Paying your company’s dues

Examples of these include:

• The Basic Conditions of Employment Act;
• The Labour Relations Act;
• The Income Tax Act;
• Unemployment Insurance Act;
• Skills Development Act;
• Regional Services Council Act; and
• Occupational Injuries and Diseases Act.

Another document that has an influence on payroll administration is the Company Policy.

A Company Policy document contains all the policies and procedures as applicable to a particular company. It will, therefore, vary from company to company. These policies and procedures are decided on and formulated by the management of each individual company. A company’s policy needs to function within the framework of legislation, while payroll, in turn, functions within the boundaries set by the Company Policy and Legislation.

Payroll systems and skilled employees help with this administration.

Manual systems are very time-consuming and require an enormous amount of cross-checking and reconciliation. Due to the time-consuming nature of a manual payroll system, they are only suitable for employers with uncomplicated payroll requirements.

Computerised payrolls are becoming the preferred payroll system and unlike manual payrolls, the computer software associated with the payroll performs most of the calculations automatically. This makes using computerised systems very time-efficient.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)