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Statutory deductions making you and your clients dizzy? We’re here to help (Sponsored by Payworks)
Your clients rely on you as their trusted expert on anything and everything bookkeeping-related. Whether you’re managing day-to-day cash flow, balancing accounts, providing advice on potential challenges and opportunities, or assisting with workforce management, you’ve definitely earned your spot as their bookkeeping guru!
However, sometimes it can feel overwhelming to have to manage All The Things at once… especially when that to-do list includes running payroll and filing year-end tax forms. The stakes of getting these particular tasks right are especially high to avoid major headaches and substantial fines for your client down the road (as well as a potentially-significant blow to your client’s trust in you), and manually calculating statutory payroll deductions like Canada Pension Plan (CPP) and Employment Insurance (EI) can feel incredibly daunting.
Fear not! Automating some of the trickiest potential payroll pitfalls is just one of the ways Payworks has compliance down to a science. Here’s how:
1. Automatic calculation of CPP, EI and income tax
Yep, it’s true - every time you and your clients run payroll with Payworks, all of the necessary statutory deductions are calculated for you, saving you time and stress. This comes in handy every time they pay their team, but also when it’s time to file at year-end (which Payworks also does on your behalf!).
Even the Canada Revenue Agency (CRA) has noted Payworks as a third-party service provider to help with source deductions. This means you can breathe easier knowing that everyone’s being paid correctly, and that your clients won’t be panicking down the road.
“Payworks takes the worry out of deductions, vacation pay, etc. The reporting is also very helpful when discussing Profit & Loss, etc with our executive team. Our client services rep is always incredibly helpful and knowledgeable. We really like the personalization and knowledge of having a dedicated CSR who we can direct questions or concerns to, and have them answered in a timely manner.”
Mast Hair
Edmonton, AB
2. Automatic legislative updates
Legislation that impacts payroll is constantly evolving, even after the extra-tumultuous past couple of years. Beyond rules around CPP and EI, what’s considered a statutory holiday can change (along with the resulting impacts on your business, depending on the regions in which you operate), as can legislation around overtime hours and more.
Unless you consider the CRA’s website “light bedtime reading” (…and no judgment if so…), it can be easy to miss something critical!
Payworks is pleased to provide tools and updates to our application that help you and your clients stay compliant, no matter how quickly things change. And one of the benefits of our cloud-based system is that you’re always on the most current version at no additional charge - no manual updates required.
“My favourite part of using Payworks’ Payroll is the ability to run as many previews as needed to ensure that payroll is accurate for each pay run. I also appreciate the ease of setting up a new employee in Payroll and the various dashboard notifications - they help us stay up to date on any changes that may affect the organization.”
Manitoba Opera
Winnipeg, MB
3. Notifications, resources and support to help you manage the rest
There will also be some updates we can’t make on your behalf - for example, when minimum wage legislation changes in your client’s region, we won’t automatically adjust their team’s rate of pay (but are happy to assist with mass rate changes). We’ll keep you in the loop on upcoming changes with plenty of notice so that you and they can pivot accordingly.
We’ve also got a positively-bursting library of resources to help you plan for the year ahead, including the fan-favourite Payroll Guide for Canadian Business (available to all at no charge, whether you’re a Payworks client or not).
And of course, all Payworks clients are supported by a dedicated, NPI-trained Client Service Representative who knows you and your business and provides consistent, expert help and guidance to all of your clients. Suffice it to say: with Payworks, you’re never alone.
“When it was time for us to be able to pay ourselves, we wanted to make sure we were doing it the right way. It just makes everything so much easier knowing that, when I’m doing the process through Payworks, that all the Ts are crossed and the Is are dotted and it’s good to go.”
Planet Pantry
Winnipeg, MB
Doing business to business, person to person. Payworks is a leading expert in the field of total workforce management solutions, providing cloud-based Payroll, Human Resources, Employee Time and Absence Management to businesses across Canada. We’re a Platinum Club member of Canada’s Best Managed Companies, having held the Best Managed distinction every year since 2012, and were designated one of Canada’s Top Small & Medium Employers for 2021.
Let us show you how we’re different. Visit payworks.ca/bookkeeper-solutions to learn more.