A business can only thrive when all its departments are functioning at optimal levels and hiring the right employees is an important step toward achieving this goal. Ensuring that all of your employees are paid on time can be a challenge, particularly when your business is still growing and you are regularly in need of new employees. On top of this, employers are responsible for ensuring that wage calculations are accurate and that all the relevant taxes have been paid in accordance with the current legislation. Outsourcing the services of a payroll professional takes a considerable weight off business owners’ shoulders by ensuring that your company remains in good standing with its employees and the South African Revenue Service (SARS)
Professionals Payroll Services
Payroll professionals provide a number of services that seek to simplify and streamline the payroll processes of a company.
Services provided by payroll professionals include:
- Calculate employees’ wages for the month and ensure that payment of salaries occurs on time.
- Calculation and payment of all the relevant taxes and UIF deductions on employees' salaries.
- Compiling monthly payroll reports such as the EMP201, UI19 according to SARS regulations.
- Ensuring that financial documents are up to date and available for annual audits.
- Issuing reconciliation reports, such as IRP5 certificates.
- Calculating all the relevant deductions, such as retirement contributions and PAYE.
- Keeping records of payroll activities for future use.
- Setting up a payroll structure for each employee.
Payroll specialists make use of specialised accounting software that automates many of these tasks. This allows employers to have quick access to their employee's information while also reducing the overall cost of outsourcing payroll management.
The Benefits of Outsourcing Payroll
Managing your payroll can be a complicated undertaking that takes a lot of time to complete. You also run the risk of making a mistake in your calculations or misinterpreting certain regulations, which could lead to penalties from SARS. Outsourcing your payroll function to experts in the field can save you a considerable amount of time, especially if the company has a lot of employees. Payroll specialists are well versed with all the taxes and deductions that employees are required to pay, reducing the risk of incurring penalties due to non-compliance.
Some companies simply do not have the resources to manage their own payroll function and outsourcing is often the most cost-effective solution available. Payroll experts will be aware of any changes in the tax laws or any amendments to regulations so employers don’t need to be concerned with these modifications, which should provide employers with some peace of mind as well.
At Booysen Accountants, we pride ourselves in delivering personalise payroll services that meet your business needs. We offer a broad range of payroll management and administration services aimed at improving efficiency, reducing costs and maintaining compliance with the relevant authorities. Payroll processing can be a stressful task that is often better left in the hands of professionals. Contact Booysen Accountants today at tel: 012 740 7703 or email This email address is being protected from spambots. You need JavaScript enabled to view it. to book a consultation with one of our dedicated team members.