Hiring boosts by Canadian firms can be eased with accounting software
January 22, 2013
Hiring new employees is always a welcome sign that conditions are improving, and for a national economy that has seen its share of ups and downs over the past year, any boosts in employment are certainly praised. Such is the case with Canada, as businesses throughout the northern country are making plans to bring on more workers in 2013. To help deal with these additions, companies can use accounting software to accurately maintain control over payroll, taxes and other financial components. Also, these programs give firms the assurance that they are not in violation of any accounting compliance regulations.
Canadian economy improves, businesses begin more hiring
The Globe and Mail reports that according to a recent study by the Bank of Montreal (BMO), businesses across the nation are stepping up their hiring efforts, as many regain their confidence in the country's economy and their own financial conditions. The research looked at the sentiments felt by companies regarding the coming year, and revealed that 38 percent are planning to hire additional employees in 2013. This is a 21 percent increase from the hiring outlook for 2012.
The Bank of Montreal survey also found that on top of bringing on more workers, Canadian businesses will also make more investments in training programs, technology and equipment for their operations. Forty-two percent of firms are planning on adding development and educational opportunities for their staff members in 2013. Nearly half (45 percent) will be purchasing more up-to-date technological systems and other equipment for their offices this year, the research discovered.
"Canadian companies are making strategic investments to upgrade technology and processes, open up new marketsand invest in people," said Steve Murphy, senior vice-president of BMO Commercial Banking.
Software helps maintain control over payroll, financial processes
So how can Canadian companies effectively maintain control over their new employees when it comes to payroll, taxes and other financial components? Businesses can use accounting software to accomplish this goal. A study by Intuit revealed that small businesses in Canada are looking for more help when it comes to managing their financial processes. Sixteen percent of these firms are using outdated methods, such as manual bookkeeping practices, which can lead to errors. Accounting software can significantly improve all of these practices effectively.