Page 7 - KZN Business Sense 7.3 Hameed Noormahomed-EBOOK

DOES YOUR BUSINESS MAKE BUSINESS SENSE?

that all aspects of your business ■ Strategic Planning – Goal Every quarter you should
are given the correct attention, Setting and Planning be doing a full day Quarterly
so your business is profitable ■ Personal Development – Upskill Planning Workshop on the
and sustainable. Business is your knowledge and maximise Wednesday. That gives you
supposed to be simple but not your full potential Monday and Tuesday to prepare
easy. Systemise the routine and So what should your week look and we encourage you to take
humanise the exception. the Thursday and Friday off for
like as a business owner? some re-balance time for you
As business owners, we Mondays are typically for your
wear many hats in business ‘Work ON your Business’ time and your family. The full-day
planning workshop also ensures
simultaneously. Whilst we love and start with a team CheckIN,
hy are you in the craft of what we do best, as then include your fortnightly your team are more focused on
business? Is it So, what are the **6 basic an engineer, financial advisor, mentoring calls/meetings with what needs to be done in the
Wbecause: fundamental steps of business? accountant, lawyer, hairdresser, your key management team as coming quarter and that they
■ Mastery (Eliminating chaos – technician, coach, to mention a well as your regular call/meeting have a detailed plan towards
■ You were born into an Stability) few, we need to ensure that we with your business coach/ which they will be focused and
held accountable to. 
entrepreneurial family? ■ Marketing (Niche – Predictable focus the right amount of time mentor. It’s also time for you to
■ You have a passion for cashflow) on these hats. plan your week, prepare for your
entrepreneurship? ■ Systems (Efficiency) meetings, review finances etc. *Content kindly provided by
■ You didn’t want to work for ■ Team (Structure for growth – How much time do you focus Tuesdays, Wednesdays and Knowledge Brokers International
somebody else? Time) on in these **9 Hats of your Thursdays are production days. **ActionCOACH Business Coaching
If you want guaranteed success,
Synergy (Well-oiled machine –
■
■ You were retrenched? General Manager) Business? 60% of your week is therefore implement the above and, if you
■ You didn’t have a choice? ■ Results (Owner’s personal ■ Marketing – Getting the phone focused on client-facing time need help on how to, set up a
No matter how or why you growth and new opportunities to ring (building relationships) and complimentary strategy session with
a Business Sense Business Coach,
■
Sales – Closing the deal
own a business the six basic - Passive Income and/or Sale of ■ Delivery – Retaining your income-producing activities. contact me www.marlenepowell.com.
fundamental steps of business your Business) Client/Customer Initially, the bulk of that will
will apply to all *phases of Which phase is your business ■ Information Communication be on marketing and sales and
business i.e.: operating at and where are you and Technology (ICT) – as your business grows more
■ Startup Phase (Concept to currently focusing on in these Network, applications, systems time will be geared towards
take off) six basic fundamental steps? and interaction with the digital production time.
■ Established Phase 1 (Preparing Now that you know why and world Fridays make great days SCAN
for growth) where you are in your business ■ Human Resources – Recruiting for adhoc activities. Friday QR CODE
■ Growth Phase (Scaling your and which of the six steps you and Training your Team afternoons are either for wrap-up TO SEE
business) are currently focusing on, I’d like ■ Finance – Accounting practices and last-minute tasks or often are
■ Established Phase 2 to share the next very important ■ Business Admin – Day to day available for the business owner’s VIDEO
(Exit strategy) focus areas. These areas ensure administration own leisure time.

PAYROLL MANAGEMENT

Nikita Pillay, HR & the financial stability of the of effort if you are not specialised ■ The process might be record of all financial
Compliance, Best- company. This might affect the in payroll. more consolidated in smaller transactions for the payroll
Practice Specialist, overall culture of your company, Various types of payroll organisations and more robust process. Payroll management
DRG Outsourcing resulting in a negative attitude software can handle a business’s in larger companies. should always ensure that all
from employees that could bleed ■ Input validation: The next salary and reimbursement
into their day-to-day tasks and payroll processing and related tax step is checking the validity data is accurately entered into
or every filings and payments. There are
business cause underperformance. plenty of options available, so you of the input data and whether the company’s accounting
Fowner, Reputation can choose the one that perfectly it adheres to company policy. system.
understanding fits the bill for you, depending This is the time to make sure ■ Pay-out: Salaries are paid
the basics of A company has a financial on your organisational needs. no active employee has been out by bank transfers.
payroll and obligation to their employees Given the complexity of the missed and no inactive Typically, employers deposit
knowing how and must ensure that payroll processes required, investing in a employee has been included in salaries directly into an
to manage it activities are compliant with the professional payroll service is best salary payment. employee’s bank account.
efficiently is country’s tax and employment because you avoid much of the Actual Payroll Process Using payroll software helps
critical. By legislation. Following legislative cumbersome administrative and ■ Payroll calculation: Input data generate proper employee
definition, laws, efficiently meeting tax tax-related work. is put into the payroll system payslips.
payroll is obligations, and obtaining to process the payroll. This ■ Reporting: After you’ve
Letters of Good Standing,
the business process of paying establishes a company as a stable Payroll Process Stages results in net pay being completed payroll for a
employees, SARS, and third employer boosting reputation. The payroll process can be split generated after adjusting particular month, the finance
parties such as the service into three stages: pre-payroll, necessary taxes and deductions. department or management
providers responsible for Accuracy is vital! actual payroll processing and post After this process is complete, team needs to be provided
various employee benefits. payroll activities. with reports on various aspects
Errors, whether they occur it is best practice to reconcile of employee costs, by gathering
A payroll system usually during calculations or in payroll Pre-Payroll Activities the values and verify accuracy to the data and extracting reports
comprises calculating and records, can lead to the wrong avoid errors. required.
distributing salaries, following net pay issued to employees or ■ Defining policy: It is important ■ Payroll audit before payment:
your payroll policy, keeping failed amounts of taxes paid to to establish a company’s A double-check process needs DRG Outsourcing is a
policies such as pay policy,
payroll records, preparing SARS. Moreover, payroll goes to be in place, and an audit provider of professional payroll
financial reports for stakeholders into your business expenses, so leave and benefits policy and trial will help to eliminate management services taking full
attendance policy.
and employees with a breakdown proper management of payroll ■ Ensure that these policies are errors and ensure accuracy responsibility for this non-core
of payments, taxes, bonuses, affects the accuracy of your well-defined and signed off by ahead of payment. activity. 
overtimes, or holiday pays. business accounting. your company’s management Post-Payroll Process
Running a payroll in-house so that standard payroll ■ Statutory compliance: At the For more information contact
Employee Morale is very complex for businesses. processing can be established. time of processing all statutory T: +27 (0)31 7670625
Ensuring that you have a However, payroll management ■ Gathering input data: deductions like Employee E: nikita@drg.co.za
payroll system that pays your can be a pretty time-consuming Interacting with multiple Benefit Deductions, PAYE and W: www.drg.co.za
employees in a timely manner task, especially if manual data departments is often an UIF Deduction and other
on a consistent basis will impact entry work is involved. Moreover, integral part of the payroll third-party payments are
your employee morale. Late and the right payroll calculations, process to gain access to deducted.
inaccurate payment is likely to deductions, taxes, etc. can information like attendance ■ Payroll accounting: Every
cause your employees to question require a significant investment data. organisation must keep a

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