Payroll Services
Where Do I Start with Payroll?
Payroll involves calculating employee wages for their work, including benefits and required deductions. These payments can be made on various schedules, such as weekly, biweekly, monthly, or even daily for certain types of workers. No matter the frequency, payroll must be processed regularly and on time.
Different pay periods offer various advantages. For example, companies with a large number of hourly workers may find it easier to process payroll on a weekly basis, while businesses with mostly salaried employees may prefer bi-weekly payments for consistency. At Adept Bookkeeping Services, we’ll help you determine the best approach for your business, and we’ll explain each step of the process so you’re always informed.
Your employees rely on you, and you can rely on us. Headquartered in Regina, we stay up-to-date on Saskatchewan labor laws and regulations. In addition to handling payroll, our team uses our accounting expertise to make sure your overall financial health is in check.
Fully managed payroll services
Because payroll involves many variables and legal requirements, outsourcing to professionals like Adept Bookkeeping Services can ensure accuracy and compliance.
FAQ
Is there a way I can Manage Payroll for My Small Business?
Payroll services encompass several key tasks: accurate payroll calculations, processing payments, generating payslips, handling payroll tax, and maintaining proper record-keeping for compliance. All of these activities need to be managed using reliable payroll software to ensure employees are paid correctly and all legal obligations are fulfilled. At the end of each month, we calculate payroll taxes to determine how much the employer must remit to the Canada Revenue Agency (CRA) for employee deductions, as well as the employer’s contributions to Employment Insurance (EI) and the Canada Pension Plan (CPP).
At Adept Bookkeeping Services, we’ll create a payroll strategy tailored to your business and your employees’ needs.
Payroll Calculations
While payroll might seem straightforward, there’s a lot more involved than just figuring out wages or hours worked. To process payroll correctly, a variety of details are required, including:
– Full legal name of employees
– Current address (taxes are based on where the employee resides, not where they work)
– Telephone number
– Date of birth
– Social Insurance Number (SIN)
– Department or job codes (if applicable)
– Bank details for direct deposits
– Salary, wages, commissions, or bonuses
– Hours worked (if paid hourly)
– Vacation accrual and carryover policies
– Deductions for Registered Retirement Savings Plans (RRSPs) or pensions
Contact Us
Get in touch with our team for any general inquiries or to learn more about our suite of financial services. We are here to assist you in navigating the complexities of your business’s financial landscape with precision and expertise.