Ten payroll functions you should implement today
Experts behind the Practical Accountancy Loose Leaf Service say the payroll function in a business captures employees' gross salary or wages in a payroll system. It then uses this information to calculate the:
• Gross salary expense;
• Net salary expense for all staff members; and
• All the different amounts you must pay to other organisations on behalf of employees, such as pension fund contributions, tax, medical aid, etc.
It also provides useful information to management.
Now there are ten payroll functions our experts say you must implement today. Read on to find out what they are so you can ensure your payroll makes your job easier.
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To ensure your payroll makes your job easier, implement these ten payroll functions
The ten payroll functions
you should implement today are:
Payroll function #1:
Recording leave taken by staff and approved by management.
Payroll function #2:
Calculating Pay As You Earn (PAYE), Skills Development Levy (SDL) and Unemployment Insurance Fund (UIF) per staff member and the total for the company per month.
Payroll function #3:
Capturing or loading PAYE, SDL and UIF on eFiling on a monthly basis (EMP201 submissions).
Payroll function #4:
Bi-annually payroll reconciliations to submit to SARS (EMP501 and 601 submissions.)
Payroll function #5:
Issuing IRP5s to staff members each year.
Payroll function #6:
Submitting Workman's Compensation returns biannually.
Payroll function #7:
Submitting UIF forms to the Department of Labour (DoL) for any staff changes.
Payroll function #8:
Handling any SARS ITA88 notifications relating to an employee.
Payroll function #9:
All SARS queries relating to staff members, the business, PAYE, etc.
Payroll function #10:
Loading payroll for staff members.
There you have it: Implementing these ten payroll functions will help ensure your payroll makes your job easier.
Note: 5 of 1 vote