Payroll Services for
Small Business

 

Options to Streamline Your Payroll Process 

Managing payroll can be a complex and time-consuming task for any business. At Naomi Dukart Professional Corporation, CPA, we offer a range of payroll services to meet your unique needs and ensure compliance with the latest regulations.

 

Here’s a look at our top payroll solutions and how they can benefit your business:

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1. Hiring an External Payroll Service

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​​Outsourcing payroll to an external service provider offers expertise, compliance, and time-saving benefits. This option allows businesses to focus on core activities while ensuring payroll is handled professionally.

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Pros:

• Expertise and Compliance: Professional payroll services are well-versed in the latest tax laws and regulations, ensuring your payroll is always compliant.

• Time-Saving: Free up valuable time to focus on your core business activities while experts handle your payroll.

• Accuracy: Reduce the risk of costly errors with experienced professionals managing your payroll.

• Scalability: Easily scale your payroll services as your business grows.

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Cons:

• Cost: Outsourcing payroll can be more expensive than handling it in-house, especially for small businesses.

• Control: You may have less control over the payroll process and data.

• Communication: Potential for communication issues or delays in processing payroll due to reliance on an external provider.

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2. QuickBooks Online (QBO) Payroll Subscription

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For business looking for a more hands on approach QuickBooks Online Payroll is an integrated, automated solution that simplifies payroll management through seamless integration with QuickBooks accounting software and offers accessibility from anywhere.

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Pros:

• Integration: Seamlessly integrates with your existing QuickBooks Online accounting software, providing a unified financial management system.

• Automation: Automate payroll calculations, tax filings, and direct deposits, reducing manual work and potential errors.

• Accessibility: Access your payroll data anytime, anywhere with cloud-based software.

• Support: Benefit from QuickBooks’ customer support and resources to help you navigate any challenges.

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Cons:

• Learning Curve: May require time to learn and set up the software initially.

• Subscription Costs: Monthly subscription fees can add up, especially for small businesses.

• Technical Issues: Potential for software glitches or downtime, which could disrupt payroll processing.

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3. Annual Salary with Consistent Monthly Payments

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Simplify your payroll process by setting annual salaries with consistent monthly payments offers predictability and simplicity in payroll management, making budgeting and cash flow management easier for businesses.

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Pros:

• Predictability: Easy to budget and manage cash flow with fixed monthly payroll expenses.

• Simplicity: Simplifies payroll calculations and reduces administrative burden.

• Employee Satisfaction: Provides employees with predictable income, enhancing financial stability and satisfaction.

• Affordability: Most cost effective way to run payroll for yourself and employees. 

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Cons:

• Inflexibility: May not accommodate varying workloads or overtime, potentially leading to dissatisfaction among employees who work varying hours.

• Complex Adjustments: Any mid-year salary changes or adjustments can complicate the payroll process.

• Not Ideal for Hourly Workers: This method may not be suitable for businesses with hourly or part-time employees.

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4. CRA Payroll Deductions Online Calculator

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The CRA Payroll Deductions Online Calculator is a valuable tool for accurately calculating payroll deductions, ensuring compliance with tax regulations, and simplifying the deduction process.

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Pros:​

• Accuracy: Calculate federal, provincial, and territorial payroll deductions with precision.

• Compliance: Stay compliant with current tax laws and avoid penalties.

• Convenience: User-friendly online tool that simplifies complex calculations.

• Updates: Regularly updated to reflect the latest tax rates and regulations.​

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Cons:

• Manual Input: Requires manual entry of data, which can be time-consuming and prone to human error.

• Limited Functionality: While it calculates deductions, it doesn't manage the entire payroll process.

• No Integration: Does not integrate with other payroll or accounting systems, requiring additional steps to input data into your payroll system.

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Which Payroll Solution is the Best Option for Your Small Business?

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At Naomi Dukart Professional Corporation, CPA, we understand that every business has unique payroll needs. Our team of experienced professionals is dedicated to providing tailored payroll solutions that enhance efficiency and accuracy while ensuring compliance with all regulatory requirements. Whether you choose to outsource your payroll, use QuickBooks Online, or need guidance on payroll deductions, we are here to support you every step of the way.

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Contact us today to learn more about our payroll services and how we can help streamline your payroll process!