BAASS Insights Technology Blog

Like clockwork, the calendar year rolls over and every accounting department braces for the surge of year-end and tax time tasks.  This year organizations face some added fields which are now required in relation to COVID-19 relief and assistance which need to be reviewed on individuals’ tax slips. 

As we close out a monumental year for change in business and our ways of life.  Somethings have remained a constant - payroll and taxes.  With the new changes to the end-of-year process and taxes related to COVID-19, do keep your eyes open for updates from the Canada Revenue Agency (CRA). 

Working from home is no longer a luxury only a few have access to. Since the COVID-19 pandemic has begun, companies and organizations have had to reshape the office environment, with a majority of the office workforce working from home.  With that transition, many employees have had to pay out of pocket for upgrades and technology.  The Canadian Federal Government has acknowledged this in it’s Fall Economic Statement, which was released on Nov. 30, and announced that it would make it easier for Canadians to claim expenses up to $400.  

The Canadian Government has created the Canada Emergency Wage Subsidy (CEWS) in response to the financial impact COVID-19 is having.  This subsidy program was initially known as the Temporary Wage Subsidy, although as the situation evolved, so did the subsidy. 

We are all a little on edge these days about finances, job security and the health of ourselves and loved ones.  The Canadian Government is trying to help all Canadians with financial hardships due to COVID-19. For business owners’ this is one part of the economic response plan.

Getting paid and paying your staff is one of the top priorities of both employees and ownership. Regardless of the size of the organization, ensuring payroll is run correctly and on time is always top of mind. Having your payroll integrated with your ERP (Enterprise Resource Planning) will both streamline and automate this process. One ERP solution that provides a payroll module out of the box is Sage 300cloud (formerly known as Accpac).

Over the last decade, we have seen major technological advancements across different industries. Technology has helped organizations streamline their processes, organize large quantities of information, as well as analyze gathered data. We understand that it is difficult to keep up with the constantly evolving technologies being offered in the market. For this reason, we decided to make this year’s outlook on payroll management a little easier. If you’re wondering what the landscape of payroll may look like, keep reading!

We have successfully started a new year and a new decade. Now that the calendar has rolled over there are a handful of business items we need to handle, one being to ensure our payroll is ready for the new year. Here are 6 key items to get you started, and don’t forget to download the checklist to help you have a smooth Payroll Year-End.