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.