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Mississauga ON L4W 5A6

Mississauga, ON, accountants recommended the following payroll tips for their clients

Payroll Mississauga ON
Payroll process handling mississauga

As a business grows, owners will quickly realize that payroll becomes a challenging and complex process. The accountants at Miranda Professional Corporation help their Mississauga, ON, clients address payroll and other financial challenges. Staying on top of changing regulations can be challenging, they have recommended the following tips:

  1. Ensure proper classification and categorization of your employees. There may be benefits to using independent contractors instead of hiring staff. However, even if a person agrees to be a contractor, it may not be legal, depending on the services provided. Be sure that employees are properly classified as salary or hourly, as this determines whether you will need to pay overtime.
  2. Be sure your budget includes wages and taxes. In addition to paying your employees, you may also be required to pay certain taxes. Do your research to learn which taxes you will need to pay and account for those costs in your budget.
  3. Automate tax deposits. If you’re not setting aside money for taxes, it can feel costly when the due date arrives. Ask your payroll-processing company to set aside a certain amount each month to ensure that its ready.
  4. Consider hiring a professional. It can be challenging to stay abreast of all the changes to laws and regulations surrounding payroll. By working with an accounting firm, you can be assured that you’re working with a team of professionals who understand the laws and know when they change. Additionally, over time they can develop processes that will speed your efficiency and allow you to focus on what really matters – serving your customers and growing your business.

Miranda Professional Corp has a team of professionals to help with all your accounting, bookkeeping, payroll, compliance, tax, and business planning needs. To learn more, call us at +1 855-839-4969 today.

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Joseph M. Miranda, B.Comm, CPA, CMA

Joseph M. Miranda, B.Comm, CPA, CMA

Miranda Professional Corporation

Miranda Professional Corporation is committed to finding efficient and innovative solutions for all your business requirements. With over three decades of expertise in the field, they are knowledgeable in accounting, bookkeeping, taxation and managing businesses for small and medium enterprises in the Greater Toronto area.

Joseph Miranda is a qualified charted accountant and a certified management accountant with a bachelor's degree in commerce from the University of Toronto. After gaining expertise in the accounting field he advanced his passion by obtaining knowledge on information systems and developing a software application to create more efficiency in financial reporting functions.

The entire staff at Miranda Professional Corporation carries the same passion for helping people obtain the best means to manage their business and personal affairs by providing accurate knowledge to support their financial decisions.

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