Payroll importance in your business

What we can do to help satisfy payroll important aspects in your business.

Payroll importance relating to Money

Hiring employees involve entering into contractual relationship obligating you to compensate them for their work done. Inaccurate payroll often involves failure to compensate employees accurately leading to employees being paid too much or little and business overpaying or stealing from employees.

We ensure all allowances deductions and loans are managed and processed accurately according to agreements made between employee and business.

Payroll importance relating to Financial Records

Accurate and precise payroll records are an important element of your company's finances and enable you to achieve consistency among various bookkeeping processes. Payroll totals will also be used when preparing business financial statements and therefore accurate payroll information is a vital tool when making financial assessments on business profitability and cost saving changes which needs to be implemented in business. When your business presents its books to an outside party such as a loan officer or a potential investor, it is important for all of your records, including payroll, to be as accurate and precise as possible.

We provide a series of reports in order to assist finance with payroll entries required to be made in accounting records. A GL setup in accordance to payroll accounts can be generate from payroll to upload into accounting system. Detailed schedules containing information of all deductions earnings and contributions is also provided together with varies other reports balancing back to totals on GL and schedules.

Payroll importance relating to Taxes

Your business is required to withhold and contribute a range of taxes based on employee’s earnings, taxes due are PAYE, SDL, UIF, COIDA. Your ability to report and pay these taxes accurately depends on having precise payroll records that honestly represent your company's payroll activity. Failure to maintain precise payroll records may result in time-consuming and expensive accounting chores. In addition, inconsistent or inaccurate payroll accounting may cause your business to accrue expensive penalties and may raise your risk of a tax audit.

Taxes due to all payroll authorities are calculated monthly in SARS approved system which is regally updated by system providers with latest changes and laws which needs to be obliged by. Furthermore, reports are provided with details of tax totals from payroll. All monthly and annual submissions are also done, and statements and accounts are checked multiple times to ensure payments have been made on time.

Payroll importance relating to Record Keeping

Good business records help you manage your business and make sound business decisions.

If you employ people under a modern award or agreement, you're legally required to keep accurate and complete time and wages records and issue pay slips to each employee.

Keeping records can also improve the value of your business if you decide to sell it.

Employees might occasionally have questions about their previous pay. If you set up employee self-service portals for your staff, they can look up their payroll records themselves.

You might come across payroll-related errors in your accounting books. If you come across these discrepancies, you can use your payroll history to correct them.

All documents received by us related to employee will be filled on that employees electronic file which clients can access them self. We file all agreements identification documents salary instructions and changes on employee’s file. We are also able to pull reports with figures related to payroll runs accepted in past years. Employees will also be able to access all their previous payslips and IRP5’s via ESS available on web and smartphones.

Contact us today for information regarding our services and how we are able to help you.