Are you using a specialist payroll system such as Pastel Payroll or VIP to manage your payroll? If you are not, and are relying either on Excel or a pen, paper and calculator, then you should think of changing! Here are three excellent reasons to change from your ‘manually’ processed payroll to a payroll service that runs on specialist payroll software:
1. SARS COMPLIANCE
Your payroll software will align to SARS’ legislation which is constantly being updated and changed & therefore your payroll will always be accurately calculated, with employees receiving the correct remuneration SARS has embarked on the appointment of companies as agents to collect outstanding tax owed to SARS by individuals in their employ. By using payroll software, any ITA88 Agent Notifications from SARS are easily managed.
2. SAVE MONEY:
PAYE reconciliations are now done twice each year and eventually they will become monthly. PAYE reconciliations are processed quicker if the payroll is run via payroll software rather than manual PAYE reconciliations
3. AVOID ERRORS
Errors can easily occur with manual payroll calculations. You need to ensure that you have accurate monthly EMP201 submissions to SARS, otherwise you will be exposed to penalties and interest. Payroll software also enables you to manage Leave – all types of leave can be recorded – & it maintains leave balances to ensure that all employee Leave statistics are correct.
Another benefit is that, as well as knowing that their take-home pay has been accurately calculated, your employees will be provided with professional payslips which are beneficial to them when applying for loans etc.
So, do you agree that it’s time to change to specialist payroll software?
Purchasing and maintaining a specialist payroll system in-house can prove to be expensive and so many businesses choose to outsource the management of their payrolls to bookkeeping companies, such as Assured Bookkeeping, or accountants.
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