in Resources, Startups

Payroll for startups

Bank Robber

The joys of starting a company and setting up the basics, you know things like finding a lawyer, getting articles of incorporation, shareholders agreement, business registration, employment agreements and setting up payroll for employees. It turns out that it has been since 2005 since I thought about the logistics of running payroll in Canada in any detail (BTW if some asks if you want to be in charge of running payroll, the answer is “<expletive /> NO”). The great news is that there is a solution for startups in Canada and it’s inexpensive. Well technically it’s free for companies with <5 employees and only $18/month for >6 employees.

Payment EvolutionThe company is PaymentEvolution. It’s run by my friend Sam Vassa (@samvassa) and they were recently featured in the Financial Post. Despite the web presence that looks like it was last updated a decade ago, this is a new startup that is up and running and able to help Canadian small businesses with payroll.

Hallelujah, and it’s inexpensive

This is a great solution for startups. Basically the deal is there are no fees for the service, however, there are electronic banking fees are passed through to you as a user.

PaymentEvolution provides no cost payroll processing for smalls businesses with 5 or fewer employees. We’re serious – we don’t want payroll processing costs to encumber the growth of great small businesses. We’re small-business friendly and just want to provide a great service that allows these businesses to focus on what they do best. Like all our plans, we don’t charge extra for updates, the number of pay runs, or silly things like standard reports. We also give these firms the flexibility to pay their employees how they want – traditional cheques, direct deposit or even electronic funds transfer (fees may be incurred by the company’s financial institution).

This is just what startups need to process payroll and it’s cheap to boot.

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