Pay rules, enhanced security and tax forms
Our developers have been busy enhancing several key features of your payroll service. Pay rules, our powerful custom deductions, benefits and earnings feature, has gotten even better. We’ve added enhanced PIN-based security to payroll payments and we’ve updated the year-end process with the ability to create T4, T4A and RL-1 tax slips for your employees and contractors.
The pay rules feature has been updated to include several new features. First, we’ve segmented our out-of-the-box (default) rules from your custom (user-defined) rules so you can clearly see what you’ve customized for your pay runs.
You can now set a custom T4 box number for each benefit you create – useful if you are creating an automobile benefit (box 34) or other taxable benefits (box 40)
For custom earnings, you can now set your rules to be eligible for automatic vacation calculations or even set the rule to use the bonus / occasional earnings methodology for tax calculations
We’ve already seen several companies use this feature to include expense reimbursements as part of their payruns – a great way to reduce your expense reimbursement costs by including these payments as part of the payrun process.
We’ve added PIN-based security to the payrun process. This is used on the PAYMENTS stage of the process to ensure that only authorized personnel can approve and issue payments to employees.
You can use this in conjunction with our multi-user permissions and roles feature to, say setup a payroll manager to perform payruns for you but ensure that payments are authorized only by your company’s signing officer. Our accountant partners can also use the feature to run payroll on behalf of their clients but have them ‘approve’ the payments personally.
Support for T4, T4A and RL-1 slips
We’ve added support for common year end tax forms like the T4, T4A (often used for contractors) and RL-1 (for Québec-based employees). Using PaymentEvolution, you can easily create these year end tax forms without resorting to paper. Our fully electronic process will guide you through creating the forms from your payruns, and submitting these to the appropriate agencies. Even better – your employees will receive these important tax documents electronically, saving you the mailing and distribution costs. No longer will your employees ask for a re-print because they’ve lost their T4 slips – they can print their own copies by logging into their accounts.
Funding options for payroll
We increased the number of methods you can use to fund your employee payroll. Each option has its advantages and you can select the one that best fits your business and how you run payroll.
Our most popular option is ‘pre-authorized debit’. With this method, we automatically debit your company / source bank account for your payroll obligations and then make payments on your behalf to your staff and vendors. Payruns using this option must be completed 4 business days in advance of the payment date.
If you have ‘bill payment’ features in your online business banking service, you can send us the funds for your payrun. You’ll need to fund your payrun at least 2 business days prior to the payment date. You can select ‘bill payment’ in your payments profile
If you do not have ‘bill payment’ facilities or need to send us funds from international banks, you can use our wire payment option. With this method you should fund your payroll at least 2 business days in advance of the payment date.
We continue to add new features and make the payroll process delightfully easy – it’s our commitment to you! If you have any suggestions or want to see a new feature, let us know in our product forums.