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As an entrepreneur grows their business, I should think about payroll even before they have hired their first staff member says Edmonton bookkeeping. The reason why is so that they can ensure they have the right systems in place to not only manage their employees but when an efficient payroll. Ensuring they are paying their staff accurately and timely is extremely important, and is worth thinking about ahead of time.

One of the first things that business owners should consider, is if they are going to be doing their own payroll, or if they are going to be getting their Edmonton bookkeeping company to manage that for them. If they are not taking care of it themselves, they do not need to worry about what program they are using. However, if an entrepreneur is going to be taking care of it for the first while until they grow larger they may not need to purchase a specific payroll program. If an entrepreneur is already using some accounting software such as zero, Sage or QuickBooks books online, those programs already have a built-in component to handle payroll processes. If an entrepreneur does not have accounting software but there still going to be managing payroll themselves, there are specific software programs out there for managing payroll. They have a variety of different functionalities, but one of the most important things that they should consider is ensuring that whatever payroll software they get, is that it integrates well with the accounting software used by their Edmonton bookkeeping company.

The next thing that entrepreneurs should consider is how they are going to keep track of their employee’s time. Entrepreneurs might not think this is important to think about immediately, especially if they are going to be working in the same location as their employees for the same hours. However, many businesses require employees to work off-site and away from the business owner. Such as contractors, plumbers, and electricians for example. For these businesses, it is important to ensure that they have a time tracking software that is going to allow the entrepreneur to verify that the employee is where they say they are at the right time. Software that includes GPS software that requires employees to be on-site before they have the ability to clock in, or that take a picture of employees verify they’re in the right location can be vital in helping an entrepreneur verify the accuracy of their timesheets.

Not only is it important to have sophisticated time tracking software, but it is also important for entrepreneurs to ensure that all staff is submitting a timesheet. Especially if their Edmonton bookkeeping company is entering payroll information, to ensure that even the salaried employees are going to have days off and vacations properly accounted for. A great timesheet is not just going to guard an entrepreneur from time stealing but is also going to protect an employee by ensuring that they get paid for the time that they are owed.

By ensuring they have a great payroll system in place, entrepreneurs can ensure that when they do hire staff, that they are going to be getting paid accurately and on time. It is far easier for an entrepreneur to create these systems proactively, instead of reactively, because they have already been burned by an employee.

Edmonton Bookkeeping | Managing Employees Payroll Systems

Many entrepreneurs have already heard how important it is to create checklists and templates in their business, to increase efficiencies says Edmonton bookkeeping. However, many entrepreneurs do not apply this same principle to hiring staff. However, this can be one of the most important areas for entrepreneurs to create efficiencies. This is going to help an entrepreneur scale their business up faster and easier.

One of the first things that an entrepreneur should ensure they create a template for in their business when it comes to employees is an onboarding template, is going to get all of the required information from the employee that their Edmonton bookkeeping company is going to need to enter into their accounting system to for their payroll. Getting their social insurance number, their date of birth and address, as well as their banking information, can become effortless with the creation of a template. Also, by being ready with an employment contract can ensure that the moment an entrepreneur needs to hire someone, they are ready to do so easily and accurately.

The next thing that entrepreneurs should create, is a termination letter. This might seem pessimistic, but it is entrepreneurs need to understand that as long as they need people for their business, they are going to need to replace those people whether they are terminated, or the employees leaving through no fault of anyoneís. A termination letter is going to ensure that an entrepreneur is adhering to labor standards both with what they need to do, and what employees are entitled to.

If entrepreneurs have any questions on how to create efficient payroll and hiring templates, they can always call on their Edmonton bookkeeping company, because they are very well-versed in what information is needed to enter into the accounting system for employees and payroll. But also because they have experience with a variety of different businesses, and are quite familiar with labor standards especially when dealing with things such as overtime, vacation, and termination. Also, bookkeepers typically have their own identification number with service Canada, which means they’re able to handle the payroll filings on half of the business including record of employment forms. They can be a great important resource to ensure that entrepreneurs are handling hiring employees properly.

By creating these templates in their system early on, business owners can be prepared for whenever their business has grown to the point of needing staff. This means that an entrepreneur can scale up whenever they need, without having to stall their growth by stopping to create systems to allow them to hire their first staff members. This is extremely important in helping an entrepreneur keep the momentum that they have worked so hard to achieve in their business.