Payroll processing shouldn’t be complicated. Wagepoint’s cloud-based software simplifies this essential task for small business owners. Transform how you do payroll so you can get back to doing whatever else strikes your fancy.
When you have a small business with employees, payroll processing is a staple part of keeping all your ducks in a row. It’s not quite the same as brightening a customer’s day or setting up your shelves just so to show off your best products, but payroll processing is another cog in the wheel nonetheless.
It starts with hiring your employees. Once you’ve got your dream team that’ll make your business shine, it’s time to gather some information from them. Things like their name, birthdate and tax information. Next up, set their wages, determine what deductions apply to them and how often they’re going to get paid. With those details in tow, you can calculate how much your employees made and should be paid for a pay period. Next stop: Pay your employees!
The number of hours an employee worked during a given pay period.
Amounts withheld from employee pay for things like CPP and EI.
The days worked included in a pay period.
Different types of earnings, such as commission, holiday pay and overtime.
When you must remit payroll taxes to the government to remain compliant.
The date when employees will receive their pay.
Setup starts with the little details: Employee name, birthday, hire date and so on. Employee profiles in Wagepoint keep all those details in one place that you can go back to at any time. Another part of setup is adding income, deduction and benefit types so that your employees’ earnings can be calculated. Thankfully, Wagepoint makes that easy, too!
There are a few steps to choosing payroll dates. This part isn’t necessarily glamorous, but it keeps your books accurate and your employees happy. In Wagepoint, the first thing to do is choose the group of employees you’re going to process for (the Paygroup). Next, select the first and last days of the pay period (the Pay cycle) and finally the day the employees will be paid (Pay date).
We mentioned happy employees in the previous point, but the amounts employees get paid are what really bring smiles to faces. Why? Because correct hourly and salary details in the pay run mean the correct amount of money in their bank accounts. And when you use Wagepoint, automation takes the guesswork out of making those calculations. Phew!
The finish line is in sight! After entering all the details, it’s time to review. Whether you’re using Wagepoint or not, this is important for making sure a slip of the finger didn’t amount to your employee working 800 hours instead of 80 and that every employee that should be paid is included in your pay run. Everything look A-OK? Perfect! Just click Wagepoint’s handy dandy “Approve payroll” button to complete the payroll process. If you have direct deposit set up for your employees, they’ll be paid that way, otherwise, you can write paper cheques to make sure they get their funds.
Learn more about Wagepoint for small businesses.
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