Payroll Management Tips for New Businesses
The approach to your payroll management process is the most important aspect of any business as it directly impacts the workforce and stability of a company. However, when considering implementing a system in a new business it is usually deduced as a very daunting exercise but there are several guidelines available to help effortlessly tackle this undertaking. Here are a few tips to consider in this case:
- Record Process
Keeping accounts and records on all payroll elements is an absolute necessity at all times. Recording payments made, applicable dates, and updates to all information concerning an employee are crucial. This task needs to be made simple and easy to perform and kept as current as possible.
- Staying Organized
Setting up a monthly payroll calendar, planned annually in advance, will ensure those responsible for the system and your employees are well informed of deadlines and expected outcomes if this is kept in check. Being transparent on these dates (deadlines for changes to bank details/medical aid/Adhoc deductions & etc) will avoid any possible delays or complications and ensure your workforce receives their remuneration precisely and timely.
- Comply with SARS and the Law
Ensure those responsible for managing the payroll system are well-trained and effective in their knowledge. They should continually attend training and update seminars to guarantee their comprehensive understanding to current regulations concerning SARS and other legal obligations and payments (UIF/medical aid & etc).
- Payroll Calculations
This can be quite a laborious task if performed manually and is prone to errors so investing in a decent payroll software package can alleviate this issue and vastly improve efficiency. Payment calculations are automatically calculated once setup with tracking and input trails well documented.
Many businesses large or small find it more valuable to their company to outsource this function. It is an affordable and a much more effective management options. It offers a more seamless process with very little chance of error and duplication. It will save time and alleviate in-house pressure. Appointing the correct service provider is, of course, crucial.
Feel free to reach out to a member of the Experity team to find out more about our payroll management systems on offer; we’re here to help you make sense of this complicated task so you can get on with the business of growing and sustaining your company.