Valley First

Payroll & HR Issues

Ideally, you want to maximize your administrative efficiency, while minimizing costs. It pays to investigate all of the options in order to implement a payroll plan that will work for you now, and in the future.

 

Your payroll plan

  • Unless you are a professional accountant it's probably a good idea to hire a qualified person to do your payroll.
  • The decision to hire an accountant or outsource your payroll will be largely based on the overall size of your company.
  • The advantage of having an accountant handle your payroll is that all of your finances will be consolidated and completed accurately. Plus, everything will be fully compliant with federal and provincial regulations, no matter how complex your payroll structure is.
  • The disadvantage is that managing payroll can be a lot of work, and as your business grows you may end up needing to outsource payroll anyway.

EXPERT TIP

Valley First has partnered with ADP to bring you simple, economical solutions that can save you time, protect you from compliance violations and improve your productivity. Consider ADP for your payroll needs.

Payroll deductions

Payroll isn't simply a matter of multiplying hourly wage by hours worked, or even of issuing regular cheques for salaried employees. There are many other factors which factor in to a single paycheque:

  • You need to know the regulations for overtime and vacation pay.
  • You need to know how to make deductions for income tax, employment insurance and federal and provincial pension plans.
  • You will need to pay worker's compensation costs to cover your employees in case they are injured.

Human resource considerations

  • As a business grows, you may need more employees in order to meet the demands of a growing customer base. New employees may not be as proficient as you, but the cost of trying to do it all yourself as your business continues to grow will be higher than the cost of a few mistakes made by employees in the learning process.
  • Delegating the workload to employees is relatively easy. Managing them, on the other hand, can be difficult. You may need to promote some of your employees into supervisory roles, and you may even need a full time manager for day-to-day operations.
  • Part of managing your employees effectively is maintaining good relations with them. It goes without saying that you’ll need to treat your employees with respect and courtesy, but you’ll also need to establish clear rules and policies for all of your employees so they know what your expectations are.

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