Complience with SARS
An EMP501 is a report that has all of your staff earnings required by SARS. The report needs to be submitted twice a year and it must be submitted before you can issue IRP5s certificates to your staff.
The purpose of the EMP501 declaration is to ensure the first 6 months of Payroll & EMP 201 submissions reconcile.
This as you will know can be a tedious process. This is because completing a report individually on E@sy file which is the only current way an employer can submit IRP5/IT3(a) certificates, and in order to submit these certificates the report must include the EMP501 declaration. If you don’t currently have GreatSoft Payroll, that completely integrates with e@sy file you will know how long this process takes.
For example, it could take up to five minutes to complete a single document on e@sy file of a single employees details.
GreatSoft Payroll automates employee tax certification submissions
With GreatSoft Payroll, you no longer have to manually complete employee tax certification submissions on e@sy file. GreatSoft Payroll has incredibly powerful reporting that will identify any errors in the reports and assist you to streamline the process.
Here are five of the many examples of error reporting we have in GreatSoft Payroll:
- Employees without Tax numbers
- Invalid bank acc details
- ETI SIC verification codes
- Nature of person
- ID number verification.
The GreatSoft Payroll system picks up on these errors (and many more), allows you to go into the report on the system and change it there without going and manually changing each item individually in easy file.
To give you an idea of the power of GreatSoft Payroll, we have a client with over 8000 employees. Lets call them client A. Since client A has used GreatSoft Payroll, we have been able to complete the entire submission process for all 8000 employees from GreatSoft Payroll to SARS in +- 10 minutes. As you can imagine this is a monumental saving of time and money for client A.
We would love to assist you in streamlining your business and increasing the productivity and efficiency in your organization.
If you would like to know more or would like someone to contact you to setup a demonstration of the GreatSoft Payroll software please don’t hesitate to contact us.