Payroll is one of the most complex accounting tasks faced by companies. Even a small company with just a few employees faces tightly regulated payroll processes. The labour law regulations, SARS and other statutory requirements associated with payroll can become a headache – very quickly.
This is especially true if payroll is not done with attention to error-free entries in the payroll software as well as complete and accurate reporting, documentation filing and upkeep – from the start.
Payroll expertise:
Traditionally a time-consuming bookkeeping duty, payroll has been made easier with payroll software (incorporated in or integrated with most accounting packages). That said, technology has created a minefield of auditable details and situations where a mistake can cause a cascade of increasing errors down the line.
This has led to a proliferation of Payroll companies. These companies are either dedicated payroll experts, or accounting companies that include payroll services – including HR, statutory, PAYE, labour regulation and documentation tasks and services. The payroll expertise they offer will ensure error-free (and penalty-free) payroll process.
Payroll companies’ fees save you money:
Although payroll companies exist to save you time and money, they charge according to the expertise they retain and what they can offer you.
Payroll companies charge for:
- Implementing the monthly, bi-monthly, or other period, payroll process
- Payroll process administration
- Monthly and bi-annual payroll administration – including pay-lists, submission to the UIF office, monthly PAYE returns to SARS and IRP reconciliations.
Fees can be charged per hour or on a monthly retainer basis. Usually monthly retainers are more cost-effective, as they allow for task volume fluctuations. Monthly retainers would be adjustable according to the average number of employees being dealt with over a period of time.
All payroll companies, the services they offer, and the fees they charge, are subject to regulation by the South African Payroll Association (SAPA)
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With over 23 years of unwavering expertise, I am a seasoned Chartered Accountant committed to financial excellence. My journey in the realm of finance has been marked by astute strategic insights, meticulous attention to detail, and an unyielding dedication to precision. Over the years, I've navigated the complexities of financial landscapes, providing invaluable counsel to diverse clients. My proficiency extends across auditing, taxation, and financial management, coupled with a profound understanding of regulatory frameworks. As a registered professional, I have consistently upheld the highest standards of integrity and ethics, earning a reputation as a trusted advisor in the dynamic world of finance.
