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Paying employees, the incorrect amount of remuneration can cause serious headaches for your business. Underpaying employees can affect staff morale and cause people distress, while overpaying is a financial risk to the business. Even small discrepancies can turn monthly reconciliations and annual audits into a headache.
Solution: Establishing a strict payroll processing timeline, complete with reminders and backup plans, will help business owners ensure timely and accurate payments. It is also vital to meet the deadlines for submitting EMP501 interim and annual reconciliations to SARS to avoid fines and penalties.Incorrectly calculating gross and net remuneration can result in discrepancies in tax deductions. This can lead to problems with SARS.