Understanding the Risks of DIY Payroll

nancydurant2017
May 13
2 min read

We get it—payroll is tough. But the risks are real.

As a business owner, you’re already wearing too many hats. Managing payroll often feels like “just another task,” but the truth is, it’s one of the most complex and high-stakes parts of running a business in Canada.

And if something goes wrong? It’s not just about numbers on a spreadsheet. It can impact your team, your bottom line, and your peace of mind.

Let’s walk through what can happen—and how we can help you avoid it.

What’s Really at Risk?

CRA Penalties & Compliance Issues

Missing a remittance deadline or miscalculating tax deductions like CPP, EI, or income tax can result in:

Late fees and penalties of up to 10%
Interest charges that add up fast
Red flags that could trigger a CRA audit We help make sure none of that happens—by staying on top of deadlines and keeping your records airtight.

Employee Frustration & Lost Trust

A delayed or incorrect pay cheque doesn’t just cause short-term stress—it can damage your employees’ trust and morale.

When payroll isn’t consistent:

Employees worry about financial stability
Confidence in leadership takes a hit
You risk higher turnover or even labour complaints

We make sure your team is paid correctly and on time—every time.

T4s, ROEs & Year-End Headaches

Filing these forms late or inaccurately can:

Delay your team’s access to EI benefits
Lead to CRA follow-ups and corrections
Add hours of admin work to your already full plate Our team handles year-end filings smoothly and accurately, so you don’t have to scramble.

Security & Privacy Concerns

Payroll involves sensitive data—names, Social Insurance Numbers, bank info, salary details. Storing this info in spreadsheets or using unsecured systems puts you at risk of:

Data breaches
Violating Canadian privacy laws (like PIPEDA)
Losing employee confidence - We use secure systems and best practices to protect your team’s data and your reputation.

You Don’t Have to Handle It Alone

It’s not about doing everything perfectly—it’s about getting the support you need to protect what you’ve built.

At Money Back Bookkeeping, we’re here to take the pressure off. We’ll walk alongside you, simplify the process, and handle the details so you can:

Stop worrying about fines or forms
Focus on growing your business
Know your team is taken care of

How Money Back Bookkeeping Protects Your Business

At Money Back Bookkeeping, we take payroll off your plate—and take risk off the table. We:

Remit your payroll taxes on time and accurately
Ensure full compliance with federal and provincial legislation
Issue T4s and ROEs correctly and on schedule
Use secure, cloud-based tools to protect your employee data
Provide ongoing support and guidance—so you’re never left guessing

Whether you’re a small team or growing quickly, we’ll help you stay compliant, keep your team happy, and avoid expensive surprises.

Don't Wait for a Mistake to Cost You

Let’s make payroll one less thing you have to worry about.

Get in touch!

Money Back Bookkeeping — PEI's trusted choice for accurate, secure, and compliant payroll services.