Under the Employment Act, companies must pay their employees correct salaries within 7 working days after the end of the salary period. Failure to pay salaries in accordance with provisions of the Act is an offence.
One of the most important tasks for all businesses is the preparation of payroll and payment of salary. The process can be complicated further and be more time-consuming due to additional components such as benefits, allowances, deductions, government remittance, etc. It is no surprise that many SMEs choose to outsource their payroll function to accounting firms.