FinFokus - SalFokus

By: Fin Fokus  11-11-2011
Keywords: Payroll


Payroll processing involves maintaining records accurately, calculating payroll taxes and handling of EFT's of employees on time.

The more variables involved in your payroll, the more it makes sense to use payroll outsourcing. Small and medium-sized business owners realize that outsourcing payroll services is more effective and cost-efficient than doing it on their own.

Despite the potential savings, cost is not the primary reason why most firms make the payroll outsourcing leap. Rather, they want to get rid of the hassle of internal administration. It's often only after they begin using a payroll service that they realize they're saving money. Since 1997, businesses and education institutions have saved money and time by making use of FinFokus.
Payroll - Main Features

  • Monthly, weekly or fortnightly payslips.
  • Calculation and submission of statutory returns: PAYE (EMP201 and IRP5s), UIF, SDL.
  • The checking and implementing of all legal aspects of the handling of salaries.
  • Unlimited pay categories: earnings, company contributions and deductions.
  • Import payslip information via Microsoft Excel or external Time & Attendance systems.
  • SITE and PAYE calculations at year-end / resignation.
  • Staff Loans, Savings Accounts, General Ledger Journal.
  • Electronic payment files for Standard Bank, BDB, Nedbank, First National, ABSA and others.
  • Preparation of Audit reports.
  • Re-structuring of payroll packages to make it more tax efficient.
  • Keeping record of leave on a monthly basis.
  • Tax year-end and  other annual report services
    • Statutory employer information (IRP 501)
    • Statutory employee information (IRP 5 and IT 3 certificates)
  • Customization our service to suit you where possible
  • Garnishee orders
  • Processing of electronic transfer files for employees' net salaries
  • Confidentiality of payroll information

This service is supported by professional staff and appropriate technology.

The composition of salary structuring is to the best advantage of the employee as well as the employer.

Why should you outsource your payroll?

  1. Cost effective (purchase new system, employment of employee, training, banking and other costs etc.)
  2. Transfer all responsibility
  3. According to law legislation
  4. Pay system knowledge (correct calculation and payments etc.)
  5. Correct IRP 5 certificates and reconciliation to SARS
  6. All payments made timeously
  7. Reference framework

10 Benefits of Outsourcing Payroll
1. Concentration on core business areas

By outsourcing their back office operations, businesses can concentrate on their core competencies.

2. World-class technology at lower rates
It is difficult to keep up with latest innovations and solutions. Outsourcing to companies that have the resources, expertise and desire to continuously update their technological solutions, offers a true advantage of outsourcing.

3. Offer Direct Deposits
Employees want their salary to be directly deposit. There will be no need to take a trip to the bank.

4. Skilled manpower at affordable prices
By outsourcing a company saves on recruitment, training and other human resource costs. Outsourcing gives a company the ability to get access to skilled and trained man power at extremely low rates.

5. Avoid Payroll Knowledge Walking Out the Door
Your employee will walk out the door with their knowledge of the payroll process and how you do it. Using FINFOKUS eliminates that business risk.

6. Increased productivity
By employing skilled manpower in larger numbers at lower costs, companies can really increase their productivity.

7. Beat Competition
Outsourcing helps to maintain lower rates with better service solutions.

8. Avoid Penalties According to SARS
40% of small businesses pay penalties for late or incorrect filings.

9. Tax Guarantee
FINFOKUS payroll services provides a tax guarantee. We ensure that customers will incur no penalties, because FINFOKUS takes responsibility for penalties when they do occur. In many instances, this cost-saving immediately justifies outsourcing payroll.

10. Long-term benefits
Budgeting for the outsourced function over the period of a certain outsourcing agreement, brings more stability. 

Services when outsourcing your payroll to FinFokus: 

  1. Re structuring costs /  tax effective salary packages
  2. Introduction of a retirement pension
  3. Administration of monthly Payroll (VIP)
  4. Recording of leave registers
  5. Availability of various reports (electronically)
  6. Confidential pay slips
  7. Payment of individual salaries (electronically)
  8. Availability of history documentation and reports
  9. Submission of monthly EMP 201 documentation to SARS
  10. Responsibility for the monthly payment of LBS, SDL and UIF via E filing
  11. Various general payments to other institutions (for example garnish orders, unions and staff associations etc.)
  12. Administration of staff loans
  13. Various tax queries at  the Receiver of Revenue
  14. Various UIF queries at the Unemployment  Insurance Fund Departments
  15. Safe keeping of   records  for the period according to legislation
  16. Preparation of Audit reports  
  17. Personal Tax annually reconciliation to the Receiver of Revenue

Individual IRP 5 Certificates
1.Submission of EMP 501 reconciliation documentation to the Receiver of Revenue  acccording to legislation
2.Various inquiries with respect to Reconciliation with SARS

The two largest reasons (FOR OUTSOURCING) by far, are Cost and Service Quality. Other choices included Oversight and Control, Response Time, and Time Savings. This service is supported by professional staff and the appropriate technology: The composition of salary structuring is to the best advantage of the employee as well as the employer.  

Keywords: Payroll

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