Mississauga, ON, accountants recommended the following payroll tips for their clients
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:
- 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.
- 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.
- 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.
- 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 +1 905-949-0699 today.
