D5BSG Business Strategy Growth
|Gauteng||Tel: 011 679 4001
Payroll Services in the Vaal Triangle – Vanderbijpark, Vereeniging, Sasolburg and Meyerton
When the need arises and the going gets tough where the economy is concerned, most people are with their hands in their hair as many people get retrenched and lose their line in the payroll during difficult times. This brings a lot of frustration among society but now and again you will find a person that is able to rise out of the difficult times and are able to start their own business.
Being an entrepreneur is a wonderful idea as there are so many advantages to rather running your own business than working for a boss, with one of them being that you are in full control of the payroll and have strict control over the income and expenses . Both options could carry the risk of closing but if you go into your own business with the focus on becoming and staying successful will take you much further in the long run.
Throughout the corporate industry though, there are as many disadvantages as advantages to being your own boss. It is true that you will be responsible for the success of your business and that includes the nitty gritty of things like the payroll, financial stresses, marketing, staff management and all problems that may arise regarding customer satisfaction. Many times you will not have standard office hours as any employee will have and sometimes leave and sick periods will just not be possible for you as the proprietor.
One disadvantage of owning your own business is the red tape i.e. admin in terms of taxes for the business. To even just get started, you have to complete a mountain of forms relating to your payroll details and all aspects of the financial side of things. Then there are the extra forms and documents to get your company registered, legal and valid in terms of BEE and all the government tax codes.
Due to the fact that there is an awful amount of tax and payroll fraud, the codes and conditions have become even more tedious, costly and time consuming. These tax and payroll issues are not only for your company but that will apply to every single person that you employ. Details on these documents have to be constantly updated and renewed in order to keep your company legal. Even the one small task of keeping every single receipt for payroll purposes could become a very annoying task when you are running a multi-million rand company.
There are extra issues like the correct amount to deduct from every employee according to their level of income on the company payroll. Leave days should be taken into account as well as other off days like public holidays and sick leave days.
As you can see, the dream of one day owing your own company might be a bit more detailed than you would have imagined. There is one solution to the problem though and that is to hire the professional services of either a payroll administrator or a qualified auditor to manage all these issues like tax, payroll and financial administration on your behalf.