Payroll: What you did (or did not) know
Payroll is critical part of a business. It involves the process of paying salaries and the payments that involved with them. IF not done – no one gets paid and the deductions are not paid to SARS. What is your most important asset? It may surprise you but the answer is: YOU AND YOUR STAFF You […]
EMP501: What is it and how does it impact employees?
The EMP501 is a culmination of all the documents issued in payroll processing. Let’s breakdown this process. The EMP501 is done twice a year. There is an interim reconciliation for the period of March to August followed by a final reconciliation for the remainder of the year (September to February). Only the final reconciliation issues […]
UIF: A 7 step guide to get your claim started
PLEASE NOTE: We are not the UIF department and do not handle UIF claims. Only individuals can do this. Please contact the UIF department directly. Here are some common accounting mistakes that may hold up your employees UIF claim
Accountant – friend or foe?
An Accountant does what? The burning question that gets asked frequently is this: “What do accountants actually do”? The answer can be as simple and as complex as the accountant wants it to be. I do not like answers to questions to be complex. This is because 9 times out of 10, it just confuses […]
Is that employee the correct fit?
In business, your employees are your greatest asset but your greatest enemy too. If they are the right person for the job, they are a productive part of your team. They are then driving the company forward. On the other side of the coin, if they are not the right person or the right fit, […]
Payroll function? Do you know what it is?
What is the payroll function? Payroll is a critical part of a business in that it pertains to all the salaries and the payments that are involved with them and there is often confusion between payroll and HR (Human Resources). Payroll is the payments side of the department whereas HR is the more legal side […]
Standards in Accounting ensure no grey areas
Standards and regulations Any industry has its own standards and regulations. This is especially true of the financial sector. The accounting side of this is no different. It is a strictly controlled section of the industry. It is unfortunate that a lot of business owners either don’t know or do not believe there are regulations […]
Payroll: how to avoid penalties at SARS and the Department of Labour
Payroll in South Africa is not as simple as it seems. Getting payroll penalties is common and they are easily picked up and go unnoticed. Payroll Requirements There’s a long list of requirements and submissions for payroll that your company needs to comply with to avoid penalties from both SARS and the Department of Labour […]
SARS tax bursary: what you need to know
The taxman has historically had a bad name. In fact, tax collectors were considered the scum and the “lowest of the low”. Based on that premise, in South Africa, the South African revenue service (SARS), had inherited that name. You mention the word ‘tax’ and a flurry of complaints and horror stories will arrive. The […]
Reports: What’s the point?
Reports and gym? This may seem like a funny start to an article about business reports but the gym I go to is on the first floor of the building (second if you park in the basement). In any building if I can, I will take the stairs, to a reasonable floor that is. The […]