Is Outsourcing the Solution for Your Payroll
Is Outsourcing the Solution for Your Payroll?
Unless you’re a confirmed solopreneur or one-person operation, every business will, at some point, need to immerse itself in the world of payroll and its associated challenges. From regulatory compliance to tax changes, from B-BBEE scorecards to legislative changes, it’s a business task that takes expert know-how. It could be time to consider outsourcing your business payroll needs to a specialist like NOVA Human Capital Solutions.
There’s no one-size-fits-all approach to payroll that works across the board. A bespoke solution from NOVA Human Capital Solutions, on the other hand, not only ensures compliance, but can save your company time and money, too.
Since 2005, NOVA Human Capital Solutions’ Payroll Consultants have been managing outsourced payroll solutions for over 200 companies throughout South Africa and Africa. These range from small, owner-managed businesses to multi-national, multi-sited organisations, with varying complexities of payroll requirements.
Why would a company consider outsourcing its payroll? There are many factors that can influence this decision. Payroll is an increasingly complex environment, especially in South Africa. It isn’t enough to know what someone’s salary is and to pay it out every month; rather, anyone handling payroll needs to be continuously up to date on changing legislation, the complex rules involved, and the implications of any changes.
Furthermore, payroll can be massively time-consuming and complex. In small companies, for example, it can often be difficult or costly to employ the specialist, dedicated people needed to handle payroll. This task often falls to someone without the requisite expertise or knowledge, or can take valuable time away from other company financial matters. For larger or international companies, the situation is further complicated by the unique reporting requirements of, for instance, training spend, employment equity, variable payroll requirements and much more.
NOVA proactively manages payroll for our clients, handling everything from the processing of all data, to reporting, salary payments and payslip distribution. We not only ensure that you are up to date with current legislation and rules, but in fact employ our unique OneLoop™ methodology to deliver all payrolls accurately and in a timely manner. This way, you are able to avoid any retrospective adjustments that may need to be made.
To ensure that NOVA remains on the cutting edge of legislative and regulatory changes, all our senior consultants are registered tax practitioners and affiliated to SAIT. This not only ensures that our consultants engage in continuous learning, but in doing so are able to provide valuable advice and guidance to clients in navigating the minefield that payroll can present to businesses of all sizes.
In some cases, NOVA handles only the Executive Payroll for larger companies. This service is generally used to safeguard confidentiality and ensure the particular complexities of corporate executive pay are meticulously followed.
Among the services provided, NOVA also issues companies with fully customisable reports that their existing payroll system might not deliver. These range from fairly simple reports, to the more complex reporting offered by our new service, NOVA PeopleAnalytics™. These reports are invaluable in gauging potential risks, and in picking up trends over time. We also offer clients Employee Self-Service and Manager Self-Service, which give employees and managers access to leave applications, expense claims, current and historic payslips and even performance assessments via a smartphone-based app or their web browser.
Our clients enjoy a multitude of benefits. The state-of-the-art software allows for weekly, fortnightly and monthly payment cycles. NOVA keeps a complete blueprint of each client’s processes, which allows for always-on, always-available service, regardless of the availability of designated staff.
The system, combined with the expertise and experience of the NOVA team, and supported by meticulous processes and sanitation checks, allows for a high level of accuracy in processing – this is particularly noteworthy in handling income tax, ensuring that, when filing season comes, everything balances. We also provide advisory services in conjunction with our HR division, as well as assisting with all compliance, B-BBEE and other Employment Equity reporting as part of the payroll solution.