Category: Payroll

7 Everyday Tasks Professional Bookkeeping Services Do

Posted on by Angel

A bookkeeper can be a job within a company or it can be something that is outsourced to a third party. No matter what, a bookkeeper is likely to have a long list of duties that range from simplistic and quick to lengthy and complex. Often, the bookkeeper will need to use tools to automate certain processes and eliminate the risk of human error.

Sometimes, a bookkeeper will also be an accountant, allowing them to cover even more skills and tasks. No matter what, your bookkeeper ought to have business sense, work quickly but correctly, adapt to different forms of technology, have a finger on the pulse of changes to rules and regulations, and pay attention to detail.

Keep Track Of Bank Accounts

The most obvious task that a bookkeeper does is to keep track of financial accounts. This means ensuring that all transaction details are accurate. He or she will use accounting software to match transaction details, credit card statements, and other important documents.

This task is essential for bookkeepers because it provides the backbone for other tasks that he or she will carry out.

Advises In Budgeting Decisions

A bookkeeper will be there to help when business leaders are making budgeting decisions, especially those involving new projects or plans. He or she will be expected to not only know how the budget may impact the business but what changes in financials will mean for tax purposes.

Accounts Receivable Duties

Accounts receivable is an important thing for businesses to manage, and a bookkeeper can handle all of the intricacies. Your bookkeeper may be able to help in creating invoices, sending them to the appropriate parties, providing statements, and helping with collections for delinquent clients.

Once again, there are tools to help with this, but those tools need experienced oversight.

Help With Seasonal Flows

Having a long-term bookkeeper can help to plan for downtimes and slow periods. Some businesses are only busy during certain times of the year, and a bookkeeper can help plan for the leaner periods. Now, this isn’t something that they will be able to tell right away (even with accurate financial records, though they can help), but something that comes from experience and insight.

Prepare For Taxes – All Year Long

A bookkeeper can work with your tax preparation services to ensure that you are staying on the right side of the law all throughout the year. He or she can also help to plan for any taxes that may be new due to regulations.

Now, not all bookkeepers can do business taxes (but some can, like those at IC Quantum), but they need to have a working understanding of them.

Process Payroll

Bookkeepers can also be tasked with fulfilling payroll and other basic human resources functions. Sometimes they can help with the entire process and other times, they simply help with the taxation portion of payroll. The role will depend on the size of your team, how busy your human resources team is, and how many employees you have.

Keeping Track Of Bills

Now, every business has certain bills that they need to pay. From rent to internet access to the tools that you use to stay working. A bookkeeper can help to ensure that all of your bills are paid on time and in full. At the same time, you may expect them to audit bills to see if there is a way to streamline costs.

Need A Bookkeeper in South Africa? Contact Us Today

IC Quantum Accountants is registered with the South African Institute of Professional Accountants (SAIPA) as both an accounting practice and an Accredited Training Centre (ACT) for accounting trainees. At IC Quantum Accountants Hub (Pty) Ltd, we are committed to building long-term relationships with our clients by providing excellent client service and embracing high ethical standards.

If you need a bookkeeper in South Africa for any services, personal or business, give us a call today and we can schedule an appointment with you – +27 87 980 0000/+27 81 403 5948. You can also fill out the form below and we will contact you.

Why Outsourcing Payroll Services Makes Sense

Posted on by Angel

Business owners often waste quite a bit of time and energy handling activities that they could just as easily outsource, including payroll services. When you have the head of the company (or some other skilled person) working on something that doesn’t bring in a profit, it doesn’t help to add anything to your bottom line. If you can do it, outsourcing payroll services not only helps to free up resources, it ensures that there won’t be mistakes or anything that goes against the law.

Why then are so many people hesitant to outsource their payroll services? It is because they don’t see the potential in doing it and rationalize it as something they don’t have time to do. Is it worth all of that extra time and effort in the short term just to find someone that you feel comfortable working with in that way? Someone who can get an inside look at your company’s financials? Someone who won’t tell your secrets to their friends in the same niche?

In our opinion, it is well worth it.

Outsourcing payroll services helps with three main goals:

  1. It frees up resources at the highest levels;
  2. It ensures payroll is performed correctly;
  3. It reduces risks and mistakes.

Outsourcing Payroll Frees Up Resources At The Highest Levels

Payroll is a necessary function of any healthy business. However, if it isn’t handled properly, it can put your business into the trouble zone. Payroll zaps away the attention, energy, and time from core activities that have a more significant impact on your business. Companies have to pay attention to various complex laws when it comes to employees at the federal and local levels. In South Africa, for example, these laws and regulations can change with little notice. 

Of course, taxes are just the start of what you need to do – even though they should be one of your biggest concerns. If you get taxes wrong, you may put your employees and your company in danger. There is more that you have to concern yourself with: new-hire reporting requirements, government requirements around unemployment compensation, and workers compensation insurance.

It Ensures Payroll Is Performed Correctly

One of the biggest reasons to outsource payroll services is because you will get access to experts who know the laws and regulations and who have the technology to keep everything on track. For a small business or even a medium-sized one, it can be difficult to invest in these programs and tools that can be quite expensive.

Employees expect things like direct deposit and self-service access to their payroll information – this is no longer something that is considered a perk. If you cannot offer it to them, you are doing your employees a disservice and perhaps even limiting the client pool for open jobs.

Payroll Services Reduce Risks and Mistakes

Outsourcing payroll can also reduce risks for the business. Mistakes are far more common than one might expect, and companies are losing money quickly. These losses may be because of bookkeeping errors, discrepancies in timesheets, and even in pay rates. Of course, there are also risks to making mistakes – legal risks and reputation risks.

Making these “silly mistakes” can be extremely harmful in ways that most people don’t even realize. One mistake can cause you to miss out on good employees and even cause the general public to have a negative opinion of your business.

There are many places where you can make mistakes and use it as a learning experience, but payroll is one place that you don’t want to do that – one mistake could be the end.

Outsourcing Payroll Administration in Johannesburg

If you are interested in outsourcing your payroll services with a company that you can trust, look no further than IC Quantum. Our team of accounting experts uses the latest tools and technology to stay on top of your payroll and ensure that your books are accurate.

Payroll administration is just one facet of our business services, which include auditing, business planning, taxation, and more. Are you ready to get started? Call us at +27 87 980 0000 or send an email to info@icq.africa to get more information.