Like every other profession, accounting and payroll services will not emerge from the novel coronavirus pandemic unchanged. Digital processes once thought impossible will be the new course of action for years to come and perhaps when the virus phases out altogether. When Covid-19 hit South African shores, firms like SureBooks adapted to the new normal. In just a few minutes of reading, find out more about how accounting firms like SureBooks have evolved to keep clients at the heart of their service while at the same time adjusting to the profession post-COVID.
An opportunity for change for accounting and payroll services
Disruption can oftentimes become an opportunity for change, not necessarily in a positive or a negative space. While the pandemic has left millions without work or a stable income, accounting firms have arguably become better off in many senses. Change, even when it is forced upon us, is a sure-fire way to combat stagnant techniques and develop new, more effective strategies. Employees and clients are good at picking up on whether or not a firm is driven by determined values, visions and missions, so maintaining a powerful presence in this regard sets practices like SureBooks apart from others who may have lost one, or several, of the above during this tumultuous time.
Many practices and businesses alike have ditched traditional models in favour of online engagement, which means that you as a business owner now have access to payroll services that you may not have thought possible before. In other words, practices that are provinces away from you may now be right outside your (online) doorstep, ready to begin your financial journey with you.
SureBooks payroll services in a post-pandemic world
SureBooks takes care of your financial services from start to finish, whether working with weekly or monthly pay slips. Our practice ensures compliance with SARS and the department of labour with timeous submissions that are accurate to the very last detail. Before we launch into the specifics of services offered, however, let us tell you a bit more about our practice:
- SureBooks strives to help small businesses reach the pinnacle of their good financial health.
- As seasoned accountants, we ensure that your business’s books are up-to-date and pertaining to governmental and departmental standards and requirements. In doing so, you will be given peace of mind and the ability to focus on expanding or maintaining your business without concerns over the nitty gritty such as payroll services.
- We offer in-depth business evaluations and guidance so as to help you make informed decisions.
- We are tech-savvy and utilise cutting-edge cloud-based accounting software, which means that you will receive accurate and detailed results in record time (should you wish to be provided with this service).
All about SureBooks payroll services
Payroll services target taking care of payment to employees, how much they are owed as well as their basic information. In other words, payroll refers to the sum of money you owe each employee at the end of a specific period of time. Calculating said amounts, distributing them afterwards as well as compiling and documenting taxes is also an aspect of payroll services. It is important to understand the nuances of payroll if you are going to be undertaking the process for your own small business, and this can be highly difficult – which is why people often turn to practices such as SureBooks for assistance and peace of mind.
To summarise: payroll services include:
- Calculating hours or days worked
- Leave pay information
- Garnering and documenting payroll services
- Overtime pay calculations
- Other services offered by SureBooks that could benefit your company
- CIPC compliancy
- SARS compliancy
- Income tax return services
- Automation of administrative processes
- VAT returns
- Tax savings
- Business evaluations
- Cloud-based accounting
Cloud-based accounting during Covid-19 and beyond
Fast on track to becoming the most efficient method by which to do accounting and payroll financial services, cloud-based accounting has come in handy during the pandemic and consequent regulations. Cloud-based accounting has allowed not only for practices to function online and away from the office, but also assisted small businesses to keep their own payroll in check during these tumultuous times. You may be wondering what exactly cloud-based accounting is. As opposed to the traditional accounting office structure where files and activities are kept on premises, cloud-based accounting makes use of online servers accessible from any location.
Furthermore, cloud-based accounting allows for multiple access for various users, meaning that business owners and accountants running the services alike can both oversee the activities from separate locations (provided they both have the security access details). This has certainly come in handy during a time where meeting in person became prohibited by law. On the matter of security, cloud-based accounting is arguably more secure than traditional accounting software, which takes place strictly on office or work-place computers or databases. When your information is stored on the cloud, it is kept on multiple servers which means that even in the likely event of one crashing, your information will always be backed up – and this cannot always be said for traditional computers.
One other favourable aspect of cloud-based accounting is that the advanced software used serves to perform (with the aid and input of your payroll services accountant) several payroll duties that when executed by a program, are much more efficient and speedy. This means that your accountant can deliver your results and perform analyses at an even faster rate (which is certainly a boon during this time of financial hardship).
The circumstances of the pandemic have brought small businesses face-to-face with scenarios they may never have thought possible before. Businesses in the beauty and entertainment industry were forced to close their doors, while others were able to transition into the online world and have remained there due to a discovered efficiency. During this time, each business faces their own unique struggles and predicaments, that require personalised solutions and advice. For this reason, accounting practices such as SureBooks, whose services are aimed at small to medium sized businesses, can provide stellar services and in-depth business evaluations.
The nature of the advice you as a small business may receive rests on a variety of different factors, such as:
- The industry in which you are planted
- The performance of your business before the pandemic
- Your cash reserves
As vaccines are being rolled out around the globe, your business will begin its transition into the “new normal.” The future may very well be online, if your business can function effectively and fortuitously in this way. The world of online meetings and virtual decision-making that we have come to know is not likely to be going away any time soon. Research shows that 55% of companies have established remote-based working hours for their employees as precautionary measures.
For some companies, this has not been compromising – and in light of certain successes we may see a larger shift, pandemic or no pandemic, to online workplaces in the future. This poses a unique challenge for business employees, however. For this reason, enlisting business evaluation services from accounting practices like SureBooks can go a long way in ensuring employee satisfaction and best performance. This, coupled with payroll services to make sure that all employees are paid timeously and in the correct capacity will be a boon to your business.
Employees during this time have had the opportunity to showcase their grit and tenacity when faced with great change. As a small business leader, recognition of this is vital. However, not everyone adapts to change in the same way. A team is only as strong as its weakest player, so they say, and in the same sense employees are not number-crunching automatons, but rather sensitive beings.
Now, more than ever, business leaders will need to work towards bridging the divide of human communication, which is endangered while operating solely online. Replacing or mirroring the buzz and togetherness of the traditional office structure, will rest on the shoulders of the higher-ups. Finding new ways to connect, recruit and operate in these strange times means a shift in thinking is in order. Effective business leaders are those who take the time to check in and assess.
The company’s wellbeing rests on the shoulders of all who drive it, so the skill of listening to understand is crucial to ensure the success of the workplace.
Employers need not only work on communication amongst teams, but also focus on connecting with their most valued clients. There is little room for error, not now. Rather, this is an opportunity to strengthen ties and over-deliver where possible.
The financial strains brought about by the pandemic suggest that clients need their regular businesses now more than ever, and attitudes of compromise, compassion and adaptation will need to be fostered.
What do clients need in a post-pandemic world
The longstanding relationship between firm and customer is the lifeblood that ensures the success of any business. In an accounting industry that delves into personal matters on a daily-basis, maintaining client connection is crucial, even more so during this time of disruption. Practices like SureBooks are committed to maintaining perfect communication with clients. This includes performing payroll services at an affordable rate.
Even though it seems as if we are reaching the end of the tunnel that has been the Covid-19 virus, the economic backlash that has plunged the world into the worst recession since the Great Depression of the 1930s (according to the United Nations) is not likely to be going anywhere soon. This spells out trouble for most small businesses, who rely on a loyal and often local customer base. Small businesses are often hit the hardest during times of financial strain – which is why enlisting the help of accountants at this moment in time may not seem financially viable. While running your own payroll services is the most inexpensive option in a sense, this means that your calculations as a business leader will oftentimes go unchecked – meaning that problematic errors and miscalculations could find themselves on the desk of a disgruntled SARS employee.
This is to be avoided at all costs, should you wish to incur penalties and fines that could seriously hurt one’s reserves during this time. If hiring an accountant for all in-depth operations is financially out of the question, it does not mean that you cannot reach out to practices like SureBooks for payroll services alone.
As previously discussed, executing payroll is a laborious and time-consuming activity conducted, even if you are using software in the hopes of speeding up the process. Outsourcing your payroll services will give you the time and space you need to guide your company and its finances through the pandemic and enter the post-pandemic world with less weight on your busy shoulders.