Bookkeeping Services From $150 Per Month

No Catch Up Fees & Free Incorporation

Get Started

One of Edmonton’s highest rated Bookkeepers!

Edmonton Bookkeeping Icon 5 Stars

Read Reviews

Edmonton Bookkeeping Preferred Bookkeeper

There are several things that entrepreneurs should keep in mind about setting up payroll when they start their business according to Edmonton bookkeeping. Even though they might not have the need for staff in their business right away, it is very important that entrepreneurs create an efficient payroll system early on in their business even before they need to hire any staff. If they have an efficient system set up, they will be able to scale their business up and hire employees whenever they need, instead of having the need to hire, and then having to create a system.

One of the first things that business owners should do is ensure that they have an effective onboarding process for new employees. If they are getting their Edmonton bookkeeping company to enter new employees into the accounting software, they will need to ensure that they have all of the information that is needed to set up employee profiles, as well as into the information to pay them. It is recommended that entrepreneurs set up checklists or templates whenever possible to simplify processes and ensure no information is forgotten.

The most important information for entrepreneurs to get from new employees will be their social insurance number, date of birth, and address. As well they will need to provide all of their banking information so that the entrepreneur will be able to ensure they can direct deposit their paychecks into their bank. However, depending on the industry that the business is in, as well as what is the employee needs in order to do their job properly, an entrepreneur might include other things on the checklist such as obtaining a driverís abstract, criminal record check, or getting copies of the employees licenses or tickets they may need to do their job.

Once an entrepreneur has a checklist for onboarding employees, they will need to ensure that they have a process for terminating employees, including a termination letter. While this may seem pessimistic, as long is entrepreneurs need people, they may need to let people go, or look for new employees in the employees decide to leave. A termination letter can ensure that an entrepreneur is adhering to labor standards about what they must do and what their former employees are entitled to.

If entrepreneurs are looking for guidance on grading and effective onboarding process, they can contact their Edmonton bookkeeping company to provide guidance. The have great information on not only the accounting system, but bookkeepers also know about labor standards and are familiar with filing with service Canada. They can help an entrepreneur ensure they have an effective onboarding system for entrepreneurs.

By ensuring they have a system in place for bringing on new staff when they need, an entrepreneur can focus on growing the business, knowing that as soon as they need to hire people, have processes in place. If entrepreneurs do not have this system, they may find that their business gets stalled out when they are ready to hire, but now they have to stop and figure out the most efficient way to do so.

Edmonton Bookkeeping | How To Manage Payroll

Having an efficient and effective payroll system is important for all entrepreneurs, especially since while the average employee has been staying with their employers for an average of four point six years, as millennialís enter the workforce, they are only staying with employers for approximately two points three years says Edmonton bookkeeping. This means that business owners can prepare for a higher turnaround, and therefore an effective payroll system is going to be especially beneficial. Even new entrepreneurs that have not begun to hire employees yet should ensure that they have systems in place, because it takes time and effort to create a great system, so they should ensure that it is in place before they need it.

One of the first things that entrepreneurs should think about, is how often they want to pay their employees. The reason why this is an important first question to think about is so that an entrepreneur can ensure that they are creating the cash flow to allow them to pay their staff at the frequency they want. If they do not think about this ahead of time and end up building clients only once a month, they may find that their only getting cash in their business once a month, making paying staff biweekly difficult.

Business owners should also decide early on if they are going to be managing to run payroll themselves, or if there can be outsourcing it to Edmonton bookkeeping company. If there outsourcing it, they do not need to worry about what software program they want to use. However, if they are going to be managing it themselves, especially in the beginning when there trying to save money by doing is much as they can themselves, the software is important. If they already have an accounting software such as QuickBooks or QuickBooks online, they should be relieved to know that there is a built-in payroll component that they can simply learn how to use. However, if they do not they will need to find a payroll program to use.

Before an entrepreneur decides what payroll program they would like to purchase, they should consider how they want their employees to keep track of their time sheets. Since most payroll programs have a built-in time tracking software, it is important to think about the features that an entrepreneur wantsís they can purchase a payroll program that has all of the capabilities that are important to them. For example, they may want to have a GPS built-in feature so that employees that are working off-site have to be where they are supposed to be before they have the ability to clock in.

By thinking of all of the features that they want for their payroll, including if they want their Edmonton bookkeeping company to manage it, an entrepreneur can put together a very efficient and effective payroll system. However, if entrepreneurs do not think about ahead of time, and only put things into action as they hire their employees, they may find that they have a less efficient system or components that do not work well together.