Avoid problems mailing cheques
Canada Post recently announced its intention to phase out door-to-door delivery of mail. If you are still printing and mailing cheques, now is the time to switch to electronic payments. Your employees will appreciate the convenience and security of receiving their pay electronically. They’ll save a trip to the bank and stop worrying if the cheque was mailed on time.
Electronic payments are:
- more secure – payments are made directly to employee bank accounts. No more worries about mis-directed mail, lost cheques and potential cheque fraud
- more timely – employees receive cleared funds immediately with no ‘holding’ period for cheques
- more convenient – staff no longer need to sign cheques, stuff envelopes or make trips to the post office
- significantly less expensive – the average business spends over $2.50 to issue an employee a cheque. Electronic payments from PaymentEvolution are only 50¢
Before your employees start asking, make the switch to PaymentEvolution ePay – its simple and fully integrated with your payroll. Better still, with our secure PayChequer service, you staff will get all their pay slips and full pay history online (even their year end tax documents).
We’ve added several enhancements to your payroll service to make it even easier to use. If you use a third-party timekeeping system, you can now import your time records using a comma or tab separated file (CSV). If your bookkeeping service uses alphanumeric general ledger codes (like some instances of QuickBooks) you can now map custom GL codes so your exports seamlessly match-up. Do you need to customize your payroll reports? The new dynamic report supplements our extensive list of static reports. We’ve also updated the dashboard to show you more relevant information about your payruns.
Your payroll dashboard has been enhanced based on the feedback we’ve received. In addition to showing you the history of payruns in your account, you’ll also see a quick status indicator of your current payrun and details about the payment associated with your last payrun. You’ll see the total debit amount being processed on your bank account (if you are enrolled in our convenient ePay service) as well as the expected payment date for your staff.
CSV time-sheet import
In addition to importing time records for your staff from services like FreshBooks, you now have the ability to import from CSV files. Many time keeping applications and services can export time records in CSV file format so if we don’t have a native import for your favourite tool, you can still bring in those hours via CSV. This service is available on any of our paid plans including those offered by our accountant / bookkeeping partners. For details on how to import using CSV files, please see our forum help article.
Custom general ledger mapping and XML export
PaymentEvolution supports a custom chart of accounts that you can use to match your bookkeeping software. If you are mapping to cloud-based services like Kashoo, Saasu or Xero the process is very simple (we read your chart of accounts from these services and allow you to map those accounts to the GL in your payroll account). If you are using a desktop application or need support for alphanumeric chart of account (GL) codes, then our new custom general ledger mapping feature will allow you to export your general ledger entries with the same account codes you (or your accountant) uses to manage your books. You’ll save many hours of entering GL transactions. This feature is available on our Business Pro plan. For more see our forum help article
We’ve always provided you free reports to manage your payruns and these static reports are handy for most of your needs. However, you may need to customize the reporting dates, look for certain pay runs or just tally up the amount you’ve paid certain staff members – the new dynamic report is for you. Use this report to create custom reports – search for payruns within a specified date range, find specific employee payments, create a tally of payruns for the month etc. If you need to export the data, you can now download it in XLS or PDF format. The onscreen report can be sorted, grouped, sliced and diced – it’s your data, so view it the way you want! For more details see the help forum article.
Minor changes to the report menu
We’ve cleaned up the report menu but don’t worry, all your favourite reports are still there. Along with our regular reports (which have always been free), you’ll see the link to access the new dynamic query reports. We’ve renamed (slightly) one report – the Journal report is now known as the Journal (Register) since many payroll professionals use the term ‘payroll register’ when referring to this type of report.
Custom Company Aliases now available
We’ve introduced custom company URLs (specific web addresses) for your staff to login to see their pay history. Your staff can now go to http://YourCompanyName.PayChequer.com to see their pay history. For details on how to set this up, please see our forum help article. Employees can still login using the general company email address as before, but the new alias / custom site allows them to login without having to remember that email address.
We’re excited to have Cameron Peters and Mark Relph join our Board of Advisors. Cameron is the founder of Trilogy Software and often regarded as the father of modern tax software. Mark is well known in the start up community as an advocate and mentor. Both will be helping us plot our course as we continue to expand our suite of services.
Mark Relph is a technology evangelist, experienced business leader, team builder and Microsoft veteran. His 20 year track record in tech includes executive leadership, technology evangelism, marketing, sales, business development and product management. Mark has deep roots in the Canadian technology community and most recently ran Silicon Valley VC and startup engagement for Microsoft. Currently, Mark is EIR at Growlab, a leading startup accelerator in Vancouver, working with their companies and building the plan for his next endeavour.
Cameron Peters has been creating software for the Canadian tax and accounting communities since 1985. He started his first company, ‘Cameron Peters Software Products’ in high school, and subsequently built Cantax®. Cameron went on to develop a series of innovative products. He co-founded GreenPoint Software in 1995. As CEO and chief architect, he developed the ProFile® Professional Tax Software Suite that became part of Intuit Canada in 2000. After leading the Professional Tax Business at Intuit Canada for a few years, he became the Director, Consumer Tax in Intuit U.K. In 2005 he returned to Canada as the CTO of Intuit Canada & U.K. leading over 250 development and support staff and helping take the QuickBooks® product from 41% to 60% retail market share. Cameron founded Trilogy Software in 2010, where he is defining the future of tax preparation services and software.
For businesses of any size, finding the right combination of incentives and compensation is difficult.
Different employees are motivated by different incentives. For example, the cash bonus that one employee values may be of little interest to another who prefers a few more days off. Gift cards, dinners and other perks are valuable to certain employees depending on their personal situations. Just as you spend time recruiting the right folks to work in your organization, spend some time to understand what will motivate your individual staff members.
Employees respond well to simple and immediate incentives. Complicated programs like points programs that build toward a reward work only when employees actively participate – and often get neglected once the novelty has worn off.
Tips on creating great incentives
If you want to recognize an employee for their extra effort you should do it as quickly as possible to reward those actions. You also need to articulate to all your staff what it was about that employee’s effort that merited the reward. An employee who lands your next big client should be congratulated when the contract is signed and recognized in front of his/her peers.
Keeping your incentive program spontaneous ensures that employees don’t expect the reward but are rather surprised when one does come after the fact. This keeps all your staff motivated to perform and truly appreciative when rewarded.
No matter how you choose to reward your staff, the value of the reward needs to be meaningful. This will vary based your business size, the pay of the employee and the value the employee has brought to your business. A $5 Timmies card might not be appropriate or appreciated by the employee who just saved your company tens of thousands in expenses.
When it comes to creating your incentives plan, keep it simple and relevant to the employee being rewarded. Making it immediate and spontaneous will ensure your other staff will be similarly motivated
Tracking incentives and benefits
Tracking these benefits is also important to ensure the right tax obligations are met. The PaymentEvolution pay rules feature allows you to provide your staff any number of benefits while accurately recording the incentive and associated taxes.
Let’s say you want to reward your top sales associate of the month with a new iPad. You’ve already determined that such a reward is meaningful to your staff and you’ve committed to presenting the reward at your monthly sales meeting. To ensure you’ve recorded the reward correctly as part of the employee’s compensation, you’ll want to create a pay rule.
- Login to your PaymentEvolution payroll account
- Go to Settings -> Pay Rules
- Create a custom benefit
- Now assign the rule to the employee that earned it
- The next time you perform your payrun, the employee will have the benefit added to their pay. If this is a one-time reward, you can remove the benefit after the run is complete in the employee profile.
It’s that simple – your staff will appreciate the incentive and you’ll be accurately recording their compensation and tax obligations.
As part of the Ontario Dental Association’s recent Annual Spring Meeting, we launched payroll services specifically for dental practices. Whether you are just opening your own clinic or are just looking to more effectively pay your staff, PaymentEvolution’s cloud-based payroll service for Canadian dentists will make payroll worry-free and cost effective.
The service can work in conjunction with your accountant or bookkeeper (we even support the most popular accounting tools these professional use – QuickBooks, Xero, Kashoo, Saasu and FreshBooks). If you need a professional to help you – we have some of the best independent dental practice experts to guide you.
Payroll for Dentists gives you a fully cloud-based payroll service that you can access from any modern web browser. Whether you are at the clinic or not, you can still get your payroll done. You can even delegate the payroll management to a member of you team but retain financial control of payments. Your staff will get a free employee site where they can view their full payroll history – even their year-end tax forms like their T4 or Relevé 1 (RL-1).
The service is full-featured and includes:
- Full online access to process payruns
- Salaried, hourly and temporary staff
- Compliant with all provinces and territories
- Detailed reports, journals, remittance advice – everything that will make your bookkeeper happy
- Create T4, T4 Summary and even T4A for contractors
- Create a Record of Employment (ROE)
If your staff want direct deposit – you can enable electronic payments to make your payroll process even easier. Get Payroll for Dentists now
Very convenient. I can perform a payroll run anytime, even if payday falls on my vacation – A. Klinghoffer Dentistry Professional Corporation
As you build your bookkeeping and accounting practice you’ll face a number of issues. Client retention will likely be top of your list and there are a number of things you can do to help:
- Consider moving to value based pricing – pricing your services based on your client’s perceived value of the service. There’s a great series of articles written on this: http://blog.xero.com/2013/03/overview-of-value-based-pricing/
- Ensure you develop a client communication plan – updates, reminders and notifications should all be part of your regular dialogue with your clients. If you aren’t already using CRM in your practice, consider moving to a combined bookkeeping system that includes or can integrate these client relationship management tools.
- Bring payroll back in house – this additional service you provide your clients is the single most effective way to remain in regular communication with your clients. Your perceived value increases significantly (you are helping get their employees paid – what could be more valuable?) PaymentEvolution helps you bring payroll back in house without the added burdens and cost – in fact, our existing bookkeeper and accountant partners find that payroll is a strong revenue driver for them.
If you are considering payroll processing in your firm, you’ll want a strong set of features to ensure it’s easy and flexible to perform these functions for your clients. We’ve recently added a series of features that will make it even more profitable to offer payroll services to your clients:
Multiple logins and permissions
You can use our advanced security features and permission model to delegate certain tasks to clients. For example, you can give individuals in your client’s organization the ability to enter timesheets on their own (saving you the data entry and potential errors). You may also choose to give your clients the ability to perform most steps in a payrun (enter salaries, modify / add employees etc) but save the final payments for you to authorize. With PaymentEvolution Payroll, you have a number of choices on the permissions you can give your clients – giving you the ultimate flexibility to run your practice the way you want.
Enhanced security – PIN codes
We’ve introduced PIN-based verification for payments to ensure that only the authorized payment officer of a company approves payments. A client can have your firm do all the payroll processing but save the final payment approval for themselves.
Multi-company management and dashboard
We’ve enhanced our multi-company management dashboard giving you a quick way to navigate among your clients, view their employee profiles, edit their company settings. You’ll also see notifications on when a payrun needs to be finalized to ensure electronic payments are made on time to employees. With this powerful multi-company management interface, you’ll be able to streamline payroll processing for all your clients. If needed, you can also adjust your own master profile and login credentials. If clients leave, you can close or deactivate their accounts as well.
Give your clients a consistent experience by branding your payroll service with your logo and company branding. Clients can even be directed to your unique URL and site address. The service is maintained and hosted by us so you don’t need to worry about legislative changes, updates or enhancements – we do all that for you.