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When entrepreneurs are ready to scale up their business, Edmonton bookkeeping recommends that they have a payroll port process in place ahead of time, to help ensure that their payroll process goes smoothly and that they have all the information they need for their bookkeeper to help them with it as well. Since the average new money a worker is staying with their employer for only two-point three years, where the average employee previously stayed with their employer four point six years, entrepreneurs should be prepared to have a process in place to help them with hiring staff.

There is a lot of information that an entrepreneur needs to get from their employees in order to ensure a smooth process in hiring them and putting their information into the bookkeeping software. Types of information that the employer will need is a social insurance number, the employee’s date of birth and address. But it is most efficient for an entrepreneur to utilize the TD one form that not only has a provincial version, but it also has a national one. By using this template, entrepreneurs can ensure that they are never forgetting to ask their new hires all of the important information. All they have to do is hand them the form, and give that form to their Edmonton bookkeeping company for them to enter into their accounting software.

In fact, entrepreneurs should ensure that they have templates for all different processes including hiring, termination and when employees quit. What this does is simplifies the process, ensures no information is left out or forgotten, and also ensures that entrepreneurs are complying with all labor standards at all times. Ensuring an entrepreneur has a process in place makes it easier for them to carry it out correctly.

If an entrepreneur has an Edmonton bookkeeping company already, they can often provide great guidance to the entrepreneur on various payroll processes. Bookkeepers are often the professionals who are going to be entering employees’ information into the accounting system, and already know what information is needed, are aware of the various labor standards especially when it comes to things like overtime hours. They can be a very great resource for business owners, and they should be using whatever resources they can to ensure there are doing all of the payroll processes correctly.

Not just hiring and termination, but Edmonton bookkeeping companies are also going to be of the help entrepreneurs with various other payroll filings such as Aro is because they have the information already if an entrepreneur has used templates, and most bookkeepers also have their ID number with service Canada and knowledge about the various labor standards and what employers must do, as well as what employees are entitled to.

By automating as many processes by using templates whenever possible and using their bookkeeper as a resource, entrepreneurs can ensure that they are implementing a payroll process that makes it easy for them to scale up their business when they need it.

Edmonton Bookkeeping | How To Manage Your Payroll Their

One of the most important things an entrepreneur can remember about managing their payroll is that checklists and templates can significantly help the process because it is a process, that needs a lot of information, and rather than trying to do the process from scratch each time, coming up with the process with templates can ensure process is the same for all employees, which is going to help them ensure their payroll processes proceed smoothly.

One of the first questions that entrepreneurs often have when they are starting a payroll process, is how do they choose their cut off and pay dates. Choosing cut off and pay dates are going to depend on how often a business owner is going to want to pay their staff. Whether it is monthly, biweekly or weekly. Regardless of what the business owner chooses, Edmonton bookkeeping recommends that entrepreneurs have a minimum of one week between cut off and paid eight. Not only is this going to give the business owner ample time to ensure the accuracy of the payroll information, but it is also going to give them time to bring the money into the business to cover payroll, especially if they currently do not have that money in their bank account. This means they might need to engage in some collection calls or revenue-generating activities.

Another question that entrepreneurs have is how often they should pay their staff. As previously mentioned, the options are typically monthly, biweekly and weekly. However, what is most advantageous to the entrepreneur typically depends on their industry as well as their cash flow situation. How often do they typically bill clients can often depend on how frequently they pay staff. If they bill clients monthly only, they may choose to pay their staff monthly. While business owners should get into the habit of billing their clients as often as possible to increase the frequency of getting paid, it is whatever the cash flow situation is for the business, the frequency should follow suit.

Entrepreneurs often wonder what software program should they be used to manage their payroll. And Edmonton bookkeeping recommends that if an entrepreneur already has an accounting software, they strongly recommend that an entrepreneur to use that. Whether it is zero, Sage or books because if they already have that program, there is a built in payroll component to that. However, if they do not already have a software program, there are programs that specifically only do payroll that they can purchase to help them manage their payroll as well.

When entrepreneurs are ready to hire employees, they should also be getting ready to scale up their business, by automating as many processes as possible. This not only makes it easier to manage their payroll, but it also makes it easy for them to give their payroll activities to a bookkeeper so that they can concentrate on the strategic priorities they need to do in order to grow their business.