Doing your own payroll is fine providing you have a member of your staff who is well trained to do payroll and can keep up with the ever changing rules and tax laws imposed by Revenue Canada.
Doing your own payroll is fine if you have staff who can dedicated their time to do payroll without interruption to avoid costly mistakes which can result in upset employees and possible penalties if Remittances are not correct and paid on time.
Having an outside company to do your payroll insures your payroll will be done right by trained and certified payroll administrators. Having professional and trained administrators to your payroll may avoid pitfalls and costly errors resulting in either unhappy employees because their pay is incorrect and or Revenue Canada problems.
Freeing up time is another key factor. Payroll can be time consuming and require special training in administrating payroll correctly, this time may be used in other areas of your business to make your business run more efficiently and productively.
Money is another factor. It may be more cost effective to outsource your payroll than to do it yourself or to have an employee in your organization to do it for you. Time is money and if you can make better use of your time or time of one of your employees than that should be a key consideration.
