Payroll Processing
The prime purpose of payroll processing is to ensure that employees are paid accurately, on time every time.
The prime purpose of payroll processing is to ensure that employees are paid accurately, on time every time.
Simple? Not so – even if you employ only one employee – you now have a payroll processing function added to the many other things that are required to run a successful business.
The Payroll processing function in any business is no longer just a matter of paying an amount into an employee’s bank account at the end of each pay period. Employers now have a host of functions associated with the paying of employees, ensuring compliance with;
- SARS – Payment of PAYE, SDL & UIF on a monthly basis
- SARS August & Tax Year End submissions and balancing
- Issuing of Tax Certificates (IRP5’s and IT3a’s)
- Department of Labour for UIF – monthly electronic update regarding staff
- Depart of Labour for COIDA (Compensation of Injuries & Diseases Act) – Annual Return
- Employment Equity requirements – storing of information for this application
- Workskills Plan – storing of training details for this return
- SA Statistics – should a company get selected to complete this return, then quarterly returns are required detailing staff headcounts, salaries, overtime etc.
In addition to the above statutory information – the following information is also required:
- Payment of 3rd Parties e.g. Medical Aid & Retirement Funds (Pension or Provident Funds) and supplying of supporting documentation
- Paying across Garnishee payments and maintenance of the balances
- Keeping accurate leave records – unrecorded leave can cost a company plenty!
All of the above erode into time required to run a core business – let us at Pay Solutions do our core business – Your Payroll Processing!
Happy employees are employees that are paid accurately, on time, every time! Allow us to do your payroll processing.
Need help with your Payroll Processing? Contact us at Pay Solutions now!
