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Why Payroll Compliance is Critical for Your Business

Unaware of how important payroll compliance is to your business? In addition to keeping your employees happy by paying them on time and the correct amount they're owed, proper payroll compliance will keep the CRA happy and off your back. 


Running a business is a lot of work. There are numerous things to keep in mind and keep on top off in order to make sure things run smoothly and regulators are kept happy. Payroll compliance is one of those things. While it's certainly one of the less glamorous aspects of running a company, proper payroll compliance and procedures are critically important to your business. Here's why. 
 

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With over 15 years of combined industry experience, our team of highly qualified tax accountants can perform a range of services for our clients in Calgary and Chestermere, including tax assessment, bookkeeping services, and auditing to meet all your financial needs.

Our team of Chartered Professional Accountants take pride in providing you with fast and efficient services and a tailored approach to manage all your financial matters.

Need payroll preparation Chestermere? IAPC has everything you need to keep your employees and the CRA happy.  

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Why Payroll Compliance is Critical for Your Business

Paying your employees on time makes them happy and feel respected. In turn, they execute their work at a higher level and provide your customers with even greater service, allowing you to build your business. You'll have less turnover and will be able to grow your employees into trusted confidants who are battling towards the same objectives for your business as you. But payroll compliance is about more than just making sure your employees are paid the correct amount on time every time. It's also about keeping regulators off your back and avoiding costly audits which can derail your company's productivity. 

Looking for payroll help Chestermere? IAPC has everything you need to keep your company compliant and CRA auditors at bay. Click the button below to find out more. 

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Common payroll compliance issues that trip up businesses and leave them open to penalties or audits

There are a number of things in the realm of payroll compliance that can trip up businesses or inadvertently leave them open to penalties or audits from the CRA. This includes: 

  • Inaccurate payroll calculations 
  • Miscalculated CRA remittance
  • Unpaid deductions for Employment Insurance and Canadian Pension Plan

If any of these are executed incorrectly by your payroll staff you could have angry employees and auditors to answer to. Even if an audit finds that nothing was done with malice, the audit process itself could hamper your operations significantly and cause a major decrease in productivity. 

Want to get rid of your payroll headache Chestermere? Outsourcing your payroll services to IAPC will immediately relieve the stress you're experiencing when it comes to meeting your payroll deadlines, and we can even help you run your business better. Contact us today to book your FREE consultation and see what the IAPC advantage is all about. 

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The cost of being non-compliant

The cost of being found non-compliant when it comes to your payroll services is money. Lots of it. If your business is determined to be in breach of the current legislation then you could face fines that could seriously jeopardize the future of your company. Worse yet, you may even owe interest on the money you're said to owe. In addition to the financial burden you face, your business will also be subject to a huge disruption in terms of its productivity and day-to-day operations. And all it takes is one disgruntled employee to set all these wheels in motion. That's why your business needs payroll experts. That's why it needs IAPC.
 

IAPC Has You Covered

If you're concerned about the state of your personal or business finances in light of the ongoing pandemic, book a free consultation with one of our trusted Chartered Professional Accountants today and let us help guide you through this uncertain economic time.

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