The objective of the payroll function is to pay employees accurately and on time, remaining in compliance with legislation, for a full annual payroll cycle. Payroll services involve the management of employee compensation, including calculating and processing payments, withholding taxes, and issuing pay stubs. Our payroll solutions also ensure compliance with government regulations and legislation. Outsourcing payroll services to a third party such as Venture can save businesses time and money and reduce the risk of errors or penalties related to payroll processing. Comprehensive online payroll services for small business allow you to focus on what you love - growing your business.
We offer full-cycle payroll processing by our experienced Payroll Compliance Practitioners. From the start, we offer commencement packages to give to employees, offer explanations of TD1 and Source Deduction Return forms, all while maintaining PIPEDA (Privacy Legislations).
Our services identify regular employment income against varying cash and noncash allowance and benefits, calculate regular earnings on a pay period basis, calculate statutory withholdings, define and prioritize deductions such as statutory, legal, union, company-compulsory, and voluntary, and then calculate net pay per employee. In irregular situations, we issue retroactive, bonus, incentive, commission, and vacation payments. Furthermore, we issue retiring allowances, wages in lieu of notice, and directors’ fees payments.
We identify and apply the payroll-specific accounts in a chart of accounts, prepare payroll journal entries, determine the effects of payroll journal entries on the income statement and balance sheet, prepare accrual and reversal journal entries, analyze the payroll expense accounts for reasonableness, reconcile payroll liability accounts, and prepare journal entries for payroll corrections.
Our Payroll Solutions department assists with government agencies such as the Canada Revenue Agency (CRA), Workers’ Compensation, and Service Canada. We file and remit payroll remittances while reconciling the CRA Account, prepare year-end T4 slips and summaries for the CRA, calculate assessments for workers’ compensation, reconcile estimated and actual annual assessable earnings, identify, issue, and complete the blocks on the Record of Employment once employment has been severed.