On the surface, payroll seems like a simple process. The employee does the work, and you pay them. In reality, when you’re a business owner paying employees, the tax and reporting aspects of payroll make things much more complex.

For example, each time you pay an employee, you have to account for Canada Pension Plan (CPP)/Québec Pension Plan (QPP), Employment Insurance (EI), and income tax contributions. From there you also have to accurately track these amounts and send them to the Canada Revenue Agency (CRA) and Revenu Québec (RQ). Then there’s health coverage, insurance, expense reimbursements and more.

These multi-step and most often manual processes are why payroll software is a must-have tool for business owners. Some of the top benefits of electronic payroll include:

Time savings
Using automated payroll dramatically decreases repetitive data entry and routine calculations. With payroll software, once you set up each employee, you enter the variables once versus every time you run payroll.

Then each time you run payroll, the calculations run themselves. All you have to do is review the payroll and approve it. For hourly employees, there are even ways to automatically import tracked hours into payroll.

By automating your record-keeping, payroll software also saves you the time of ensuring that you’ve recorded the amounts for each payroll for your business and tax records. With each payroll, these reports are instantly updated and ready when you need them.

Error prevention

You’re working on payroll and the phone rings or an employee comes to you with a question. There are any number of distractions when you’re a business owner, all of which can cause mistakes when you’re doing manual calculations. Payroll software solves this for you.

When you work with a partner like Summa Financial, we’ll also help ensure that your payroll is set up to run accurately and correctly right from the start. And with all of your payroll records at your fingertips, you can more quickly and easily review past payrolls or identify the source of any errors.

Streamlined compliance

From issuing pay stubs to annual T4s, payroll software helps you pay your employees accurately and on-time. All while ensuring proper record-keeping and employee documentation. Payroll software also automates new hire reporting, record of employment (ROE) creation and payroll tax remittances.

The cheques and balances of simplified payroll 

When you put your payroll on autopilot with tools like Huumans Payroll, you get more time back to invest in running your business. You also have a central hub where you and your partners at Summa can easily review all your payroll data and see how your payroll numbers impact your overall financial health.