Welcome to Paymaster's June Newsletter!
Designed by Lezé
30 June 2022
The many Hats worn by Payroll Professionals
HAT 2: Accurate Keeper of Records
FUN FACT : Your reputation as a trustworthy Payroll professional is based on your ability to quickly, and efficiently, find requested documents or information. Even if they go back a few years, you are expected to locate the expense claim, leave application or overtime sheet.
Payroll administrators are expected to have all the answers (and they usually do).
We are the backbone of the company when it comes to reliable retrieval of documentation, and the accurate, speedy conveying of information (supported by policy).
From the senior manager , Human Resources , general management , to other employees, we in the Payroll department, are expected to have all the answers. (We are the company Super heros, with accurate, timeous information as our super power.)
We keep the records, and have to know exactly where to find them when asked. Quickly! And we are expected to answer even the most obscure questions regarding these records.
Examples of Questions Payroll professionals should be able to answer…
…how many overtime hours did my staff team work, from last year December, to this year – ordered by department and by week – and please calculate the difference in money paid out for this period?
…how many total leave days are still owing, and what must my department budget for?
…when is the company’s Employment Equity report due. And who earns what, and what promotions and separations have happened?
…please send me the monthly payroll reconciliation, clearly detailing all new employees, staff resignations, salary increases and net salaries paid.
…send all employee budget information for the next 12 months.
It is obvious to see the importance of the Payroll professional’s reputation to deliver accurate, up-to-date information. And this should be done as efficiently as possible.
To achieve this, the following facts must be considered:
Know what must be kept, and for how long.
According to the Basic Conditions of Employment Act, the following must be kept for at least 5 years ; employment contracts, time sheets and pay slips. Included in this are records submitted to South African Revenue Services (SARS) and Unemployment Insurance Fund(UIF) . AND not forgetting all the leave records, leave balances and many other instructions sent to the Payroll department. This also includes salary increases, pension fund deductions, medical aid etc.
NOTE: since companies generally prefer paperless record keeping today, resulting in payroll administration being electronic, you must make sure there are policies in place regarding the evaluation and destruction of outdated data.
Correctly file/save Information
It is essential you know where everything is. Rummaging through filing cabinets or scrabbling through computer hard drives, will surely tarnish your reputation. The Payroll professional’s ability to retrieve information from online payroll system archives ( including the ability to extract information from historical data bases without restoring back ups) is a convenient way to extract historical reports, for instance. And if you quickly and accurately supply requested information, you will enhance your position as an essential part of the team.
So ask yourself; have I backed up all correspondence ? Is old data easily accessible? Are employment contracts and other vital documents backed up, and stored in the cloud?
Know where to locate important information (even with staff shortages).
It really helps if your administrative system is understood by everyone. And that they know where, and how to find restored backups. Do you have handover procedures that ensure the transfer of knowledge can happen efficiently. And an automated online payroll system, with easy to find information, will trump paper notes anytime. The ideal is accessable , convenient procedures that enhance the business process.
Know what to present, when, and in what format.
Reports need to be submitted for every month, every quarter, and every year. The Payroll professional knows what is required, and when. For example, in South Africa, tax returns are to be submitted by the 7th of every month. They would also be aware that management requires reconciliation reports by the 9th of the month, and the HR manager checks leave reports by the 15th of the month.
To do this, you need to set up the automatic report-generating process on the payroll system. Then the system can electronically distribute all reports, on time! This is a sure-fire way of building your reputation as a trustworthy payroll professional.
Understand the consequences of Incorrect Information.
Make sure you’re aware of the consequences of sending out incorrect information. This should motivate you to be ABSOLUTELY sure that what you send out, is 100% correct. Where consequences are serious, put in a checking system. For example;
-inaccurate reports to management lead to a breakdown in trust.
– inaccurate records mean wrong payments on termination.
– inaccurate EMP201 reports mean tax penalties.
-inaccurate interpretation of policy could result in incorrect payments.
Please read Paymaster’s article “POPI and Payroll” , to ensure that you are compliant with all 8 areas of the POPI Act. Shortcut to the article – POPI article
Coming next... Hat 3: The Gatekeeper of Compliance
- Provided by Ian Hurst -
How to add a recurring component
Recurring components refer to the payroll items that should calculate automatically every pay period. It contains all fixed financial information relating to the employee’s pay structure. Examples include Medical Aid, Provident Fund and Travel Allowance. Legislative components, such as Tax, UIF and SDL will automatically be added to the Recurring Components Screen. Download how to add a recurring component directions below.
- Provided by Amber Stynes -
Please call our Helpdesk for your queries - 021 712 7333 firstname.lastname@example.org
How to suspend an employee for maternity leave
When an employee goes on maternity leave or needs to take a leave of absence, you can suspend the employee. Suspensions are processed on the Suspension Screen. Click below for directions on how to suspend an employee for maternity leave.
Meet Jacky Chetty-Slater
Meet the smart and ambitious Jacqueline Chetty-Slater, a payroll administrator here at Paymaster. She is responsible for over 30 clients for which she does all the payroll for and including the EMP501 and IRP5s. She reports mainly to Amber, the managing director because she has taken over most of her clients.
Jacky graduated with a finance diploma at the University of London in 2013. While acquiring her diploma, she stayed in London from 2011- 2013, studying during the day and working at night. During her London stay, she got married and become a mother to her beloved son, Christian Shane who is now 6 years old . Jacky knew since high school that she wanted to work in the finance field. She enjoyed maths, accounting, economics and business economics as subjects. Ever since then, she has worked in finance.
She spent the majority of her early career in finance, as a junior accountant and also taught maths while touring South East Asia in 2014. She became a maths, accounting and science teacher for high school pupils at a private school in Thailand up until 2017. The school, later on employed her as a junior accountant as well. Thus, throughout her career journey she always dealt with payroll and knows how the field works. When she returned to SA in 2017, she built up her payroll experience full-time at a hospitality company in Cape Town and managed the HR and payroll department for a big corporation in 2019. Due to Covid-19 and lockdown, she couldn’t stay on at that company and was looking for employment in 2020. Paymaster’s managing director, Amber found Jacky’s post and she was hired in April 2021.
In addition to working as a payroll administrator at Paymaster, Jacky was recently appointed team leader for her team called Payroll Divas.
Jacky is passionate about her clients, and supporting them in all aspects of their payroll. She is sweet, funny and a leader to look up to. We are very proud of her and are grateful to have her on our team.
New Product Features
Our employee self-service bot will assist you with your payroll and HR requests.
All this just by chatting to Pacey on WhatsApp…
To start, you need a national ID or Passport number.
Easy & Secure Registration
Pacey uses interactive messages which gives users a simpler and more consistent way to select the options available to them.
Interactive messages achieve significantly higher response rates compared to text-based lists.
Mock Payslip Watermark
A watermark has been added behind the figures of a mock payslip, decreasing the risk of fraud from any person receiving a mock payslip from your company.
In order to clearly distinguish between a generated mock payslip from a normal monthly payslip, this red watermark has been added.
Below is a generated mock payslip to illustrate the change:
Our partnership with Floatpays is another way that Paymaster endeavors to deliver greater value to our clients.
Paymaster don’t just provide payslips, we also unlock the power of financial wellness at work through…
In most recent articles and studies regarding our economic climate in South Africa, we are finding that not only do employees need to tighten their belts but, so do the employers. How does this affect your bottom line? How do you as an employer build financial wellness within your business to attract, retain and keep a financially & mentally healthy workforce.
We really think we have an opportunity to help you build a bespoke solution to ensure a more focused workforce.
Floatpays provides a salary advance in times of emergency when funds are urgently required. A safety net service in a time of need.
Our current Financial situation:
- in a recent article by FNB they said that 80% of employee salaries, only last 5 days after payday
- current inflation increases on the back of increased fuel prices are making a big impact on the cost of living
- salary and bonus increases are under pressure and employers need to hold back on them, it’s difficult to align it to inflation increases
- employee member benefits are under pressure and employers need to look at benefits more holistically going forward
of South Africans run out of money before the end of the month
spend 41% – 100% of their income on
paying off debt
Click below to read why employer financial wellbeing support makes business sense.
Paymaster can help you, the employer, build financial wellness in your employees. As a Paymaster partner, Floatpays is already integrated into the Paymaster payroll system, so set-up is quick and easy! Get in touch with Gerhard Muller at email@example.com, +27 82 553 4938, or book a DEMO with him.
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