5 Payroll Software Features Making 2021 Tax Season a Breeze
It’s that time of year again when the shoebox full of old receipts comes out of the closet, and an impending doom starts creeping in. It’s 2021 tax season!
But it doesn’t have to be that way. Technology has evolved since the days of manual calculations and abacuses. We now have sophisticated software that can automate calculations, so your taxes are done before you even knew they were due!
Finally, you can keep shoes in your shoe boxes again! So how does it work?
Here are 5 payroll software features that you need to make your 2021 tax season a breeze.
1 - Automation of all things tax related.
Payroll and taxes are complicated, but they don't have to be. Nowadays, the right software will basically do the job for you. It all starts with automated payroll, but what happens next is really magical.
Our system does the work of taxes for you by calculating taxable earnings on all your employee's paychecks, remitting taxes automatically, therefore keeping you up to date all year round.
When tax season rolls around, this same software takes it one step further - calculating and submitting T4 slips (or year end tax forms for our American friends) so you'll never miss a deadline again. Can you imagine the time you would save with a system like that?
2 - Automating your Statutory Holiday pay calculations for 2021 tax season.
Any North American knows that every province, and different states, has different rules around statutory holidays and how payment works around them.
In Canada, payment types across provinces rules may vary. (Luckily, we have a helpful article about that).
The same goes for the states, but thanks to payroll software, Statutory Holidays are now just holidays and are no longer super confusing paydays. This software works like magic to calculate Statutory Holiday pay on the day of. It then feeds that information through to every paycheck.
In other words, using software that automates Statutory holiday pay calculations is the best solution for staying on top of holiday pay and payroll tax calculations down the line.
3 - Exploring advanced ROE automations.
In the states, ROE's aren't pertinent, but for Canadian clients, this automation is a big win.
An ROE, or record of employment, is an important document you must file to ensure employees receive timely employment insurance benefits when laid off or furloughed.
As the pandemic pressed on during 2021 and 2022, businesses filed more ROEs than ever before.
Using software to automate your ROE issuance and ensure everyone receives their benefits on time will make your 2021 payroll tax calculations easy breezy
4 - Using employee access tools.
In this day and age, employees like to be involved in their financial health and investments.
It goes a long way to provide a system to your team that offers them the option to log in and explore their files.
We built a system where employees can access their personal information including: ROE, T4s, Year End Tax Forms, vacation, online, or on our mobile app.
Within this portal, employees' tax brackets are also listed and automatically updated within the system as the employee's wage shifts over time.
Providing these tools to employees saves time in back and forth, and it also allows employers to rest easy knowing that all-important employee information is living up to date in one place, all ready to go for tax time.
5 - Use an integrated system for 2021 tax season.
Taxes start with payroll calculations, and payroll calculations start with employee time tracking and schedules.
The easiest way to simplify your entire system is to go for a streamlined and integrated system.
Here's how it works. First, your employees can punch in using time tracking features and have their approved hours automatically sent to payroll for processing and calculations.
That includes automated stat holiday pay calculations, and the best part is automatic tax deductions are included as well! It's like magic.
The Push systems do all this and offer 2021 payroll remittances, and payroll deduction payment options for both Canadian and American clients! So you get your time back and your taxes are done.
If you want to learn more about how you can automate your payroll calculations, book a demo with our team today.
Looking to learn more about payroll in general? Check out our free guide on Canadian payroll for business owners. Happy tax season!
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