Last time we discussed about the neat features available to Get the Most Out of Quickbooks Online. Each Jan/Feb, we get the enviable task of preparing T4 slips for employees and making their pay and taxes are correct. But what if there’s a way to automate 90% of payroll?

Who is this for?

  • Small Businesses

  • New Entrepreneurs

  • Canadian Businesses

Keep reading if you’re…

  • Keen to automate payroll processing

  • Tired of manually paying employees and remitting taxes

  • Processing payroll for the first time

TLDR: Consider switching to an app like Wagepoint and implement features such as direct deposit, employee portals, electronic filing & remittances and integration with apps for accounting, time & attendances to free yourself from manually processing payroll.

Ways to Automate Payroll

While the same features may be available in other payroll apps, we are Wagepoint Certified Advisors and will mostly share their features.

Process Payroll Automatically: If you’re team is salaried with no one-off adjustments, Wagepoint can auto-process payroll in each pay period. While the manual process is straight-forward, why bother to manually do it at all?

Send Electronic Paystubs: Hopefully NO ONE is still printing paystubs and passing window envelopes to employees. Most payroll processors can provide paystubs by email or access to an online portal. No more emails from employees for missing paystubs.

Pay Employees with Direct Deposit: Save the pain of printing and signing cheques or worse, writing and signing cheques. Setup direct deposit for your employees. While the bank withdrawal takes place a few days earlier, it’s well worth the hassle saved.

File Payroll Remittances Automatically: Raise your hand if you forgotten to file and pay your payroll taxes. Since your processor is already doing the tax calculations, it may as well file and remit the payment to the CRA for you.

File Electronic T4s: You are required to provide T4 slips to employees and the CRA annually. Wagepoint can automatically submit your T4 slips to the CRA and give T4s to employees by email or online portal.

Update Employee Information and Bank Deposits: Do you receive employee requests to update addresses and banking info? With access to the online portal, employees can update the information themselves.

Remit Worksafe premiums: Wagepoint can automatically calculate and remit the premiums to worksafe. While you still need to file the reports, at least there’s one less thing to do.

Submit Record of Employment Electronically: You longer need to manually write and mail an ROE or submit Web ROE online. Wagepoint can file and submit the ROE on your behalf.

Integrate Time & Attendance: Along with payroll, Wagepoint has separate apps for time (Track) and attendance (Luna). While priced separately, the apps provide a seamless integration coming from the same software developer. No need for manual timesheets in excel and email-based time off requests.

Integrate Accounting: Lastly, don’t forget to integrate the payroll app with your accounting app like Quickbooks Online and Xero. Payroll is a complex transaction that effects many expense accounts, so the best way to record things correctly is through integration.

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