Choosing the Right Online Course to Upskill_ A 7-Step Guide

Choosing the Right Online Course to Upskill: A 7-Step Guide

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Today, upskilling employees is crucial to staying competitive. But it can be challenging for employers to select the right programs. Here are some tips to make the right choice:

1. Assess Business Needs and Skill Gaps

Identify specific skills your business needs for growth. Conduct a skills gap analysis to understand where your team is lacking. (Maybe in digital marketing, data analysis, or customer service). Find courses that directly address these gaps.

2. Choose Industry-Relevant Courses

Find programs relevant to your industry and that provide practical applications. Make sure the course content matches the specific roles and responsibilities of your team.

Visit Skillmaster who offers a wide range of e-learning courses on their platform to help employees excel in their professional journey.

3. Check Accreditation and Certification

Opt for courses that offer accredited certifications or are recognized in your industry. This ensures high-quality training and gives employees credentials that should improve their professionalism and productivity.

Part two to follow…

The Future of Payroll_ Why Outsourcing Is the Way Forward

The Future of Payroll: Why Outsourcing Is the Way Forward

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Paymaster offers a professional Payroll Outsourcing Service for any size business or industry in Africa, Brazil, and the United Kingdom. Our payroll specialists can assist any company with monthly, bi-weekly, or weekly payroll services. Even though Paymaster manages payroll, customers will still have direct access to the system, at any point, to view and manage employee data.

Key benefits of the Paymaster payroll and HR

Key Benefits of the Paymaster payroll and HR

  • Automated maintenance of country-specific legislative rules
  • Ability to house various date valid currency conversion rates for calculations and reporting
  • Multi-component gross up functionality
  • Tax management reporting of Year To Dates (YTD’s) for home country tax purposes
  • Powerful Mock Payslip feature – test different “what if” scenarios
  • Language specific payslips
  • Employee Self-Service – Employees can access their info anywhere at any time , on any device. (Accessible Worldwide)
Outsource benefit: Payroll experts you can trust

Why to outsource your payroll with Paymaster:

Team of Experts

Our team make it their business to know all the legislative ins and outs of local rules and regulations. In this way, we help guide your day-to-day administration, keep your company on the right side of the law and free up important resources so you can focus on more business- critical work. Did you know, Paymaster’s automated system streamlines the process of calculating wages, deductions, and other payroll tasks while minimizing errors from manual entry.

We guarantee compliance

We guarantee compliance

If your business operations cover multiple territories, your payroll provider needs to be legislatively compliant in each country in which you operate.

Some regions are particularly challenging when it comes to achieving and maintaining legislative compliance. In various African countries, for example, legislation can change overnight and if your business doesn’t follow suit immediately, it could face a fine. By outsourcing your payroll, you no longer have to manage compliance in-house – this responsibility now rests in the hands of in-country, cross-border experts.

World-class data security

World-class data security

Security is critical for any organization, and covers everything from security for applications through to the physical facilities and network security. Our Information Security Management System (ISMS) has been independently assessed and certified as meeting the exacting requirements of ISO 27001. This shows our customers, suppliers, employees and partners that we’re 100% committed to securing the critical information assets that we hold – both for ourselves and for our customers.

Paymaster has established itself as a trusted partner for organizations seeking reliable and efficient payroll outsourcing solutions. Get your outsource quote today!

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Payroll Trends for 2024: Key Insights for Your Business

by with One Comment ArticlePayroll

Discover essential payroll trends for 2024 that can transform your business. Stay informed with key insights to enhance your payroll strategies effectively.

What are the recent changes in Payroll trends?

What are the recent advancements and changes?

Recent advancements and changes in payroll systems have transformed how organizations manage employee compensation and related processes.

  • Automation: Automated payroll eliminates errors with quick tax, overtime, and report processing. It’s a game-changer!
  • Focus on Compliance: Payroll systems adapt to regulations for compliance, reducing penalty risks.
  • Integration with Other Systems: Integrated payroll systems unify HR, accounting, and benefits management, streamlining employee data management.
  • Data Analytics: Advanced reporting and analytics analyze payroll data for trends, compliance, and compensation strategies, aiding informed decision-making..

Payroll management is becoming easier and more user-friendly, benefitting employers and employees..

The gig economy goes remote, Payroll adapts.

What is the impact of the increasing prevalence of remote work and the gig economy on payroll management?

Remote work, the gig economy, and flexible workforce models are revolutionizing traditional workplaces, significantly impacting payroll management across various areas.

  • Flexible payment structures: The gig economy values flexibility, with remote work now common. Payroll must adapt for diverse payment structures, ensuring accuracy and compliance.
  • Integrations: To handle remote work and gig economy challenges, embrace tech like cloud payroll, HR systems, and automation for efficient payment tracking and decentralized workforce compensation.
  • Data security concerns: Due to remote work, securing payroll data is critical. Systems need strong cybersecurity to safeguard employee information, particularly for remote workers and freelancers accessing systems from different locations.
  • Compliance challenges: Managing dispersed workforce poses tax and legal challenges. Compliance complexity rises for remote and gig workers, demanding precise payroll to evade legal issues.
Outsourcing Your Payroll in 2024

Outsourcing Your Payroll in 2024

Absolutely! Outsourcing payroll services offers several advantages for businesses, and as many companies are realizing the benefits of outsourcing payroll, it has become a strategic decision to improve productivity and lower expenses.

Click for a FREE instant outsource quote from Paymaster and consider how outsourcing can benefit your business. Here are some important factors to take into account:

  • Cost Savings: Outsourcing payroll services offers an opportunity for reducing operational costs traditionally associated with maintaining an in-house payroll department. This can include savings on employee salaries, benefits, and software expenditures.
  • Time Efficiency: By outsourcing payroll, businesses can free up time for their HR teams to focus on strategic initiatives rather than administrative tasks.
  • Expertise and Compliance: Payroll service providers possess specialized expertise and remain current on evolving tax laws and regulations, aiding in adherence to compliance measures and mitigating the potential for expensive penalties.
  • Access to Advanced Technology: Numerous payroll providers leverage advanced technology and sophisticated software solutions, offering businesses access to high-quality tools that may be cost-prohibitive to develop internally.
Why More Employers are Going Remote

Employers, like many other industries, are increasingly recognizing the advantages of remote work.

Employers are increasingly recognizing the numerous advantages of remote work, which can result in substantial benefits for both the organization and its employees.

  • Increased Productivity: Many payroll professionals find they can concentrate better at home, leading to improved efficiency in processing payroll tasks and meeting deadlines.
  • Flexibility: Remote work allows payroll employees to manage their schedules more effectively, accommodating personal needs and peak work periods without the constraints of a traditional office setting.
Benefits of cloud-base Payroll
Read the benefits of Cloud-Based Payroll here.
  • Use of Advanced Technology: The shift to remote work often drives the adoption of cloud-based payroll systems and digital tools, enhancing efficiency and providing real-time access to payroll data.
  • Collaboration Tools: Enhanced communication and collaboration tools facilitate teamwork among payroll staff, even when they are geographically dispersed, leading to smoother operations.
  • Resilience in Operations: Remote capabilities ensure that payroll functions can continue uninterrupted during emergencies or disruptions, maintaining business continuity.
  • Sustainability Practices: Reduced commuting and office use can align with corporate sustainability goals, contributing to a smaller carbon footprint.

Keeping an eye on these trends can help organizations stay competitive and responsive to the needs of their workforce.

With Paymaster’s cloud-based payroll software, you can streamline your payroll processes and enjoy the freedom of easy access by working from anywhere. Our software-centric approach ensures you’re not tied to a specific device, enhancing flexibility and productivity. To access your cloud payroll login, simply go to www.hrmaster.co.za and click on Login.

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How To Prevent Time theft, payroll theft

by with No Comment ArticleTimemaster

You know, sometimes folks stretch the truth a little about how long they’ve been working or sneak in some extra breaks. Skipping Work without Permission: Sometimes people don’t let their boss know when they’re taking personal time off or maybe bend the rules a bit with sick days that’s known as time theft.

Stop time theft

1: Stop time theft!

Time theft – being paid for hours not worked. Timemaster can stop this with their automated Time and Attendance software that is integrated with Paymaster payroll software. No more being paid for missed shifts or clocking in irregularly.

Call us to stop being taken advantage of. 021 712 7333

What is the cost of Time Theft for your Business

2: What is the cost of Time Theft for your Business?

Yikes..on average employees each steal around 4 hours per week from their place of work! All this adds up across the business…and steals a lot of money from your payroll!

Timemaster Time and Attendance software will monitor your employees work hours, whether on site or in the office.

How can time and attendance systems help?

3: How can time and attendance systems help?

How can you nab time thieves in your business?

Real-time clocking – by employees (with an app or tablet) is the answer.

Timemaster T & A software systems allow a bird’s eye view on real time mapped clockings. The automated reports show latecomers and early leavers on a daily/weekly/ monthly basis.

Timemaster offers real-time monitoring! Can you afford not to use our software?

The nitty gritty of time theft

4: The nitty gritty of time theft

If you caught an employee stealing money or equipment they would be disciplined, right?

But what about time theft?

To tackle this, you need to understand how your employees work – whether at home, office or out on the road.

That’s why you need an automated time tracking software (cloud based) with phone apps to track your staff’s coordinates (including a special drop-down feature)- per work task they are paid to perform.

Timemaster T & A software can do all this for you.

Two-post Retirement System: South Africa

Understanding the South African Two-Pot Retirement System: Impact on Payroll and Taxes 

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From 1 September 2024, South Africa’s retirement landscape will change with the implementation of the Two-Pot Retirement System, affecting both payroll and taxes. Here’s what you need to know. 

What is the two-pot retirement system?

From 1 September 2024, provident, annuity, and retirement support commitments will be split:  

  • One-third to a savings pot 
  • Two-thirds to a retirement pot for purchasing a pension product at retirement 
What is the two-pot retirement system? Retired savings components explained

Retirement Savings Components explained

  1. Vested pot: 
  • Contributions made before 1 September 2024 (vested rights as of 31 August 2024) will follow current accessibility and tax rules. 
  • No further contributions are made to this pot. 
  1. Savings pot: 
  • Starting 1 September 2024, 10% of the vested pot (up to R30,000.00) will be allocated to this pot, as an opening balance. 
  • Employees can withdraw from the savings pot without resigning. 
  • Minimum withdrawal of R2,000 annually, no maximum limit but subject to available funds. 
  • Withdrawals once per tax year (1 March – 28/29 February) from 1 September 2024. 
  • Remaining funds can be accessed as a lump sum at retirement or transferred to the retirement pot. 
  1. Retirement pot: 
  • Funds here are blocked off until retirement. 
  • Used to give wage at retirement through annuities (the current de minimis rule applies)  
How does this system impact your payroll and taxation?

 How does this system impact your payroll and taxation?  

  • Savings withdrawals are included in PAYE remuneration. 
  • The retirement fund or administrator will apply for a tax directive to calculate PAYE before making payment. 
  • SARS source code 3926 will report savings withdrawals; source code 4102 will report the directive tax. 
  • Taxed under normal Personal Income Tax (PIT) progressive tax tables. 
Special considerations for members 55+ for the two-pot retirement system

Special Consideration: 

  • Members of provident funds aged 55+ on 1 March 2024, are prohibited from the two-pot retirement framework unless they select in

Paymaster will adjust for savings withdrawals from 1 September 2024. Employers don’t need to calculate or report the contribution split; the retirement fund will handle it. Learn more about the Two-Pot Retirement System. For further details, contact your Fund or administrator.  

Resources

Tax Implications of Withdrawing from Two-Pot Retirement System

Two-Pot Retirement Fund System – FAQ

Two-pot Retirement System: Katlego Legodi unpacks

Essential Reports needed for Annual EMP501 Submission

Essential Reports needed for Annual EMP501 Submission

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What are the essential reports needed to generate for the Annual EMP501 Submission?

To ensure a smooth Annual EMP501 Submission (IRP5) for the period 1 April 2024 to 31 May 2024, it’s essential to have the “Essential Reports needed for Annual EMP501 Submission”.

These submissions generate employee tax certificates for the period 1 March – 29 Feb 2024.

A guide to the reports needed for the IRP5 submissions:

Note: The report examples and directions provided are specific to the Paymaster Payroll system.

Step 1:

Balancing EMP201 and EMP501 Reports: Key reports for EMP501 submission

To begin, generate the EMP201 Report and EMP201 Breakdown Report from Reports > Reports > Standard (Classic) > Legislative. Additionally, generate the EMP501 Report for the selected tax year.

Balancing EMP201 and EMP501 Reports

Step 2:

Identifying Discrepancies between EMP201 and EMP501: Key reports for EMP501 submission

Next, identify discrepancies between EMP201 and the consolidated EMP501 by generating the following reports: For ETI imbalances, navigate to Reports > Reports > Standard (Classic) > Legislative and generate the EMP501 ETI Breakdown Report and ETI Take On report. For Tax, UIF, & SDL imbalances, navigate to Reports > Reports > Standard > Payroll and generate the Component Variance Report and Payroll Reconciliation Report. For employee biographical information, navigate to Reports > Reports > Standard > HR and generate the Dynamic Employee Details and New Engagements and Terminations reports.

Identifying Discrepancies between EMP201 & EMP501

Step 3:

Generating Test and Live CSV Files: Key reports for EMP501 submission

Once EMP501 reconciles with monthly EMP201s, generate Test and Live CSV Files per frequency for the correct submission period. Navigate to Reports > Tax Certificate Run to generate the Test CSV File. Upon successful validation, export the Live CSV File accordingly.

Generating Test and Live CSV Files

These reports will streamline the EMP501 reconciliation process and ensure accurate submissions.

Check out our VIDEO on how to reconcile the submission on PAYROLL and EASYFILE. Click Here

How to reconcile the submission on Payroll

Need some assistance?

Read our article for the 8 Steps to Complete the EMP501Submission

Our support team is ready and waiting to help. Please reach out to our helpdesk at help@paymaster.co.za or 021 712 7333.

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Annual Leave queries driving you nuts

Annual Leave queries driving you nuts?

by with No Comment ArticleLeave

Navigating the maze of annual leave entitlements, including duration, timing, and payout regulations, is crucial for HR managers. Don’t let annual leave queries drive you nust. Thank goodness with Paymaster’s leave management system the BCEA regulations are automatically applied. Result? Compliant, efficient leave management for employers and employees.

Annual Leave queries driving you nuts? - Annual leave under BCEA

Leave allowances under the BCEA (Basic Conditions of Employment Act).

  • 21 continuous days (or by agreement 1 day for every 17 days worked).
  • take leave no later than 6 months after the end of the leave cycle.
  • outstanding leave is only paid out when you leave the job.

BCEA Compliance Advantage!

Our leave management system is integrated with the BCEA Remuneration conditions to accurately calculate leave values. The intuitive Calendar Screen provides a comprehensive view of leave applications, birthdays, and public holidays. So users can filter information based on team details or individual employees.

Read more about our DIGITAL LEAVE forms. Apply easily on our online system!

Annual Leave and our ESS

Annual Leave queries driving you nuts?- Annual Leave on ESS

To streamline leave processes, Paymaster offers an Electronic Self-Service (ESS) platform. This allows employees to apply for leave anywhere, any time. Managers can approve leave requests through the same platform. Simple and efficient!

Leave balance report

Annual Leave queries driving you nuts?- Annual Leave balance report

Paymaster’s system sends email notifications to employees when their annual leave is due to forfeit, allowing for timely action. Our leave balances report also offers insights which facilitate informed decision-making.

NEW! Individual leave accrual options

We have new enhancements to our leave settings. These allow users to specify leave entitlements on an individual employee level. This flexibility allows managers to align leave entitlements with employees’ contracts.

Take action now!

For effortless leave tracking contact Paymaster.

Speak to Glen Coburn glen@paymaster.co.za or 083 679 1311.

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