QuickBooks’ payroll systems: A guide to calculating salaries
One of the most time-consuming tasks that face small business owners is calculating their employees’ salaries. Taking into account tax and deductions, such as medical aid and pension, can make paying staff complicated, even for qualified accountants. Even though small businesses are defined as companies that have less than 100 employees, that is still a large number to consider when it comes to monthly salary calculations.
Read on to learn how payroll systems, such as those available from QuickBooks, can benefit a small business and save both time and money in the long term.
Why should I use payroll systems to pay employees?
Payroll systems are designed to reduce the total amount of time that it takes to pay staff by doing the calculations for you. All that you need to do is input your employees’ salary details and your payroll systems will automatically pay your staff at the correct intervals. You no longer have to allocate time every month to make sure that your employees are being paid.
The more staff that you employ, the easier it is for you or your accountant to make an error. Computer systems remove human error from the payroll process and you can rest assured that your staff will receive the correct pay with accurate deductions and tax being removed and paid to the respective parties.
The government expects you to pay the correct amount of tax, and if you fail to do so, for whatever reason, you could find yourself in a lot of trouble. Using a payroll system can help you to pay your and your employees’ tax correctly. It is a legal requirement that business owners pay tax accurately and if they don’t, they may end up paying thousands, if not millions, of rands in fines at a later date.
What do I need to know about payroll systems?
Although payroll systems take a large amount of the work out of remuneration calculations, you will need to apply some elbow grease when you first set up the system. All of your employees’ salary details must be put into the system for it to be able to calculate their deductions.
Once this has been done, you can sit back and relax in the knowledge that accurate salary payments will be made automatically. The only time that you will need to intervene is if one of your employees’ details change.
Choose QuickBooks for a solution to your payroll needs
QuickBooks specialise in payroll systems and accounting solutions that can help you to pay your employees correctly and on time. Take a look at our selection of payroll software, including our Quick Payroll and Quick Payroll Lite programs.