As an employer, you are responsible for paying your staff properly. Employees should have the correct amount of taxes withheld from their checks. Employers are required to comply with the rules established by the Canada Revenue Agency. If you are a new employer, follow the steps below when setting up and running payroll in Canada. Setup Business Number: If you are an employer, you are required to submit taxes withheld from an employee’s check to the Canada Revenue Agency (CRA).
The last line of defense your company has against expense reimbursement fraud may come from your bookkeeping department. While supervisors and managers often review expense reimbursements, the bookkeeping department can provide a different point of view. By reviewing supporting documentation for sufficiency and reasonableness, a bookkeeping department may also be able to spot potential expense reimbursement fraud just by the nature of the expense. Common Forms of Expense Reimbursements Expense reimbursements typically happen in one of two ways; Use of
One of the most important roles that a bookkeeping department plays in a company is maintaining proper and complete records. These documents often include evidence of income and expenses, as well as permanent records that evidence business ownership and tax structure, insurance coverage, and company policies. Keeping a complete set of records can serve many purposes. Proper documentation that evidences income and expenses can help a bookkeeper to determine which account a transaction should be posted against. Documents that support