{"id":645349,"date":"2022-11-23T14:59:39","date_gmt":"2022-11-23T12:59:39","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=645349"},"modified":"2022-11-23T14:59:39","modified_gmt":"2022-11-23T12:59:39","slug":"the-ultimate-guide-to-wrapping-up-bonuses-and-year-end-payroll","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/645349\/the-ultimate-guide-to-wrapping-up-bonuses-and-year-end-payroll\/","title":{"rendered":"The ultimate guide to wrapping up bonuses and year-end payroll"},"content":{"rendered":"<p>The end of the year is a challenging time for payroll and HR professionals as they must handle all bonuses, annual leave payments, public holiday remuneration and much more.<\/p>\n<p>This stress can become overwhelming \u2013 but if you are prepared and have the right tools, the process is manageable.<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.sage.com\/en-za\/sage-business-cloud\/payroll\/?utm_source=BroadMedia&amp;utm_medium=Article&amp;utm_campaign=November+2022\" target=\"_blank\" rel=\"noopener\"><strong>Click here to learn more about Sage Business Cloud Payroll.<\/strong><\/a><\/strong><\/li>\n<\/ul>\n<p>We have outlined the key considerations when managing and executing bonuses and year-end payroll over the coming days.<\/p>\n<h3 class=\"my-4\"><strong>Account for tax<\/strong><\/h3>\n<p>One of the most challenging parts of year-end payroll management is dealing with all the tax ramifications of your payroll obligations.<\/p>\n<p><a href=\"https:\/\/www.sage.com\/en-za\/blog\/white-paper-payroll-and-hr-in-sa-rising-to-the-challenges-of-change\/?utm_source=BusinessTech&amp;utm_medium=Article&amp;utm_term=November2022\" target=\"_blank\" rel=\"noopener\"><strong>Sage research shows<\/strong><\/a> that 77% of payroll and HR professionals say they struggle to understand complex payroll taxes.<\/p>\n<p>One of the most important things to consider is, depending on an employee\u2019s current salary, giving them a bonus can push them into a new tax bracket \u2013 which can lose them money overall.<\/p>\n<p>You must also remember to appropriately report other cash bonuses \u2013 like vouchers \u2013 on your tax sheets.<\/p>\n<p>You can access SARS\u2019s guidelines for reporting these payments <strong><a href=\"https:\/\/www.sars.gov.za\/wp-content\/uploads\/Ops\/Guides\/PAYE-GEN-01-G02-Guide-for-Employers-in-respect-of-Fringe-Benefits-External-Guide.pdf?utm_source=BusinessTech&amp;utm_medium=Article&amp;utm_term=November2022\" target=\"_blank\" rel=\"noopener\"><strong>here<\/strong><\/a><\/strong>.<\/p>\n<h3 class=\"my-4\"><strong>Value of automation<\/strong><\/h3>\n<p>The right cloud HR and payroll solution can take the stress out of running and managing your payroll by leveraging the power of automation.<\/p>\n<p>There are many benefits of automation in payroll management, including:<\/p>\n<ul>\n<li><strong>Data accuracy \u2013 <\/strong>Automation makes it easy to calculate employee salaries and deductions and removes the risk of human error.<\/li>\n<li><strong>Reporting to SARS \u2013<\/strong> Automated solutions simplify the submission of reconciliations and payroll data to SARS.<\/li>\n<li><strong>Payslip management \u2013<\/strong> Manual payslips are tedious and inefficient \u2013 instead, you can email payslips, or even make them available to your employees online.<\/li>\n<li><strong>Compliance \u2013<\/strong> Cloud-based solutions automatically update as legislation and regulations change \u2013 ensuring you remain compliant.<\/li>\n<\/ul>\n<h3 class=\"my-4\"><strong>Year-end payroll checklist<\/strong><\/h3>\n<p>A great way to make sure you complete your payroll processes effectively is to create a checklist of things to do.<\/p>\n<p>Here\u2019s what you must remember to do before processing your final payroll:<\/p>\n<ol>\n<li><strong>Confirm employee information \u2013 <\/strong>If you use a cloud-based HR and payroll solution, employees can update their details using the self-service portal.<\/li>\n<li><strong>Make sure you\u2019ve recorded all payments \u2013<\/strong> Pay particular attention to any payments outside of normal payroll \u2013 such as commissions and bonuses.<\/li>\n<li><strong>Update your leave schedules \u2013<\/strong> This will be almost impossible without an automated system \u2013 which is why we recommend using one.<\/li>\n<\/ol>\n<p>Once you\u2019ve gone through these steps, you can begin your final payroll.<\/p>\n<h3 class=\"my-4\"><strong>Sage Cloud HR and Payroll<\/strong><\/h3>\n<p>Year-end payroll management (and the rest of the year, too) is much simpler when you use a cloud-based HR and payroll solution \u2013 and Sage has the best option on the market.<\/p>\n<p>It supports your payroll management efforts with extensive automation and includes built-in compliance measures to keep your payroll management in alignment with South Africa\u2019s legislation and regulations.<\/p>\n<p><a href=\"https:\/\/www.sage.com\/en-za\/sage-business-cloud\/payroll\/?utm_source=BroadMedia&amp;utm_medium=Article&amp;utm_campaign=November+2022\" target=\"_blank\" rel=\"noopener\"><strong>Click here to learn more about Sage Business Cloud Payroll.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have outlined the key considerations when managing and executing bonuses and year-end payroll over the coming days.<\/p>\n","protected":false},"author":57,"featured_media":645351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[1033],"class_list":["post-645349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-sage"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/645349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=645349"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/645349\/revisions"}],"predecessor-version":[{"id":645353,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/645349\/revisions\/645353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/645351"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=645349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=645349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=645349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}