- PAYROLL PROFF
- BLOG
Hey, awesome business owners! It’s that time of year again. The financial year-end is looming! Don’t let payroll panic steal your joy. We are Payroll Professional. We are the team behind yours. We’re here to make payroll a breeze. We’ve got your back with this killer checklist. Use it, and you will breeze through year-end. You will have time for biltong and braais.
Why a Checklist? Because We Like Things Tidy!
Think of us as your payroll BFFs. We’re here with a checklist. This keeps your payroll on track. No year-end surprises here. A smooth year-end means a happy you. And a happy accountant too! Let’s avoid those “oops” moments, shall we?
Right, Let’s Dive In: Your Year-End Payroll Checklist
1. Reconcile Like a Rockstar
- What to do: Match your payroll records with your bank statements. Every. Single. Transaction.
- Why it matters: You want to make sure the money out matches the money in. Catch those sneaky discrepancies now. Avoid a nasty shock later.
- Payroll Professional Tip: Do this monthly! It makes year-end way easier.
2. Employee Data: Keep it Fresh
- What to do: Check your employee info. Addresses, tax numbers, banking details – are they all up-to-date?
- Why it matters: Incorrect details lead to tax form drama. Nobody wants that. Plus, you need to pay your people!
- Payroll Professional Tip: Get your team to update their details online. We can help you set this up, easy peasy.
3. Final Payroll Runs and Tweaks
- What to do: Process your last payroll for the year. Factor in leave, bonuses, and any adjustments.
- Why it matters: This is your last chance to get it right. Make sure everyone’s paid correctly. Happy employees, happy life!
- Payroll Professional Tip: Double-check everything! A second pair of eyes never hurts.
4. Tax Form Fiesta (IRP5s and the Like)
- What to do: Generate and distribute IRP5s. These are your employees’ tax certificates.
- Why it matters: It’s the law! Plus, your team needs these to file their taxes. Help them avoid SARS troubles.
- Payroll Professional Tip: Automate this! Our team does it all for you.
5. Report Time: Show Off Your Numbers
- What to do: Prepare year-end reports. Your accountant will love you for it.
- Why it matters: These reports give you a snapshot of your payroll costs. They are vital for planning ahead.
- Payroll Professional Tip: Don’t get bogged down in spreadsheets. Our system generates beautiful reports at the click of a button.
6. New Year, New Payroll!
- What to do: Get ready for the new financial year. Update tax rates and any new legal limits.
- Why it matters: Start the new year on the right foot. Avoid compliance headaches down the line.
- Payroll Professional Tip: We keep on top of all the changes. You don’t have to.
7. Chat to Your Team
- What to do: Remind your employees about deadlines. Tell them when to expect their IRP5s. Keep them in the loop.
- Why it matters: Clear communication is key. It prevents confusion and builds trust.
- Payroll Professional Tip: Use fun, engaging language. We can help you craft the perfect message.
The Danger Zone: Don’t Miss These!
Missing these steps can be a real headache:
- Forgetting to reconcile: You might end up with unexplained balances. Not fun!
- Incorrect employee data: This can cause issues with SARS.
- Not updating for the new year: You could be using the wrong tax rates!
Let’s Make Year-End a Breeze!
Year-end payroll doesn’t have to be a nightmare. With our checklist, you’re well on your way to a smooth finish. We are your fun, quirky payroll partners. Remember, Payroll Professional is the team behind yours. We are here to help you every step of the way. Now go forth and conquer that year-end! You’ve got this! And if you need a helping hand, you know who to call. Let’s make payroll magic together!Contact us today!
Phone: +27 (0) 10 824 4295
Email: sales@payrollproff.co.za
Website: https://payrollproff.co.za
