Payroll management: key to the success of your business

Managing the finances of a business can be time-consuming and challenging at times. An effective and easy-to-use payroll software system such as QuickBooks payroll software can assist you in effective and effortless payroll management - thereby affording you and your employees' time to focus on the productivity of your business.

The key to a successful business is greatly dependant on a solid payroll management structure. A payroll system - the financial record of salaries, bonuses, net pay and deductions of all employees - is crucial to every business as it ensures that contractual agreements are met, taxes are paid, accurate monthly contributions are made to relevant parties and moreover, it ensures that employees are paid correctly for their services rendered.

The major factors involved in a payroll management system include:

• accurate calculation of employees’ salaries
• deduction of taxes to relevant tax organisations, such as SARS (South African Revenue Service)
• all pre-tax deductions that are costs owed to third parties such as medical aid schemes or pension funds
• printing and distributing, or emailing of payslips
• keeping a record of all employees’ IRP5 certificates and distributing them when necessary

Employing a software program for efficient payroll management is a cost-effective alternative to employing a full-time accountant, or outsourcing your company's payroll to a third-party accounting firm. QuickBooks payroll software offers an affordable yet powerful means of payroll management, with a user-friendly interface and helpful tutorials to get you started.

Benefits of QuickBooks payroll software suite

The growing complexity of payroll laws paired with frequent statutory updates can make it difficult for businesses to maintain successful payroll management. QuickBooks payroll software, an intelligent easy-to-use software suite, is one of the few financial software packages that adapts to the latest payroll laws of the country. With automatic updates, your company’s financial department will always be up to speed with the latest laws and regulations owing to QuickBooks software programs. Benefits include:

• Time saver – QuickBooks allows you to create financial reports and statements for your business seamlessly and time-efficiently, providing additional time to spend on reviewing tax calculations to ensure its accuracy.

• Global access – Partnered with WebEx, QuickBooks also enables Internet access to all important financial statements and employee information stored within the software program - from anywhere in the world. With maximum security and password protection, your financial documents will always be secure even if accessed from the web.

• Accurate calculations – With QuickBooks payroll software, you can expect accurate PAYE, UIF, SDL and WCA calculations every time. Once you've set your business’s payroll parameters, QuickBooks automatically calculates deductions according to your settings – for seamless payroll management.

QuickBooks payroll software: a cost-effective method of payroll management

QuickBooks payroll software is a leading accounting software program that enables small-to-medium businesses to manage their financial department proficiently. With top-of-the-line features such as automatic, accurate tax calculations and tax year-end reports, preparation of payroll documents, automatic implementation of payroll statutory updates and a user-friendly interface, QuickBooks payroll software can add significant value to your business.

Purchase QuickBooks Payroll or QuickBooks Payroll Lite for your small-to-medium business for flawless preparation of your business’ payroll documents and effective payroll management.