Payroll Accounting Services
Most of the failures seen in SMEs and start-ups are due to poor financial management practices whereas successful SMEs rely heavily on the relationship with their bank and external accountant. Larger enterprises can afford to employ a fulltime accountant who prepares various management reports to assist the directors in managing the company. However, the lack of these skills in smaller enterprises forces management to be mostly cash and stock managers rather than enterprise managers.
Many small businesses are likely to have limited access to skills and information about markets and technology - this is where BDO comes in. Through our global network and the use of technology for accounting purposes, we provide support in the critical area of finance to ensure that you have an accurate and up to date picture of your company’s financial situation.
While supporting you in the critical areas of finance, we also understand that one of those financial areas includes - paying staff. Paying staff is an important but time-consuming monthly task, that’s why BDO Business Services offer corporates, small to medium sized enterprises and business owners a professional approach to this sensitive cycle. With our comprehensive knowledge of the related legislation we simplify the process to remove the headache of payroll so that businesses can focus on their areas of expertise.
Our services include:
- Monthly management accounts
- Annual financial statements
- Processing of accounting records
- Cash flow forecasts
- Registration of PAYE, UIF and Workman's Compensation
- Compilation of employee payslips on a monthly basis via VIP Payroll Software
- Calculation of monthly payroll taxes (PAYE, UIF and SDL)
- Submission of monthly EMP201's to SARS via e-Filing
- Submission of bi-annual EMP501 reconciliations via SARS Easyfile
- Issuance of IRP5's at year end for employees
- Assistance and advice to international businesses when setting up offices in South Africa
Other services include the use of our Corporate Saver facility to release executive payrolls and InfoSlips to allow employees to view payslips electronically.
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