A payroll software solution could be the answer to all your tax woes, according to Karen Schmikl, tax legislation specialist, Softline VIP.
“While some think that payroll software makes managing your finances more complicated or restrictive, the truth is that it could be the answer to effectively managing your tax planning.” In addition, Schmikl says a payroll solution will also ensure you are compliant, which is a must-have for all financial management.
Not just for big companies, a payroll solution is also suitable for smaller concerns and is affordable for companies of all sizes. One of the real benefits of partnering with a reputable payroll provider is the wealth of legislative knowledge a small business will gain,” says Schmikl. She says small businesses need to be aware that size is irrelevant when it comes to legislative penalties.
Many small businesses don't realise that for less than R3 500 they can have access to a comprehensive payroll system that will make month-end calculations and statutory compliance a stress-free experience. Schmikl advises, however, that before leaping in and simply buying a payroll solution off the shelf, small businesses need to be mindful of what training and support the software vendor will provide. They should, at a minimum, provide assistance via telephone, e-mail or fax for all queries, from the simplest to those more complex.
With the latest trend in changes to submission files and certificates, it is imperative to have the necessary knowledge and correctly applied principles to be compliant. With the increased information burden on employers (in terms of tax certificate information), it is becoming more and more difficult to comply if you don't make use of payroll software.
Schmikl's top 12 payroll solution advantages:
* Built in legal rules, which assists the client to be compliant
* Up-to-date IRP5 codes, which are linked to the set-up function. This makes processing easy and ensures the correct taxability and tax certificate reporting
* Automated tax calculations ensuring accurate tax values and a correct SITE/PAYE split on tax certificates
* UIF and SDL calculations are automated, ensuring that correct amounts are contributed to these funds
* Tax certificates are generated from the payroll solution and printed in the correct and latest format. In addition, the CSV file can be imported into e@syFile
* Pension and RA values are allowed as tax deductions. The correct calculation of RFI and non-RFI values are automated in the payroll software and provides the correct application of the tax-deductible limits of pension and RA.
* Payroll packages are flexible enough to allow users to set up as many scenarios and funds as their company makes provision for. Using flexible software allows the user to process the employee and employer contribution amounts - and the system takes care of the rest of the calculations.
* Payroll software automatically makes provision for different tax calculations: individuals, personal service providers, tax according to directives, etc.
* Payroll software makes provisioning much easier - values, such as bonus and leave provision are easily managed. Cost to company calculations are also done with ease
* Making use of payroll software ensures that a history of information is available, which enables the user to analyse data for budgeting purposes
* Payroll software providers ensure that their users always receive the latest software updates in order to maintain compliance with the major laws affecting payroll
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Softline VIP
Softline VIP is a leading supplier of payroll and human resource management solutions in South Africa, Namibia and Botswana. The company now boasts more than 24 000 clients. With three payroll and human resource management products, Softline VIP is able to meet the needs of any size company. Coupled with an extensive service offering, Softline VIP is the only payroll and HR solution geared to meet the challenges of the modern payroll office. The VIP Products are synonymous with ease of use, stability and reliability, with the flexibility to cater to the unique needs of every client. VIP promises long-term sustainability over and above legislative compliance. VIP understands the human resources and payroll environment and offers the client peace of mind by providing a total solution.
Softline VIP products include:
VIP Premier - Softline VIP also supplies leading technology to service large and corporate clients. VIP Premier is geared towards increasing the functionality of payroll systems and provides an uncomplicated solution for medium to large organisations. One of the key features of this product is that it is quick to implement in comparison to similar solutions. Meeting the needs of any payroll office and supplying the most suitable solution is important for Softline VIP as it strives to ensure practical solutions for all users. Our products are easy to use and reliable and the information produced is accurate and complies with all statutory requirements.
VIP Classic - VIP Classic is the perfect solution for clients with bigger operations than the one-man business. VIP Classic provides the same flexibility as larger systems but is aimed at the small to medium sector. This software offers a total solution to users.
VIP Essentials - VIP Essentials is geared to small businesses and contains the same ease of use and stability of all VIP's products. VIP Essentials is an affordable product making it an ideal solution for the small business paying less than 30 employees.
SOFTLINE
Softline is a leading provider of accounting, payroll, CRM and ERP software solutions to small, medium and large sized companies. Founded in 1988 by Ivan Epstein, Alan Osrin and Steven Cohen, Softline was established during the formative years of the software industry and listed on the JSE Securities Exchange South Africa in February 1997. Softline expanded to establish a strong position within its area of focus in South Africa and Australia. Focused on the development of accounting, payroll, CRM and ERP software solutions, Softline has a 20-year track record as a market leader. The group has a broad range of products offering users a variety of software solutions to run their businesses efficiently. Softline's leading brands include Softline Accpac, Softline Enterprise, Softline Pastel (Accounting and Payroll) and Softline VIP. The combination of the group's product offerings provides Softline customers with comprehensive, well-branded accounting, payroll, CRM and ERP software solutions. In November 2003, Softline was acquired by the Sage Group, a FTSE 100 company. The software group includes market-leading businesses throughout the United Kingdom, Europe, North America, South Africa and Australia, supplying business software to the small, medium and large sized business community. Softline has a solid track record of profitability and cash generation. The group delivers quality accounting, payroll, CRM and ERP software solutions that improve the efficiencies of businesses around the world.
The Sage Group
The Sage Group is a leading global supplier of business management software solutions and related products and services, principally for small to medium-sized enterprises. Formed in 1981, Sage was floated on the London Stock Exchange in 1989. Sage has 6.1 million customers and more than 13 400 employees worldwide. We operate in over 24 countries covering the UK, Europe, North America, South Africa, Australia, India and China. For further information, please visit http://www.sage.com.
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