The main objective of a dedicated Payroll function in any organization is the satisfaction of people getting their paychecks on time, with the correct calculations.
What is the function of a payroll department?
Payroll professionals manage employees’ financial data and are typically responsible for processing paychecks and other payments, keeping time records, and handling any pay-related information for employees (like tax information, insurance deductions, or other factors that can affect an employee’s pay).
A payroll clerk’s duties include:
– Calculating pay for employees
– Using payroll software to manage employee pay and financial information
– Calculating taxes and deductions
– Producing and processing employee paychecks
– Tracking employee work time and keeping accurate records
– Initiating direct deposit payments
– Calculating unemployment or severance pay
– Verifying and resolving discrepancies in employee financial data or pay
– Keeping detailed digital or paper financial records to be reported
– Issuing pay statements and invoices
– Process, Reconciliation and distributing the financial documents and information such as EMP201, EMP501, IRP5, etc.
– Following financial reporting procedures and legal best practices as the payroll practices are guided by the department of labour.
What skills are required to be payroll clerk?
This is a highly specialized role, so there are specific skill sets that will be an asset to you in this field.
Math Skills: Although this is a highly administrative position, it also calls for very strong math skills. The payroll clerk is responsible for money going in and out to employees, so they really must be able to do financial math effectively and accurately.
Attention to Detail: Because of the emphasis on accuracy, a payroll clerk needs to be able to spot discrepancies or problems in financial documents or paychecks. Mistakes can have significant impacts on employees or the company, so an eagle eye is essential, whether the clerk is using advanced accounting software or good old-fashioned paper and calculators.
Problem Solving Skills: Part of the job is resolving issues that inevitably come up when money, math, and humans are involved. If there are discrepancies in amounts paid versus amounts owed, the clerk needs to be able to resolve the issue quickly and accurately.
What do you need to become a payroll clerk?
The baseline minimum combination is a high school degree and a stellar set of math skills, but many companies prefer their payroll clerk to have at least an associate’s degree in business, accounting, or finance.
What’s the outlook for payroll clerks?
Because these professionals have a strong and versatile set of skills and can work in any industry that has need of payroll processing, it’s a solid career choice in the financial services and administration field.
As a small business owner, please familiarize yourself with the labour laws in place. This will assist to stay out of trouble with the country’s labour law.
Requirements to register your employees for UIF, any individual that have worked for the business for more than 24 hours must be registered for UIF
At anytime the department of labour can decide to perform an audit in your business.
The below are what they will request from you as the employer :
– UIF registration number
– Proof of the Compensation Fund registration
– Copies of the employees contracts
– Copy Payslips.
– Time sheet
Registering with the Compensation Fund
According to the law ⚖️, an employer must insure his/her workers against occupational injuries or diseases contracted during the course of employment. CF is not insuring the employer’s business but, insuring the workers.
This is one of the utmost employers ‘s obligation.
Comply with the rules and regulations of the department of labour.
Matsobanemetja Business Consulting (Pty) Ltd – is an Accounting Firm that assist businesses and professionals will all their taxes need. We provide a full function.
You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za
Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.
If you need a consultation with us with regards to your business, any type of business – please reach out to us on email hello@matsobanemetja.blog
Accounting is the art of turning chaos into clarity and confusion into financial wisdom.”
– Michael Carter
Matsobanemetja Business Consulting Pty Ltd 