how to minimize risks - nethris payroll services
TRANSCRIPT
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Payroll Management:How to Minimize Risks
Pierre St-Arnault, Product Manager
Twitter: @pstarnault #FUNDICAROADSHOW #NETHRIS
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Starting a business …
BOUTIQUE
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You hire your first employee …
+BUT WAIT…
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Employees vs ContractorsWhich Option is Right for My Business?
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1. The salaried employee can contact the Employment Standards Commission if he feels he is subjected to unfair conditions. The contractual can’t.
2. The salaried employee represents a fiscal burden for the employer. Not the contractual.
3. The salaried employee has a loyalty responsibility to his employer, established by law. Not the contractual.
4. The contractual employee is considered as an independent self-employed entrepreneur. Not the salaried.
5. Because of his status, the contractual or self-employed employee benefits from different tax treatment.
Some general concepts…
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Employees vs ContractorsEstablishing the status
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• Control• Tools and equipment• Subcontracting work or hiring assistants• Financial risk• Responsibility for investment and management• Opportunity for profit
Factors to consider
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So finally,you hire your first employee …
+
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The troubles begin …
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Payroll managementdoes not end oncethe cheques are signed …
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GOVERNMENT REMITTANCES
BONUSWCB PAYMENTS
VRSPSEVERANCE PAY
STATUTORY HOLIDAYSVACATION PAY
RECORDS OF EMPLOYMENTRETIREMENT ALLOWANCES
SUPPORT PAYMENTS
DEDUCTIONS AT SOURCE
CHEQUE PRINTINGTAX SLIPS
YEAR-END PERIOD
TAXABLE BENEFITS TIPSGOVERNMENT REQUIREMENTS
CANADA REVENUE AGENCY
DATA ARCHIVING
TAX FREE SAVINGS ACCOUNT
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Compliance
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Don’t play with fire!
There are 190 regulatory requirements.
Including employment standards andtax tables and those fun calculation formulas ...
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An employee leaves …
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The employeris responsiblefor the recordof employment
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GOVERNMENT REMITTANCES
BONUSWCB PAYMENTS
VRSPSEVERANCE PAY
STATUTORY HOLIDAYSVACATION PAY
RECORDS OF EMPLOYMENTRETIREMENT ALLOWANCES
SUPPORT PAYMENTS
DEDUCTIONS AT SOURCE
CHEQUE PRINTINGTAX SLIPS
YEAR-END PERIOD
TAXABLE BENEFITS TIPSGOVERNMENT REQUIREMENTS
CANADA REVENUE AGENCY
DATA ARCHIVING
TAX FREE SAVINGS ACCOUNT
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Is payroll really yourfield of expertise?
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Privacy
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The employer is responsible for protecting their employees’ personal information
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Personal Information Protection and Electronic Documents Act
(PIPEDA)
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Identity theftAccess management
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Business risks
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Does your recovery plan include
payroll management?
PAYROLL
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Your data Your resourcesYour equipment
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Financial risks
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A simple late payment can cause many problems …
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Failure to deduct …• 10% of the amount you did not deduct• 20% on the second failure
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Compliance Privacy Business risks Financial risks
Summary …
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Satisfaction
Accurate and timely payroll is invaluable for employee loyalty
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Is payroll really yourfield of expertise?
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What are your options?
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A spreadsheet? Your accountant?
Accounting software?
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Do you have another option?
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What aboutPayroll Outsourcing?
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Save Time(Better focus on your core business)1
TOP 5 REASONSYOU SHOULD OUTSOURCE PAYROLL
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Payroll Entry GL Journal Entry Time Banks Looking for Legal Information0
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Payroll Processing – Time Consuming Tasks
Source: Echo Sondage 2013
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Reduce Costs(Time saved is money saved)2
TOP 5 REASONSYOU SHOULD OUTSOURCE PAYROLL
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Get Access to Expertise(Payroll management is complex)3
TOP 5 REASONSYOU SHOULD OUTSOURCE PAYROLL
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End-of-Year Looking for Legal Information Time Banks Records of Employment0
2
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14
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Payroll Processing – Most Complex Tasks
Source: Echo Sondage 2013
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Reduce Risks(Avoid headaches)4
TOP 5 REASONSYOU SHOULD OUTSOURCE PAYROLL
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Worry-Free(You are not alone)5
TOP 5 REASONSYOU SHOULD OUTSOURCE PAYROLL
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