Value Smart

PAYROLL SERVICES

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Payroll services

Payroll is a critical aspect of financial accounting and is important to a company for numerous reasons. Mainly because:

  • Employees’ gross remuneration is often the largest business expense,
  • It is important that employees are paid the right amount, on time, and
  • Incorrect calculation of taxes and subsequent payment of levies can result in penalties or imprisonment.

Many companies opt to outsource this function as payroll is demanding on resources due to its frequency and the great accuracy needed as the amounts to be paid fluctuate from month to month. Overall, payroll refers to a business’s financial records of all employee salaries including deductions, overtime and bonuses. It is also the employer’s responsibility to calculate, report on, and pay taxes and levies over on behalf of their employees.

Payroll

Companies typically run their payrolls on the 25th or last day of the month, but it is not uncommon for manual labor employees to be paid on a weekly or even fortnightly basis. No matter when payroll is run, a company must prepare payslips for each of its employees. Payslips must reflect specific information about how the employee’s net remuneration is calculated: showing what their gross salary amount is, deductions, leave days due, and much more.

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Leave Records

Employee leave records such as annual/unpaid, family responsibility and sick leave need to be maintained so that:

  • They reflect accurately on employee payslips
  • Employees’ monthly remuneration is accurately calculated
  • Leave pay-outs in the event of resignation or termination of employment are accurate.

We will maintain your employee leave records on your behalf so that your payroll runs smoothly and on time, every time.

Nett remuneration lists

Nett remuneration lists are needed so that a company can see, and report on, total nett salary for each employee. The list also contains information regarding banking details as held by the company and the method of payment for each employee.

Nett remuneration lists can be filtered – or sorted – by any data field you require. Such as employee number, name, surname or even the payment method.

EMP201 reports

All employers must submit EMP201 forms monthly which declare payable PAYE (Pay As You Earn), SDL (Skills Development Levy), and UIF (Unemployment Insurance Fund) contributions. These forms are submitted to SARS, and the amounts that they reflect must then be paid over as well.