SureBooks is your go-to company for efficient, accurate, and time-saving payroll services. Any company can grow from a partnership with SureBooks. Brush up on your payroll terminology to ensure you fully understand your SureBooks payroll service.
SureBooks is your small business accountant. Ensuring that your company is financially stable and that all your company’s financial affairs are correctly in order can feel stressful and overwhelming. SureBooks is here to take away this pressure with our accounting services.
SureBooks is a team of experienced accounts. We understand that behind every business is a person or a group of people working hard towards actualising a dream. We offer our services in a professional and personalised manner so that you can confidently incorporate SureBooks into your valuable company.
SureBooks also offers payroll services for your company so that you have peace of mind over every aspect of your company’s financial health.
SureBooks Payroll Services:
Your company’s payroll is important. Your company’s payroll matters to your company’s accounting, taxes, employees, and the overall financial health of your business.
Small businesses have many responsibilities to ensure that their business is successful. Ensuring your payroll is done accurately every month can cause unnecessary worries on top of the stress which comes with running a small business. SureBooks aims to relieve you of this extra pressure with our payroll services.
Why Partner with SureBooks for Your Company’s Payroll Services?
SureBooks will provide your company with payroll services of an exceptional standard. There are many benefits to incorporating SureBooks into your growing small business.
Time-saving: Meetings, problem-solving, marketing, handling operations, and other daily requirements mean every day in the office is always busy. While you may be proficient in handling your company’s payroll, you may not have the time during your workday to do payroll. SureBooks is here to take payroll off your monthly to-do list, saving you time and energy for the other important tasks of running a company.
Accuracy: SureBooks offers payroll services that are affordable and high-quality. We understand all governmental and SARS requirements and ensure your payroll is compliant. SureBooks will keep your payroll in excellent order, up-to-date, and handle all your payroll needs from beginning to end with our payroll services.
Employee Satisfaction: SureBooks efficient payroll services will ensure employee satisfaction as all payroll needs will be handled efficiently, on time, and accurately.
If you are considering SureBooks for payroll services for your company, you can easily contact us, and we can begin our exciting partnership to grow your company.
Understanding Payroll Terminology:
Payroll services are often daunting because of the unfamiliar vocabulary they include. Whether you are handling your payroll or acquiring SureBooks payroll services, it is important that you become familiar and comfortable with the common terminology used in payroll. These are a few of the reasons why understanding payroll terminology is important for your company.
Enlighten Employees: Without your team of hard-working and dedicated employees, your company would struggle to survive. Ensuring your employees are paid accurately and on time is one of the ways to keep your employees motivated. If your employee comes to you with a question regarding their monthly income you must be able to answer them fully and accurately. This will help employees understand any possible deductions and keep them committed to making your company a success.
Understanding Your Payroll: Although you can be confident with the payroll services SureBooks provides, it is also still important to understand your payroll fully. If you understand the payroll terminology you can then ask SureBooks relevant questions regarding your payroll. If there is something you are struggling to understand in your payroll, SureBooks is also happy to guide you through anything.
Finger on the Pulse: A successful business is run by a person or group of people who are fully aware of every aspect that relates to the functioning of their business. Having personal relationships with suppliers, knowing your employees by name, and understanding exactly what your SureBooks payroll services include are a few ways to keep your finger on the pulse of your pumping business.
Payroll Services Terminology:
We have created a payroll terminology list with the most commonly used terms and grouped relevant terms. Feel confident in your understanding of SureBooks payroll services with this payroll terminology list.
Accounting is the study, measure, and analysis of all financial affairs in your company. All relevant financial information will then be communicated to you.
SureBooks accountancy services will help you make financially beneficial decisions for your company.
A statement that shows the company’s financial results over the accounting period.
Accounting Period or Business Cycle:
The period described in your income statement.
A financial statement that is issued yearly, quarterly, or monthly that presents the company’s financial position. A balance sheet will record all company liabilities, assets, and the company owner’s equity up until the date which the balance sheet is produced.
The company’s net worth or the company owner’s investment.
A book or collection which documents the financial accounts of a company. A general ledger will contain all debit and credit account transactions made by the company.
Your company’s payroll is a list of your employees and the amount of money they are owed.
A report which documents and summarises all payroll items, such as paid employees and the relevant deductions.
SureBooks will ensure you receive an accurate payroll register with the payroll services.
Reconciling your company payroll is the process of ensuring that your company payroll balances. The amounts of money which are withheld, paid, deposited, and reported by the employers need to match.
If your payroll does not reconcile then steps need to be taken to address the reasons and make corrections. SureBooks will comfortably handle your company’s payroll reconciliation.
A person who performs a service for your company in exchange for remuneration.
Salaried employees are paid an annual salary.
Hourly employees are paid an hourly rate for the number of hours worked.
Employees who are not obligated or permitted to work overtime. High salaried employees are generally exempt employees.
Employees who may be required or have the option to work overtime. Hourly employees and low salaried employees generally are non-exempt employees.
Employees receive monetary remuneration to compensate for the services they have provided. Employee compensation can also come in the form of fringe benefits, which is non-monetary compensation. Fringe benefit examples are:
- Life, disability, and health insurance.
- Assistance with education or tuition reimbursement.
- Discounts at affiliated companies.
- Company car.
Fringe benefits are not mandatory for a company to offer but they do help make their company competitive for attracting employees.
The total amount of money your employee earns working for your company.
Gross pay is determined according to each employee’s employment status. Salaried employees will have their gross pay stated as an annual amount which is then divided by the number of pay periods in the year. Hourly employees will earn a gross pay which is calculated by the number of hours they worked times their hourly pay rate.
The total amount of money your employee will receive every pay period after all deductions and withholding have been subtracted from the employee’s gross pay.
This is where understanding terminology is important, as employees may be initially confused by why they are receiving a lesser income than what their contract stipulated.
The schedule when each employee is paid, and when their payment is recorded. Pay periods vary within different industries, but these are the commonly used pay periods.
The lowest compensation amount permitted by law. South Africa’s minimum wage is R21,69 per hour for 2021.
Compensation for days not worked due to illness. The amount of sick paydays each employee receives is dependent on the number of workdays they do during a week. For example, an employee who works a five-day week for one year is entitled to thirty days of sick pay.
Compensation is paid to an employee if their contract is terminated prematurely, if their job position has become redundant, if their job position has been eliminated due to downsizing, or if the employee retires.
Severance packages depend on the company and may include other fringe benefits.
Incentivised compensation that does not form part of the contracted gross pay. Bonuses are dependent on individual companies.
Paid Time Off:
Employees will receive payment for certain events which take them away from work, such as public holidays, agreed holiday times, illnesses, and bereavement.
When employees work extra hours outside of their stipulated work hours in their contract.
According to the South African labour law, no employee should be required or permitted to work overtime more than three hours a day and ten hours a week.
All overtime needs to be renumerated. There is an overtime premium that stipulates the employee must receive their regular pay rate with a percentage increase.
Withholding refers to the amounts which are subtracted from an employee’s gross pay. Withholding does not have to be approved by the employee as these amounts are what is required by South African law.
Pay As You Earn (PAYE) and Standard Income Tax on Employees (SITE):
Employers are obligated to pay the correct PAYE and SITE to the South African Revenue Service (SARS) on behalf of the employee. This amount is deducted from the employee’s gross pay.
Unemployment Insurance Fund (UIF):
UIF is a short-term monetary relief fund. Employers are obligated to pay a percentage of every employee’s gross pay to UIF, managed by SARS, to ensure the employee’s wellbeing should they need monetary assistance when unemployed.
If an employee becomes unemployed or is unable to work due to maternity, adoption, long-term illness, or parental leave, then the employee has the option of acquiring assistance from UIF.
A court-ordered repayment of debt owed by the employee that is deducted off their gross pay. Garnishment orders can range from student loan debt, amounts owed for child support, or other debt the employee has incurred.
Garnishment orders are the responsibility of the company, not the employee, and need to be complied with. This is one of the instances where having SureBooks’ payroll services will be an asset to your business.
Deductions are other amounts taken out of an employee’s gross pay. These can be retirement plan contributions, health care, or other stipulated deductions. Deductions are usually made pre-tax to reduce the employee’s taxable income. Deductions need an employee’s permission in writing.
Both the employer and the employee have no control over involuntary deductions. An example of an involuntary deduction is payment by the employee towards loss or damage to the company.
Feel comfortable and confident with the payroll terminology used in SureBooks payroll services.