Payroll

When it comes to efficient payroll management, we look beyond the process. We understand the important role that timely payments and processes have on overall staff happiness and peace of mind. We know that, in order for your business to thrive and grow, there have to be structures in place to guarantee financial wellbeing for your hard-working team.

Payroll is the compensation a business must pay to its employees for a set period or on a given date.

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Do you have Questions about Payroll?

What is a payroll?

Why is a payroll necessary?

Why should you get your payroll done by Digital CFO™?

What systems do you use to do your clients’ payroll?

How Digital CFO™ can help you manage the payroll of your business so you have insight.

This is why we make use of the latest online payroll systems technology available to streamline all the tasks at hand.

Payroll management and business solutions tailored to your business needs, offered in Sandton, Bryanston, Johannesburg, Heidelberg, and across South Africa.

Part of the payroll solutions that we offer includes sending out personalised payslips electronically to your employees, ensuring that all facts are correct, and being available should any queries arise.

Furthermore, we manage your IRP5 reconciliations – this entails bi-annual payroll reconciliations and submissions to the South African Revenue Service (SARS). We also calculate your Payroll taxes (PAYE) and submit these to SARS.

As business owners, we know that having an effective payroll management system in place will not only enable your business to go from strength to strength, but that your team will also be inspired and motivated to reach their full potential, knowing their financial needs are taken care of.

Our three step process

Step 1

We do a quick consultation on what your needs are in terms of an accounting partner. Or we can do a short analysis of your business and help you establish your needs.

Step 2

We suggest an implementation plan & solutions that suit your industry and business model. We offer you a blueprint when you onboard on how your business could run as effectively as possible.

Step 3

We start streamlining your processes and systems, from where we can give you some advanced reporting. We teach you how to read the numbers and gain insight on how to manage your finances more effectively.
 

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Our services

Accounting is the interpretation and presentation of that data to business owners and investors.

Accounting typically consists of:

  • financial statements and reports

  • budgets

  • tax returns

  • analysing business performance

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 Bookkeeping focuses on recording and organising financial data. Bookkeepers working for smaller businesses might do some basic accounting duties. 

Bookkeeping typically consists of:

  • payroll

  • invoicing

  • receipts and bills

  • recording business transactions

A budget is an estimation of income and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis.

And Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends.

Business management focuses on the organising, planning and analysing of business activities that are required to efficiently manage and run a business.

Financial management is strategically planning how a business should earn and spend money. This includes decisions about raising capital, borrowing money and budgeting. Financial management also involves setting financial goals and analysing data.

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A debt collector is a company or agency that is in the business of recovering money owed on delinquent accounts.

A financial statement is a report that shows the financial activities and performance of a business.

There are four main types of financial statement:

  1. Balance sheet: a snapshot of your business’s financial condition at a single point in time, such as 31/12/2016. Shows your business assets, liabilities and owner’s equity at that time.

  2. Profit and loss statement: also called an income statement. Shows your business’s revenues, costs and expenses over a period of time, such as 1/1/2016 to 31/12/2016.

  3. Cash flow statement: also called a statement of cash flows. Shows changes to the cash coming into and out of your business over a period of time. Only records cash (not all income). Shows whether you can cover short term expenses like bills and payroll.

  4. Statement of changes in equity: also called a statement of retained earnings. Shows changes in the equity of your business for a set time period. In other words, changes in how much money your business keeps (rather than pays out to shareholders).

Combined, these statements provide a good view of the financial health of your business.

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Payroll is the compensation a business must pay to its employees for a set period or on a given date.

Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional or national.

A compliance officer is an employee of a company that ensures the firm is in compliance with its outside regulatory and legal requirements as well as internal policies and bylaws.