The Importance of Payroll in a Franchised Business
When companies have staff, one of the biggest administrative and accounting challenges they face is payroll. It has to be done right and on time. Livelihoods depend on it and Canada Revenue Agency does not tolerate mismanagement very well.
Larger companies and even some smaller and medium-sized ones are able to handle payroll internally. However, for many businesses, taking care of payroll internally is a constant challenge and one of their worst nightmares. The solution may be a payroll service.
There are a number of reasons why a franchise should consider using a payroll company and why outsourcing this task is becoming very popular.
The first is cost effectiveness in terms of money saved that could be put towards the other demands of your franchise. Payroll companies are very efficient and can generally do so cheaper than you can do it yourself.Second is that this complex task with all of its myriad and complex tax laws is taken care of by companies that make it their business to do just that.
Having a payroll company on deck means that you will meet the required government deadlines and avoid any late penalties. They will also ensure that direct deposits are made to all your employees on time. Add to this T4’s, Records of Employment, etc and the value becomes clear. This kind of accountability and service is part of the package.
Outsourcing your payroll services also means you have a dedicated Customer Service Rep who will get to know your company on many levels and will look after your best interests. When they happen to be sick or on vacation, the infrastructure exists to keep things moving.
Ongoing and in-depth reports will allow you to easily mesh the numbers with your regular bookkeeping.
Many payroll companies come with an affordable price and a team that will compliment your business and your bottom line.
If you’re looking to save time, money and payroll headaches, hiring a payroll company is a wise alternative. Let them do the payroll work for you while you take care of growing your franchise business.