How to Manage Payroll Effectively: 5 Important Tips

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How to Manage Payroll Effectively 5 Important
Tips
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• Payroll is a major concern for any business
  larger than a sole proprietorship with only one
  or two employees. Not only is it an essential
  process for keeping your staff paid and your tax
  obligations met, but the effort involved in
  processing payroll can be an expensive endeavour,
  too. As the saying goes, the solution isnt to
  work harder, but smarter. How can you more
  effectively manage this aspect of small business
  accounting for your Calgary business, so that it
  contributes to your success?

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• 1. Consolidate Policies and Overhaul Payment
  Rules
• Its easy to self-sabotage when setting up your
  payroll system. Do you have a wide variety of
  payment terms and rules, meaning that youre
  never quite finished doing payroll? Thats a sign
  that you should take a step back and reconsider.
  Consolidating payment policies so that you can
  build around a sensible payroll schedule will
  contribute immensely to streamlining operations.

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• 2. Develop a Standard System for Your Paperwork
• If you arent organized, you probably think of
  payroll as a process involving a lot of wasted
  time, lost documents, and frustration. The sooner
  you adopt a sensible system for organizing and
  filing this data, the better. Without paperwork
  in good order, you cant truly know the state of
  your payroll operations or your business.

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• 3. Explore Paperless Solutions
• Speaking of organizationwhy not ditch paper
  altogether in the parts of the process where it
  is feasible? With many advanced solutions for
  payroll software today, even the smallest
  business can find a solution that enables
  efficient capture operations for turning hard
  copies into digital data. By putting your payroll
  into the computer, you gain powerful
  opportunities for analytics and a chance to make
  improvements.

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• 4. Know Your Obligations
• When do you need to make tax remittances? How
  much do you owe, and are you always on time? If
  you arent fully up to date on your payroll tax
  obligations, theres no time like the present.
  Set a calendar that keeps you focused on
  finishing payroll on time and reminds you of the
  times when the government expects to see a
  payment.

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• 5. Seek Help from Proven Professionals for Extra
  Support
• Sometimes, even the best efforts at building a
  payroll system can come up short. Working with a
  third-party team of professionals to outsource
  your payroll can be the perfect solution when you
  want the certainty of the right answer. Best of
  all, you can recapture valuable time and energy.
  Instead of putting it all into payroll, you can
  redirect this new time back into improving the
  business itself.

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• Make Your Payroll Work for You
• From looking to simplify complicated payment
  terms to brushing up on the tax laws applicable
  to you, there are many ways to make positive
  changes. Adding experience into the mix can be a
  key part of making payroll less stressful. At
  Reion, we offer a robust payroll services package
  to Calgary businesses in search of a fully
  managed solution. Find out more today about how
  our experience, technology, and attention to
  detail combine for the best payroll solution.

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• Reion Accounting Professional Corporation is
  focused on providing high-quality service and
  customer satisfaction - we will do everything we
  can to exceed your expectations. By offering a
  variety of services including bookkeeping, tax
  planning and small business accounting in
  Calgary, you know your finances are being looked
  after by one of the best accounting companies
  dedicated to your success. Our firm has adapted
  to the fast pace of the world we live in now, and
  assists small and medium business owners with a
  streamlined approach to their bookkeeping and
  accounting needs. To learn how our accounting and
  payroll services in Calgary can assist you and
  which roles we can play in supporting your
  business, please get in touch today.