If you are a business owner, or if you are in charge of your company’s payroll system, you know what responsibility feels like when working with other people’s money. Taxes and salaries are sensitive subjects in a working environment. Handling this subject with the necessary knowledge when doing all calculation is important. If you want to handle this task by yourself, it is wise to get some help in the form of accounting software.
Employees and Taxes
If you have employees working for you, you first have to register them for statutory taxes. Statutory taxes consist of PAYE, SDL, and UIF. These taxes are deducted form the total income of an employee and paid to SARS before the seventh of each month. A software program will make all calculations for you with the touch of a button.
You able to calculate any other benefits like medical aid deductions, retirement annuities, provident funds, as well as pension funds. Payslips are available instantly and ready for printing. At the end of the tax year OID values is calculated and printed reports give you enough information to complete your tax return. Life is so much easier.
Another benefit of using an accounting system in Malaysia is that most accounting systems are accessible online. This takes away the hassle of any IT-infrastructure, upfront payment of software and an annual license fee, saving you money.
It is designed, keeping in mind that the user might not have any accounting background, therefore making it easy and simple to use. Even the terminology of payroll software is simplified. All you need is internet connection. You are also able to make payments online. Other benefits of doing your payroll online are that no software upgrades are needed. You will always work on the latest version and all information is backed-up and stored securely.
Some online accounting systems have a Human Resource Management service. This comes in handy when you have to hire or fire employees and assist in performance reviews as well as Disciplinary Actions. A small business that does not have the capital to hire a Human Resource person will benefit from this function. At the end, you must do all that you are able to make money but still comply with legislation. By managing, you own payroll this is possible.