how companies can manage their employee payroll.

Online payroll processing for small business functions on the cloud, providing you and your employees with round-the-clock access to the documents that matter most.

  • Easily run payroll for all employees with just a few clicks
  • Have payroll taxes calculated, deducted, and remitted automatically
  • Pay employees with direct deposit or with printed cheques - you choose!
  • Manage employee access to relevant documents and information
  • Have access 24/7 from any platform to manage your payroll
  • Integrate seamlessly with third-party software, like benefits packages, workflow management, or time-tracking programs

How Much Does Payroll Processing Cost?

The payroll processing costs for a company depend on its size and the specific needs of the service.

Many payroll services providers charge a basic rate for payroll services and an incremental increase for each employee on the payroll. A large company with a hundred employees will naturally cost more per month than a company with just ten employees. A good payroll processing service will provide scalable solutions, so as your company grows, so does your payroll processing.

Payroll processing firms also have different rates for extra services, such as year-end tax filing, T4 preparation, direct deposit, and the level of personalization needed.

Always consult with a payroll assistant or accountant to determine the level of services you need for a smooth payroll process.

Work With The Best In Payroll Processing Companies

The team at Accountor CPA has the payroll processing experience to build your small business, SME, or large corporation. Whatever your scale, our payroll processing systems can provide the level of service you need to ensure simplicity and transparency for your employees and tax filing.

Contact us for a free consultation to learn how the end to end payroll processing can save you time year-round. Save time, save money, and save yourself from the stress of managing payroll alone.

Save your time, money, and hard work ...

This page has been prepared by our professional team. Verified by Eric Yarosh (CEO, CPA, CA).
Copyright © Accountor CPA – Accountor Inc.







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100 / Hour

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300/ Hour

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