April 30, 2012
“Hands down, the Most Important stepping stone of my journey and entrepreneurial process was College Pro. I had a lot of growing to do both before and after CP, but who I have – and am becoming thanks to the experience is phenomenal. Extremely Grateful to this incredible company, and the doors that have opened being a business person!” Read More
June 21, 2011
College Pro Northern Ontario General Manager Patricia Seaton and Erin Scheel, head of Special Projects, recently participated in the Southern Ontario Amazing Race for charity. The two raced as Team College Pro, proudly sporting their CP headbands, for the second year in a row. Read More
June 03, 2011
The summer work season is under way for College Pro, and we are taking the opportunity to feature the work of our franchisees with Q&A’s from clients. The below Q&A and photos feature the work of Michael Gore-Hickman, College Pro Painters franchisee in Saskatoon North West. Read More
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
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