Payroll Services

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Payroll services consists of calculation of payments to employees for their work in the company whether based on time or productivity, as well as calculation of benefits and statutory deductions. Payroll may be processed weekly, bi-monthly, monthly or daily (for daily wage workers) but must be done on a regular basis.

Different pay periods have different advantages. When a company has many hourly employees, it may be easier to process them weekly instead of monthly, but a company with many salaried employees may opt for bi-monthly payments because of its consistency. We’ll help you determine what’s best for your business, and we’ll explain what we’re doing and why.

Your employees trust you. You can trust us. Based in Regina, we keep up to date on Saskatchewan labour laws and regulations. More than payroll services, we use our full knowledge of accounting to ensure your finances are sound.

Payroll calculation is a complicated process that varies from company to company. Each company may have its own payroll structure consisting of various components unique to that company. In addition, many location-specific laws such as provincial employment and workers compensation acts affect the payroll calculations. Under the Minimum Wages Act, for instance, employees need to be given some mandatory salary components such as statutory holiday pay, vacation pay and overtime pay. The Saskatchewan Employment Act explains when paying overtime is required or which holidays are public and require time off. To process payroll services accurately, it can help to outsource to accounting professionals like KB Accounting, but it can help to familiarize yourself with relevant information to help you manage your entire business better.

How do I do payroll services for my small business?

Payroll services involves accurate payroll calculations, disbursement, payslip generation, managing payroll tax services and record keeping compliance. All these activities must be performed using a good payroll software to ensure that employees do not get erroneous paychecks and all statutory compliances are met. At month end, we calculate payroll tax to determine the amount the employer is now responsible to pay Canada Revenue Agency for the deductions taken from the employee paychecks, known as remittance, plus the employer's portion of Employment Insurance and Canada Pension Plan.

We’ll develop a payroll strategy that’s right for your business and your employees.

Payroll Calculations

Calculating payroll seems simple on the surface. What is a person’s salary, or how many hours did they work at what rate? But in order to calculate and process payroll accurately, a lot of different information may be required, such as:

  • Full legal name
  • Current address--employees are taxed based on their residence, not work address
  • Telephone number
  • Date of birth
  • Social insurance number (SIN)
  • Names and codes for internal departments 
  • Banking information for direct deposit
  • Salary or wages, including commissions or bonuses
  • Hours worked, if employee is paid hourly
  • Vacation accrual
  • Vacation allowable overdraw or carryover
  • Registered retirement savings plans (RRSP) deductions
  • Pension deductions

Payslip Generation

Payslips, or T4s, are required. We take all the information you give us to calculate payroll and create the records that go along with it. This includes paychecks, T4s, T4 summaries, and Records of Employment. These act as source documents for your bookkeeping. 

Disbursement

Once payroll is calculated and finalized, disbursals must be made. This is when you actually pay out the money owed to your employees. Payroll disbursement can take the form of direct deposit, e-transfer or cheque. We’re happy to work with third-party external programs like Ceridian.

Payroll Tax

Nobody likes when tax season rolls around, and doing payroll tax on a monthly basis is even less appealing. But an important part of payroll services is payroll tax, or paying the monthly source deductions that come with being an employer. These include payments into employment insurance (EI) and the Canadian Pension Plan. Let us handle your deduction remittance, the money withheld from employees, as well as your contributions as employer. We’ll deal with the CRA so you don’t have to. Payroll services that require handling union dues, group benefits and other deductions are welcomed, and we will handle Worker’s Compensation.

Recordkeeping Compliance

The CRA is now putting more emphasis on firms (like KB) to provide privacy and avoid identity theft. KB adheres to strict standards in terms of handling any confidential information used when doing payroll. The CRA is also aggressive in enforcing recordkeeping compliance, including source documents to provide a strong aduit trail. 

 

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