Payroll – Robley Baynes

20Dec 2023 by Robley Baynes

5 Tips To Simplify Payroll In 2024

Financial Management, Payroll, Tax Planning

Operating a small business often involves navigating a critical, yet time-consuming element such as payroll, especially when you have employees who expect to receive their paychecks on time. Payroll essentially determines how you and your staff get paid. In this guide we’ve demonstrated strategies that can simplify your overall payroll process in the new year to come. As a small business owner, you can streamline the efficiency of your payroll by using the following strategies we’ve provided below: Use of Direct Deposit/Online Banking Create a Payroll Calendar Distinguish how your employees would be paid Outsource a payroll professional Keep policies and procedures clear Use of Direct Bank/Online Banking The first tip to make payroll more efficient is to make use of Direct Bank Deposit. Direct Deposit allows small businesses to…

27Apr 2023 by Robley Baynes

Payroll Management Cont’d

Payroll

PAYROLL MANAGEMENT CONTINUED With the assistance of innovative technological systems your payroll process/management can be up to date and accurate. About Payroll Software’s/ Systems Payroll software’s are internet-based technology used by companies to manage and maintain employee paychecks and more. Get the HR & Payroll Solution That Suites You Best Robley Baynes Tax and Accounting Services provides a variety of HR and payroll services that can assist with a smooth workflow such as: Global Employer Record Services Having a global employment of record partner for all your employee relations, payroll and HR matters simplifies the personable administrative flow of business, leading to increased employee happiness. Higher engagement starts here with our global employer record services. Immigration and visa services We need to relocate our workforce to manage your international expansion…

19Apr 2023 by Robley Baynes

Payroll Management

Payroll

When it comes to paying employees, the country’s laws made the payroll function a time-consuming nightmare for the small business owners.In Trinidad and Tobago statistical data has shown that small business owners spend an average of eight (8) hours a month performing payroll functions. That's twelve (12) full working days a year that could be spent generating Sales, Prospecting new business opportunities, Improving products or Services, or Servicing customers. WHAT IS PAYROLL?Payroll is usually defined as the total number of employees paid a salary through the company.WHAT IS PAYROLL MANAGEMENT? Payroll management refers to the administrative process of financial recording of an employees’ salaries, wages, deductions, bonuses, and net pay and may extend to other HR related obligations such as vacation, sick leave, casual leave etc.THE BENEFITS OF OUTSOURCING A PAYROLL…

05Apr 2023 by Robley Baynes

Understanding PAYE in Trinidad and Tobago

Payroll, Tax Planning

If your business/company employs persons, then it’s likely you’ll need to register under PAYE so they can pay tax to the Board of Inland Revenue. What is PAYE? PAYE is a Board of Inland Revenue (BIR) automated system for collecting income tax payments from employed persons throughout Trinidad and Tobago. What Does PAYE Mean? PAYE also known as Pay-As-You-Earn, is a tax paid to the BIR once you cross the monthly income barrier of $7500 or annual earnings of $90,000 (Effective of Jan 1st, 2023) you pay 25% of the added value. As an employer you pay employees’ taxes to BIR directly from their salary. This means that when an employee receives their salary, all their deductions for tax and payments like standing orders or loan deductions would be paid…