It’s no secret that the usage of cheques has been on the decline for several years and the increase of electronic payments options has been steadily on the rise. It is especially apparent when you feel the sting of what it now costs to order cheques when your supplier doesn’t want to accept another form of payment.
But why are some vendors and suppliers adverse to accepting electronic payments when there are so many benefits?
They are paid more quickly and securely.
It’s easy. The funds are directly deposited into their accounts. No-muss. No-fuss.
Electronic payments come with details as to what the payment is for.
No depositing or misplacing of cheques to be worried about.
In a recent report, the Criminal Intelligence Service estimated that between $45 billion and $113 billion is laundered through the country every year. As some analysts have noted, part of the reason for those big numbers is that Canada’s anti-money-laundering laws haven’t been that strong compared with other western nations. But that’s changing.
Last year, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced new anti-money laundering and anti-terrorist financing requirements. For Money Service Businesses like Telpay, these new rules mean that we have to ensure we know who our clients are. In accordance with these requirements, Telpay has been requesting personal information of primary users and signing officers, such as their date of birth and home address.
We know there are lots of questions about this. Why are we collecting this information? What are we going to do with it? What is a beneficial owner? Let’s get to some answers.
The setup process can be difficult for you as an employer. It can get complicated when you have to consider regulatory duties that may affect your business and result in penalties if it’s not set up correctly.
A payroll must include employee information, hours they’ve worked, what their salaries are, and tax deductions. Not to mention, any voluntary deductions such as charitable donations or any other optional internal deductions, must be included.
If you’re new to payroll and worried about what vital information you need to ensure everything runs smoothly, we’ve compiled a checklist to help you get started.
If there was any doubt about how common electronic funds transfers (EFTs) and credit cards have become for Canadian businesses, a recent Payments Canada report put it to rest. In 2020, EFTs made up 25% of total business payment value in this country, while credit cards accounted for 24%.
That credit card number in particular was unheard of just five years previous. But as that Payments Canada report suggests, there have been four key drivers of credit card usage among businesses recently: payment acceptance, rewards, perceived convenience, and easier control of payments.
It’s no secret that money is a huge contributor of stress to people, and tax season just seems to shine a great big spotlight on the issue. Money takes center stage at tax time, even if you’ve been able to brush it under the rug up until this point. This stress is multiplied significantly if you are an Accountant or Bookkeeper.
Accountants Tally Up the Stress
Does tax season mean late nights in the office followed by a McDonald’s run? As deadlines approach, do you start to develop a twitch in one eye? These are signs that you may need to take steps to manage your stress.