It’s that time of year again when the shoebox full of old receipts comes out of the closet and an impending sense of doom starts creeping in, it’s 2020 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 not only integrates with other software but also automates calculations so your taxes are done before you even knew they were due.
We now have sophisticated software that not only integrates with other software, but also automates 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 tax time 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 Payroll, but what happens next is really magical.
Our system does the work of taxes for you by automatically calculating taxable earnings on all your employees 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 so you’ll never miss a deadline again.
Can you imagine the time you would save with a system like that?
2 - Statutory Holiday calculations are done for 2020 tax season.
Statutory Holidays are now just holidays, not confusing pay days.
If you live in Canada, you know that every province has different rules around statutory holidays, and how payment works around them.
From Ontario, to Alberta, rules, rates and regulations vary.
You need software that not only calculates Statutory Holiday pay on the day of, but also feeds that information through to every paycheck.
In other words, using a software that automates Statutory holiday pay calculations.
This is the best solution when it comes to staying on top of holiday pay, and the great news is that our software does that.
3 - Advanced ROE automations.
ROE’s is an important document you must file to ensure employees receive timely employment insurance benefits when they are laid off or furloughed.
During this unprecedented year, businesses across the country filed more ROEs than ever before.
Automate your ROE issuance and ensure everyone receives their benefits on-time through the Push Platform.
4 - Employee access and automations.
In this day and age employees like to be involved in their financial health and investments.
It goes a long way to be able 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, ROE, T4’s, Vacation and more 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 - An integrated system.
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.
At Push, we created an integrated system.
Your employees can punch in through our time tracking features, and have their hours automatically sent to payroll for processing and calculations.
From there we work our tax season magic so it’s all done in the click of a button.