Preparation For Tax Year-end Needn’t Exhaust Energy Reserves

March 30, 2010 - PRLog -- Adequate preparation for tax year-end will ensure that this period is neither complicated nor over-bearing for companies that effectively manage information and apply resources strategically. This is the view put forward by Teryl Schroenn, CEO at Accsys, a national supplier of payroll, HR, Time & Attendance and Access Control solutions.

Accsys has established a firm reputation in the market for its contribution towards education, delivery of purpose-driven, quality services and the instillation of higher levels of professionalism within human resources and payroll administration.

Schroenn points out that the first consideration for companies in their preparation for tax year-end is to ensure compliance with information regulation requirements from the South African Revenue Services (SARS). This includes three addresses per employee, bank details if employees are paid electronically and a tax reference number where currently available.

The Accsys standpoint on the issue of information disclosure and submission is if this information is kept current (easily achieved through Employee Self Service says Schroenn) and the payroll administrator is up to date with statutory requirements, the tax year end process should be straightforward.

According to management at Accsys it is important that payroll administrators keep abreast of changes in legislation and that payroll audits are completed regularly in order to ensure software and system compliance. Rules should be applied correctly – for example, companies need to ensure that only people who actually travel for business purposes receive travel allowances, and this should be clear not only from their payslips, but also their contracts of employment.

“Should an employee get a refund from the South African Revenue Services, and their bank details have not been given to the tax office, they will have to undergo the FICA process to be able to claim their cheque!  Also, accurate tax calculations should have been done throughout the year in strict accordance with the latest statutory requirements.  We often find that companies are not adhering to the latest requirements for travel allowances and medical aid, amongst others,” said Schroenn.

From a technology point of view, the basic premise that Accsys continues to endorse is that the better the implementation of the payroll system and the more accurate, up to date information it can provide about a company, the less work involved at tax year-end.

For more information, click through to www.accsys.co.za or call (011) 719-8000.