June 03, 2011
With better weather coming on and the advent of more sunny days throughout summer, many homeowners are wondering whether now would be a good time to consider painting or repainting their house. Read More
May 26, 2011
James Snyder, current Director of Operations at PacNorthwest Drive Ins, worked for six years with College Pro, first as a franchise owner and then managing franchise owners. In the following letter, he reflects on his time with College Pro, what he learned and why College Pro is an ideal place for future business leaders to get their start. Read More
March 17, 2011
We recently caught up with Jim Mathewson, a former College Pro franchise manager, and now a National Account Manager over at AkzoNobel Canada, which is the largest global paints and coatings company and a major producer of specialty chemicals. Read More
December 29, 2010
As an SMB owner, the face of your business is the same one you see in the mirror every morning. Sure, you might be able to file a document and convince the IRS to tax you twice, but that doesn’t mean that your potential customers will accept a distinction between your private and public life. Read More
Six Tips for Small Businesses To Streamline Payroll Process
Posted On November 4, 2010
It’s definitely an exciting moment when you decide to open and operate a small business. Nevertheless, it is important that you spend enough time doing your due diligence to understand your role as an owner of a company and how that affects other parties that will be involved in your business. Your payroll is a huge responsibility and one that no organization should take lightly; therefore, here are some tips that will help you with this process:
- Familiarize yourself with your responsibilities as an employer. Canada Revenue Agency’swebsite is a great way to start.
- Prepare a contract between you and your employees, making sure that they understand what they should expect from you and vice-versa
- Collect all the necessary information from your employees so that they can get paid on time and have their government contributions deducted appropriately.
- Preparing a payroll budget is extremely important. You should always have extra cash flow in your bank account in case of unforeseen circumstances. Many new small businesses create a business plan to start their operations; however, sometimes, they forget to create cash flow projections and find themselves trying to figure out where they can get the extra cash needed in particular circumstances. A simple example of this scenario is within the service industry, where most of the time, an organization is not compensated until a certain job/task is completely delivered to the satisfaction of the customer. However, various payroll periods may pass before you actually collect that paycheque. Therefore, plan for these types of scenarios to avoid any problems in the future. It may be helpful to speak to your bank representative and arrange for a business line of credit.
- Define a clear system for tracking employee hours and availability. The Microsoft website has some great templates that can be used as a starting point.
- Lastly, as a small business owner you want to choose the right payroll company working for you. They will make your life easier from obtaining the necessary information from your employees to making all the necessary payments related to payroll. Once you fill out the proper documentation and you provide them with all that is required, the rest of the process is on them.
Good luck with the new venture, and remember these 6 tips when planning for your payroll process within your company.blog comments powered by Disqus