5 Payroll Tips for Tax Year End | Payroll Software with EasyBiz Technologies

5 Payroll Tips for Tax Year-End

Tax year-end can feel like a very stressful time for business owners and accountants. It often seems as though there’s so much to do and so little time to do it in! But, with easy, affordable and compliant payroll software, moving into the new tax year can be stress-free.Here are some helpful payroll tips for you to consider as you begin your preparations for the new tax year:

Make a Backup with your Payroll Software

A wise place to start is backing up your data before starting your year-end processes. The payroll software you use will likely have this in a prominent place or even do this automatically. However, some find doing a manual backup will put your mind at ease. Make sure to save this somewhere accessible, since you may need to revert to it if something goes awry. This way, you can make the necessary changes without having to worry about making irreversible changes to your payroll data.

Update Your Software

Keeping your payroll software up to date helps provide you with peace of mind, knowing that you’ll be working in accordance with all current legislatures. You won’t need to brush up on tax laws at year end anymore.

Payroll Accounting tips

Reinstating your employee from Maternity Leave

Maternity leave is cause for celebration, but payroll officers need to reinstate returning employees before wrapping up the tax year. The process itself is generally simple within your payroll software, it’s just remembering to do it that can be tricky! Consider connecting with managers and other HR staff to make sure no one has slipped through the cracks.

Export and Store your Monthly Statutory Reports

Statutory reports are proof that your business is complying with the law. This makes them a critical document to keep as reference when concluding business for the year. Some companies prefer to keep hard copies while others store digital version securely. Whichever way you decide to store your monthly reports, it is important to collate them to ensure they’re all accurate.

Payroll Reports

Run and Clear an Exception Report

An IRP5 / IT3(a) Exception Report is a useful tool to ensure your submission gets accepted without a hitch. Exceptions can be as simple to resolve as refining your Company Parameters in the settings of your payroll software, to needing to relook transaction details. Our customer support teams are on-hand to assist, helping ease the stress around clearing exceptions.

The end of the tax year doesn’t have to be stressful! With the right help, you can close the previous year and start the new year without any hassles. You can rest assured knowing you’ll be fully SARS compliant thanks to Quick Payroll. Be sure to reach out to our support staff if you require any assistance; the benefit of partnering with EasyBiz Technologies is having access to localised support over the phone or through email.

Ends.

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Please fill out the form below to receive the trail demo link

Personal Information
Where a party receives any personal information (“PI”) related to the other party, the party who receives the PI, will comply with and have adequate measures in place to ensure that its employees, agents, subsidiaries and representatives comply with the provisions and obligations contained in the Protection of Personal Information Act, No. 4 of 2013. Any PI pertaining to one party which is required by the other party, will only be used by that other party for the purposes of this contract and will not be further processed or disclosed without the written consent of the latter and the recipient of that PI will take all reasonable precautions to preserve the integrity and prevent any corruption or loss, damage or destruction of the PI. If and when the contract is terminated, each party will, save to the extent that it is required to do otherwise by any applicable law, erase or cause to be erased, all PI and all copies of any part of the PI relating to the other party”.