If you manage a business or if you are in charge of your company’s HR department, you will know just how important it is to use the correct payroll processing procedures. This is essential for any business, regardless of its size or the industry that you are in.
Your payroll is extremely important as this will have a direct effect on when your employees will be paid as well as all the relevant deductions that should be made from their salaries or wages. Whether you pay your employees on a weekly or a monthly basis, you should always make sure that their salaries are not only correct, but that you accurately calculate the deductions that should be made from them. The amount of income tax that you deduct should be accurately reflected in these amounts should be paid over to SARS on a monthly basis. Income tax will only be payable if an employee earns more than the minimum threshold as set out by SARS, which is why it is important to keep track of any updates and changes when it comes to income tax.
Your payroll processing procedures should also include the ability to have access to accurate reports regarding your employees and the salaries paid out to them. This is an expense for your company and having access to accurate information and transactions is always relevant when you have to make important business decisions. This is why your payroll should be accurate at all times and done on time so that these transactions can be captured and the relevant reports can be generated.
In order for your payroll processing procedures to be in place, there are a few aspects to consider. This includes document processing, data entry, compensation structures, timesheet collection, record-keeping, as well as the adherence to the relevant legislation. Many business owners find it difficult to keep track of all this, especially when it comes to smaller- and medium-sized businesses that do not have the resources to have a larger accounting team on site. This is why more and more business owners are starting to outsource their payroll and accounting requirements to a dedicated team that can handle all their requirements as well as take care of their responsibilities in terms of taxes and other regulations.
With businesses growing at a rapid pace, there is always a need for reliable accounting support in order for the business to remain profitable. This is also why many business owners are starting to outsource their payroll requirements to an experienced accounting team who can take care of the entire process on their behalf. The benefit of this is that your payroll will be in the hands of an experienced accounting team who knows what the correct payroll processing procedures are and they will ensure that your business will always compliant and that your employees are accurately paid.
Another benefit of outsourcing your payroll requirements is that you won't have to worry about keeping up with all the latest changes in terms of income tax and other requirements from SARS, as you will have a professional team that manages your entire payroll on your behalf. You will simply be able to hand out pay sheets and complete your employee payments accordingly, making the entire process easier and hassle-free. If there are any updates in terms of income tax or other requirements, you will be notified by your team.
OfficeOnCall is just such a team who specialises in accounting assistance and we can handle your payroll requirements on your behalf, ensuring that your employees will not only be paid accurately, but that they pay slips will be prepared on time, on a weekly or monthly basis. This saves you a lot of money as you won't have to hire additional accounting teams, since you will be able to outsource all your requirements to us. We can also provide you with additional accounting services like basic bookkeeping, monthly management reports, budgets and forecasts, as well as annual financial statements.OfficeOnCall specialises in a range of services, including bookkeeping assistance. We can advise you on the correct payroll processing procedure and handle your payroll on your behalf. Contact us today to find out how we can help to streamline your entire accounting department.