Audits Can Be Stressful. But They Don’t Have To Be.
There are few words more fear-inducing for small business owners than “audit.” But don’t panic! We can help! If we do your payroll already, we handle the payroll-related audits. However, we can still help you prepare if you do not use our payroll services. The audit process itself isn’t as scary as you might think, and with regular upkeep of your books and payroll, it can be a relatively painless experience.
The easiest way to think about a payroll audit is as an inspection of payroll records. This is done to ensure compliance with tax and business law, employment standards law, and workers’ compensation requirements. Audits exist to verify that the information you submitted to the different agencies is accurate and that you are meeting your federal and provincial obligations.
Preparation and communication are the key components to having an efficient payroll compliance testing experience. The success of an efficiently run audit is directly related to how prepared the company is at the time of the appointment. There is no need to wait for the notification letter to arrive to start preparing; for payroll audit records that can’t be run on demand from your system, consider maintaining them in soft-copy format. Examples of relevant records would include monthly transmittals, time cards, dispatch slips, etc. With our help, perhaps you won’t want to toss the notification in the round file when it lands on your desk, because you will have taken steps to prepare for the audit and see the process through the conclusion in short order.
Call us today for an audit consultation!