Outsourcing your payroll is a smart decision.
It allows you to focus on what you are good at, while leaving payroll management in the hands of experts.
Choosing the right payroll management provider is an important part of the outsourcing process. Ultimately you are trusting whichever service provider to manage your important financial and business data.
Considerations for African companies
One of the most important considerations for African businesses when selecting a payroll management partner, should be whether the provider truly understands payroll management within an African context.
The African commercial sector offers great promise – six of the world’s top 10 fastest growing economies are African nations.
However, it is a complicated region to navigate when it comes to payroll management, and different African countries can have vastly different regulations in place.
This means it is critical that your payroll management partner is well-versed in the specific regulations and requirements of businesses operating in different African countries.
There are also several financial hurdles that need to be overcome within the context of each of these African countries, if your business’s payroll management is to function smoothly.
- Obtaining foreign exchange clearance.
- Facilitating secure payments.
- Meeting in-country taxation laws.
- Ensuring release of revenues.
In addition, you will need to ensure that you are meeting in-country employment laws, and that your partners can provide on-site presence and support when needed.
The Rosstone experience
Rosstone is therefore an ideal choice for your African business. Rosstone, has an extensive network of payroll enablers and partners across 30 African countries to ensure it offers its customers a full-stack payroll management service that suits their specific needs.
The services offered by Rosstone’s payroll management team include:
- Onboarding/off-boarding of employees.
- Processing of salaries and wages.
- Reporting of all due statutory and non-statutory payments.
- Monthly management reports and reconciliations.
- Management and control of employee leave and leave provisions.
- Annual reconciliation of payroll taxes and submissions to local authorities.
- Preparation of IRP5s.
- Payment of net salaries as well as third-party payments.
- Time and attendance management.
Rosstone operate across 30 African countries and allows its clients to choose either the full stack solution, or the components they need – ensuring these customers only pay for the services they use.
By choosing Rosstone as your payroll management partner, your company can rest assured knowing that full statutory compliance is being achieved, and all security adherence standards are being met.
Your employees will be paid the right amounts, on time, and in the format required by your business.
This article was published in partnership with Rosstone.