Payroll

PAYROLL

A¬†payroll is a company’s list of its employees, but the term is commonly used to refer to:

  • the total amount of money that a company pays to its employees
  • a company’s records of its employees’ salaries, wages, bonuses and withheld taxes
  • the company’s department that calculates funds and pays these

Payroll in the sense of “money paid to employees” plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the nett income of most companies and because they are subject to laws and regulations. From a human resources viewpoint, the payroll department is critical because employees are sensitive to payroll errors and irregularities: Good employee morale requires payroll to be paid timely and accurately.

Two Oceans Payroll Services include, but are not limited to:

  • Monthly salary processing
  • Remuneration structuring and advisory services
  • Electronic filing of PAYE, UIF & SDL returns
  • IRP5 reconciliation & returns
  • Tax reconciliations
  • Audit reports
  • Salaries administration
  • Medical aid inclusion
  • Pensions advice and implementation of pension schemes

Some companies we’ve assisted