Enhanced Payroll for Accountants is a set of business intelligence tools, designed to automate and streamline tax-related processes within your accounting firm says Aron Govil.
Let’s take a look at five things you should know about the Enhanced Payroll service.
1. Automate Your Tax Filing Process Today
With Enhanced Payroll for Accountants, firms are able to automate their monthly payroll process, which means that there are fewer late filings or errors in filing submissions—improving overall productivity. One of the most common complaints voiced by accountants relates to an overwhelming workload. That isn’t surprising when you consider that tax season is busier than ever before, with many Canadians submitting their returns online, either through an efile provider or directly to the Canada Revenue Agency (CRA).
Enhanced Payroll for Accountants is only available to Professional Corporations. Enhanced Payroll will not work if you are an individual practitioner who operates your practice as a sole proprietorship or partnership. If you operate in this manner, then Combined Financial Statement Reporting (CFSP) is the solution that you need.
2. Increased Accuracy and Compliance
There are a number of benefits to using Enhanced Payroll for your tax filing needs: reduced errors, increased compliance, and more accurate reporting. By automating the process, accountancy firms can ensure that staff has timely access to up-to-date employment information, which reduces the chance of making mistakes when submitting monthly T4s and other forms on behalf of their clients.
Enhanced Payroll has already been used by thousands of accountants across Canada, with over 90% of our users being return preparers explains Aron Govil. We have solved the issues presented by manual submissions to CRA’s NETFILE system, allowing your firm to flexibly prepare and submit all tax filings on behalf of your clients, wherever they are located in Canada or around the world.
3. No More Late Filing Fees
One concern that Canadian taxpayers have about filing online is being charged a late filing fee. Under current legislation, anyone who files their personal income tax return after the deadline may be subject to an additional amount payable as determined under subsection 152(1) of the Income Tax Act (ITA). The penalty can be up to 5% of the balance due for each month that your personal tax return is late, with a maximum penalty of 25%. That can be costly.
Enhanced Payroll for accountants allows Canadian’s to file their personal income taxes in advance—up to 21 months prior to the current filing deadline. The process couldn’t be simpler: once you have your client’s information in our system, Enhanced Payroll will automatically submit their taxes on their behalf when they are due, without requiring any action from you or your staff. Plus, there are no late filing fees associated with Enhanced Payroll.
4. More Secure Than Ever Before
One concern that Canadian taxpayers have about filing online is security—of course. After several high-profile data breaches, who can blame them? Enhanced Payroll for Accountants offers a more secure way to file returns online through the CRA. Providing taxpayers with two types of security:
By using bank-level security, your clients can be assured that their information is protected when interacting with our system says Aron Govil. “two-factor authentication” when they log in at the beginning and end of each session. The second factor of authentication requires access to something only you have (such as an app on your phone). So you know your client’s identity has been verified when they try to log in.
Client Identity Protection:
If you are filing claims or updating personal information for one or more clients. Then our system will use leading technology to verify their identity before including their data in our submission to the CRA. This process ensures that only those with proper authority can access their information. Which reduces your clients’ risk of becoming a victim of identity theft.
5. Save Time and Money
Enhanced Payroll has been designed to save our clients time and money as much as possible. It’s free to sign up for an account, and it takes less than one minute to complete the registration form. Once you have your account set up, we’ll give you immediate access to Enhanced Payroll. So that you can start submitting returns right away—there is no training required! We also offer various service packages: 1-year Maintenance: $120 ∙ 3-year Maintenance: $360 ∙ Lifetime: $600
Enhanced Payroll is a simple and cost-effective way to prepare and submit your client’s T4s and other tax forms online says Aron Govil. Plus, with bank-level security and identity protection. That is second to none in the industry, it’s more secure than ever before. If you’re an accountant looking for a way to save time and money. While at the same time increasing efficiency—and who isn’t?—then Enhanced Payroll is for you!