BizNis Africa
Latest News
Africa offers investors major return on investment
Africa offers investors the largest return on investment, Chairman...
General Electric unveils future of work report in Nigeria
General Electric Nigeria, today, 12 December 2017, released a...
Elumelu named first African to receive Dwight D. Eisenhower Global Entrepreneurship Award
The Business Council for International Understanding (BCIU), a non-profit...
22 ON SLOANE to host Vusi Thembekwayo book signing event
22 on Sloane, one of the largest start-up campus...
JSE announces Steinhoff International verdict
Following the release of a statement in relation to...
European Investment Bank signs €250 million financing for SMEs in Egypt
The European Investment Bank (EIB) signed a financing agreement of...
Chief Wole Olanipekun
Chief Wole Olanipekun SAN, is the founder and principal...
New Revenue opportunities for African Telcos remain at 1% per annum
Although Africa’s largest telco operators are generally showing growth...
Afreximbank says lack of trade information prevents Intra-African Trade
Limited knowledge about trade opportunities in African countries was...
MainOne, Tizeti, Facebook partner for Internet connectivity in Lagos
MainOne and Tizeti today, 11 December 2017, announced the...

Magnus Nmonwu, Sage West Africa Regional Director 

Many business managers and entrepreneurs think of running the payroll as a simple matter, what could be hard about paying your employees the right amount of money on payday and giving them a payslip?

But the Nigerian regulatory environment is becoming more complex and the payroll is at the centre of compliance.

Income tax regulations are changing and tax authorities are looking closer at whether employers are meeting their obligations. They also seek to ascertain if the right earnings are declared and whether the right taxes and statutory deductions are included in payroll calculations. It has become increasingly important to ensure that your annual returns are filed and submitted promptly and accurately to the relevant tax authorities.

Failing to comply, whether through deliberate evasion, late payment of payroll taxes or underpayment as a result of a miscalculation, is a major business risk.

If you make a mistake when calculating statutory deductions such as Pay-as-You-Earn (PAYE), National Housing Fund (NHF), Pension Fund and National Health Insurance Scheme (NHIS), you will face fines and penalty interest. It may also be bad for your business’s reputation.

Because compliance is complex and the risks of non-compliance are high, Nigerian businesses are concluding that spreadsheets and other manual methods are no longer sufficient to meet their changing payroll needs. Instead, they are looking to automated solutions to keep records and do payroll calculations, which will enable them to meet all their payroll compliance requirements.

Benefits of automation 

Payroll automation software—with solutions available for businesses from start-ups to mid-sized companies and larger enterprises—will take care of calculating the complex formulas for the various deductions, generating compliance reports, and keeping accurate records. That makes it easier to perform accurate calculations, file submissions on time and generate reports and electronic payslips.

Automation saves hours of manual work for the person responsible for payroll administration. It also ensures that your employees receive accurate, on-time payments and payslips, which helps keep your workforce happy.

Automation makes it easier to keep track of changes to tax regulations that impact on payroll tax calculations and various changes in legislation. The software is constantly updated to align with the latest tax laws and tables, so you don’t need to update your spreadsheet formulas or learn to make new manual calculations when changes are made or required. This reduces the risk of human error.

Combating fraud

Payroll fraud is one of the most common white-collar crimes in the business world; what’s more, erroneous payments can cost your business. A robust payroll solution puts tight financial controls in place. It helps to reduce these risks by giving managers better visibility into transactions, providing an audit trail, and providing a set of controls, checks and balances that help to prevent errors and fraud. It closes many of the gaps where fraud and human error can sneak in.

Nigerian business builders and entrepreneurs don’t go into business to manage admin and red tape, which is where automation makes a difference. Our vision is to make tasks such as payroll administration invisible by 2020 so that you can focus on business strategy, workplace satisfaction, customer satisfaction, and other areas of your business that give you a competitive advantage.

Magnus Nmonwu, Sage West Africa Regional Director 

Leave a Reply

Ver peliculas online
%d bloggers like this: