PAYROLL MANAGEMENT
At IKERN, we understand the critical importance of precision and confidentiality in payroll management including all related tax obligations. Our services are tailored to your unique requirements, ensuring that you not only meet your payroll obligations but also leverage tax benefits to your advantage
Payroll Processing
- Confidential Payroll Preparation: We prepare monthly payroll, maintaining a clear distinction between management and general staff to uphold confidentiality where required.
- Effortless Updates: We seamlessly update the payroll, incorporating new hires and processing departures with precision.
- Statutory Deductions: We handle statutory deductions for social security and Pay As You Earn (“PAYE”) tax, promptly remitting these deductions and submitting monthly returns to the relevant authorities.
- Non-Statutory Deductions: Our services extend to non-statutory deductions, such as third-tier provident funds, ensuring prompt payments to nominated banks and fund managers.
- Transparent Reporting: We provide clear and concise pay/advice slips to both management and staff.
- Comprehensive Reporting: Our team prepares detailed payroll reports for management, facilitating integration into accounting systems and annual financial reports.
- Tax-Efficient Remuneration: We offer expert advice to management on potential tax-efficient remuneration structures, benefiting both employees and the organization.
Payroll Structuring
Managing payroll while adhering to complex tax laws can be challenging. We provide professional services in:
- Environmental Assessment: We conduct initial payroll environmental assessments to determine the efficiency of your current payroll structuring for tax purposes and provide expert guidance.
- Tailored Restructuring: Based on client needs and specifications, we restructure payroll systems to optimize tax benefits in accordance with relevant tax, pensions and labor laws.
- Employee Remuneration: Our team assists in calculating the required remuneration for local and expatriate employees, ensuring compliance with relevant tax provisions.
- Tax Liability Guidance: We advise your company on net salaries and the tax liability payable to the Ghana Revenue Authority (GRA) each month.
- Efficient Fund Management: We facilitate the transfer of funds for salary payments and personal income tax liabilities to the GRA.
- Employee Communication: We distribute pay slips to employees and promptly respond to any related inquiries.
- Detailed Documentation: We provide schedules for tax payments, official receipts from the GRA, and other relevant payment documents as needed.
- Transparent Reconciliation: We prepare monthly fund reconciliation reports, ensuring transparency in the use of funds received from you.
- GRA and Liaison on External Reviews: In collaboration with your team, we address any queries that may arise from the GRA after submitting Tax Deduction Schedules and making payments. We also provide support during reviews by external parties concerning the payroll.
