Financial Bookkeeping & Accounting tips for payroll
Many people see payroll simply as an administrative function, but that couldn’t be further from the truth. An expert accounting firm offering comprehensive payroll services will safeguard a plethora of important elements within your company. Here’s why you need to invest in an accounting firm to handle your payroll.
The importance of an effective payroll system
Payroll is much more than just paying salaries. Inaccurate payroll processes can compromise the reputation of a company, initiating a ripple effect company reputation and even employees’ trust. Furthermore, it could also spark questions about the company’s financial stability and as a result, productivity goes out the window.
In addition to your financial obligations towards your employees, your company has to make sure that its payroll activities adhere to South Africa’s tax obligations and comply with employment legislations.
Our state-of-the-art payroll software
At WJC Accounting, we use superior quality software that allows us to offer a full payroll service. Furthermore, the software is always up-to-date with the latest legislative changes. An automated payroll system also saves you time and costs over the long term that consequently gives you the opportunity to re-allocate resources to focus on growing your business.
Hiring an accounting firm that offers a payroll service will save you a lot of money and time.
WJC accounting offers a comprehensive range of payroll services to ensure that your businesses financial commitments are handled accurately and timeously.
Payroll services offered
- Full payroll function using high quality payroll software
- Provision of list of amounts payable to:
- Third parties (e.g. garnishee orders)
- Provision of payslips for your employees
- Provision of annual IRP5s for all employees
- Submission of statutory tax, UIF and Skills Levy returns which includes:
- Monthly EMP201 returns
- Bi-annual EMP501 returns
- Monthly reporting as required
- Assistance with registration for PAYE, UIF and Skills Levies
- Assistance with registration for Unemployed Insurance Fund (UIF) with Department of Labour
- Assistance with registration for Workmen’s Compensation Act (WCA) with Department of Labour
- Salaries / Wage administration
- Advice on remuneration structuring
- Advice on/production of employment contracts
- Claiming of Employment Tax Incentive