Every entrepreneurs dream is to see their business flourish, and some of the signs of a flourishing business include increased demand of your offerings, increased income revenue, and an increment in your staff complement. There are certain measures you want to start implementing in your business the moment you start having more employees in the business, if you started out alone working in your back yard, the moment you hire one person into your business to work as a fulltime employee, there are certain things you want to consider doing.
Register your company and employee(s) for UIF: It is important that you are registered for UIF and that you register your employees too such that they are eligible for claims in the even that they lose their job, they fall ill or if they have to take maternity and or parental leave.
Who Must Register with UIF?
All employers must register directly with the UIF; unless they –
- are required to register as employers under the Income Tax Act; or
- pay the skills development levy under the Skills Development Act.
Based on Legislation in Section 10, of the Unemployment Insurance Contributions Act
Please note: Domestic employers and their workers are included under the Act since 1 April 2003.
If you are not sure if you are required to register as employer under the income tax, or how to go about registering for UIF, please contact us.
Improve on your record keeping: As your business grows, you are doing a lot more transactions, which means more paperwork, and that means your need for a more sustainable and organised way of processing and keeping records becomes crucial. So, opt for software packages for invoicing and taxing, these are easily accessible, can be archived and later retrieved. This is much better than working on excel spreadsheets, on high volume work.
One other thing you may want to stop processing on excel spreadsheet is payslips. You ideally want to start processing your salaries using a payroll system. Now, most employers that are still growing might find the on take of these a bit daunting because now it means these systems need to be installed and there is need for training on how to make use of them. If that id your worry, then feel free to bring us onboard to handle your accounting as well as your payroll without breaking your budget. Then you can continue to focus on the day to day of the business.
The lesson to take home is that as your business grows, your functions need to adapt to accommodate the growing needs of the business from an operations and human resource perspective as well. Growth is never easy and sometimes it is a little uncomfortable, however, with the right kind of support, your business will thrive.