Intuit 'Cheat Sheet' Offers Business Owners Four Tips to Get Good Grades When Managing a Part-time Payroll
MISSISSAUGA, ON, Aug. 16, 2011 /CNW/ - Back-to-school is also back-to-work for the nearly 1 million, 15- to 24-year-old students who work part-time throughout the school year. And for the small businesses who hire them, that means extra homework to make sure they get the arithmetic right when it comes to calculating payroll, taxes and deductions.
To help business owners get passing grades from the Canadian Revenue Agency (CRA), Intuit Canada, makers of QuickBooks Payroll accounting software, offers four tips to stay compliant throughout a part-timer's employment.
Mistakes can be costly to both employers and their employees. Small businesses must maintain up-to-date records throughout a student's employment to avoid potential fines and penalties. And for the students, paying the proper taxes and taking accurate deductions can save them from owing money to the CRA at tax time.
"Being responsible for the pay cheque of younger employees is a job small business owners do not take lightly," said Brad Card, senior payroll products manager with Intuit Canada. "QuickBooks Payroll has the tools small businesses need to keep accurate records, stay on top of tax changes and get their employees paid swiftly. Our customers have told us that they've reduced the amount of time it takes to run their payroll by as much as 75 per cent."
The ABCs of Compliance
To help small business owners stay compliant throughout the entire cycle of a part-time student's employment, Card offered the following tips:
No More Pencils, When You Have 'Books
A solution such as QuickBooks Payroll eliminates manual calculations and the need to rely on external information sources to remain compliant, giving small business owners more time to run their business.
The financial management software automatically calculates deductions and taxes ensuring compliance with regularly updated provincial and federal requirements. It can create and print paycheques and regionally compliant paystubs, as well as track tax, CPP and EI contributions to produce T4s in just a few clicks. In addition, both paystubs and T4s can be emailed directly from QuickBooks Payroll, saving on the costs of printing and postage.
"Hiring students as part-time employees is a great option for small business owners, but you've got to follow the rules to avoid fines and keep staff happy," said Card. "Managing your part-time or even full-time payroll is usually regarded as a tedious task that many pay a third-party to manage. In reality, the closer you are to understanding and managing your business' entire cash flow, the more likely you are to ensure your own success."
For more information about the time-saving benefits of QuickBooks Payroll accounting software, visit quickbooks.ca.
About Intuit Canada
Intuit Canada ULC is a leading provider of business, financial and tax management solutions for small- and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including Quicken®, QuickBooks®, QuickBooks® Enterprise Solutions, SuccèsPME, TurboTax, and ImpôtRapideMC, simplify personal finance, accounting software and tax preparation and filing.
Additional offerings include ProFile®, a professional tax preparation software suite, the QuickBooks ProAdvisor Program and the Intuit Developer Network for professional users and developers. All are provided by Intuit Canada or through its partners.
Intuit Canada has employees across Canada and offices in Edmonton, AB, and Mississauga, ON. Intuit Canada is an affiliate of Intuit Inc., which is listed on the Nasdaq stock market under the symbol INTU. More information can be found at www.intuit.ca.