Payroll Practice and Administration Certification

Overview

If you want to become a payroll specialist or update your skills, take the Payroll Practice and Management Online Training Program. Payroll is one of the fastest-changing career fields in the business world today. Constant fluctuation in government rules and regulations make it difficult to keep up.

The Payroll Practice and Administration Course will teach you all facets of payroll, from the basics to the complexity of fringe benefits, taxation, and garnishments. If you’re new to the field, you’ll acquire solid skills and knowledge of payroll rules and regulations. If you have payroll experience, this program will refresh your skills and keep you up-to-date with regulations.

Programme Aim

1. To teach Payroll and HR Staff, Self Employed Business People and Professionals to calculate payroll manually.
   It is of critical importance that people who work in and are responsible for payroll to understand what the computer actually does to ensure that pay is calculated accurately
2. To teach responsible persons to:

• meet the demands of estimating net pay in advance
• correctly treat with the pay of someone who leaves or starts a job during the year
• explain to employees how the various entries on their payslip are arrived at

The PPA seeks to equip each participant with the ability to understand the requirements of the Jamaican payroll tax laws in order to confidently prepare payslips, explain them and make remittances and returns accurately and on time.

Who Should Attend?

The programme is designed for all Jamaicans but particularly those who are:

1. completely new to payroll
2. experienced using a computerised payroll but have little or no manual experience
3. substitutes in a payroll department
4. HR personnel responsible to advice colleagues and managers
5. self-employed, including professionals
6. accounting staff and managers
7. legal officers and advisors

Programme Outline (7 Days)

Seminar (1-Day) – Overview (Certificate of Participation)

The Seminar gives an overview of the programme. You are introduced to the laws governing payroll preparation and their requirements.

You leave the Seminar:

• Equipped to do a basic payroll without the use of payroll software. You learn about:
• Employment contracts
• Payroll calculation formula and determination of net pay
• Gross Pay – taxable and non-taxable
• Tax free benefits and allowances
• You are also introduced to or reminded of payroll best practices and payroll security and efficient deployment of payroll resources

Levels 1-3 (2-Days each) – Workshops (Insyte Certificate – on completion of Level 3)

The three levels cover, in depth, the legal and administrative framework involved in the determination of pay and payroll preparation (both simple and complex), reporting and remittance procedures.

The Laws covered include:

1. Income Tax – do you know for example, the penalty and interest charges on late payment of taxes? What are the tax benefits for pensioners and non-residents? Exemptions to PAYE and Special cases including Pension
2. NIS – are you aware of the death and disability benefits, who are entitled to them and how to apply for them. Are there NIS health benefits?
3. NHT – are there funeral grants under this act, who is entitled and how to benefit? Rate for self-employed persons? Annual Returns deadline?
4. Ed Tax – do self-employed persons pay Ed. Tax, how much and when. What is the retirement age for men and women?
5. HEART – which organizations are exempt under this Act? Do self-employed persons pay HEART?
6. ESOP – still applicable in Jamaica. Benefit?
7. LRIDA – object of this Act. Who benefits?
8. Employment Act (with special emphasis on Redundancy calculation) – Do employers have rights?

Method

Step-by-step explanation and calculation of each payroll tax along with exercises in payroll interpretation and preparation of a manual payroll. Tutor assisted makeup of a payslip to ensure compliance with Jamaican statutory requirements

What each Participant receives

• Tutor-led easy-to-follow practical training
• Valuable comprehensive Seminar and Workshop handouts including worked examples, tax tables and appendices, schedules of allowances and benefits
• Certificate of Participation for Seminar attendance and an Insyte Certificate on completion of Level 3
• Breakfast and lunch

Financial Planning and Management

Business financial planning affects how and on what terms you will be able to attract the funding required to establish, maintain, and expand your business. Financial planning determines the raw materials you can afford to buy, the products you will be able to produce, and whether or not you will be able to market them efficiently. It affects the human and physical resources you will be able to acquire to operate your business. It will be a major determinant of whether or not you will be able to make your hard work profitable.

This section provides an overview of the essential components of financial planning and management. Used wisely, it will make the reader – the small business owner/manager – familiar enough with the fundamentals to have a fighting chance of success in today’s highly competitive business environment.

A clearly conceived, well documented financial plan, establishing goals and including the use of Pro Forma Statements and Budgets to ensure financial control, will demonstrate not only that you know what you want to do, but that you know how to accomplish it. This demonstration is essential to attract the capital required by your business from creditors and investors.

What Is Financial Management?

Very simply stated, financial management is the use of financial statements that reflect the financial condition of a business to identify its relative strengths and weaknesses. It enables you to plan, using projections, future financial performance for capital, asset, and personnel requirements to maximize the return on shareholders’ investment.

Tools of Financial Planning

This section introduces the tools required to prepare a financial plan for your business’s development, including the following:

• Basic Financial Statements – the Balance Sheet and Statement of Income
• Ratio Analysis – a means by which individual business performance is compared to similar businesses in the same category
• The Pro Forma Statement of Income – a method used to forecast future profitability
• Break-Even Analysis – a method allowing the small business person to calculate the sales level at which a business recovers all its costs or expenses
• The Cash Flow Statement – also known as the Budget identifies the flow of cash into and out of the business
• Pricing formulas and policies – used to calculate profitable selling prices for products and services
• Types and sources of capital available to finance business operations
• Short- and long-term planning considerations necessary to maximize profits

The business owner/manager who understands these concepts and uses them effectively to control the evolution of the business is practicing sound financial management thereby increasing the likelihood of success.

Basic Business Accounting

Accounting provides information that helps people in business increase their chances of making decisions that will benefit their companies. Accounting is the language of business. It is the process of recording, classifying, and summarizing economic events through certain documents or financial statements. Like any other language, it has its own terms and rules. To understand how to interpret and use the information accounting provides, you must first understand this language. Understanding the basic concepts of accounting is essential to success in business.

Accounting information can even be useful to business stakeholders and non-business entities. Businesses use accounting information for planning and budgeting and for making decisions about borrowing and investing. Overall, accounting aids businesses in the process of making better decisions.

The basics of accounting are the same regardless of the size or type of business. We provided training to non-accountants and small business managers. For more complex businesses, the economic transactions become more varied and complex as does the process of reporting them to various users. The foundation of it all, however, remains the same. Training from Insyte Jamaica will provide you a solid foundation in business accounting.

Whether you own a business or do not, even if you’ve never had any experience with accounting and financial statements, Insyte Jamaica can help to equip you and your team with the tool need to be successful in understanding and managing all the accounting components of your business.

Companies Office of Jamaica Compliance

During a Company’s life, it is be required to file certain documents to ensure compliance with the Companies Act. Each of these documents will attract late filing fees if they are not filed within the time specified by Act. Continued default in filing may lead to prosecution, suit or disqualification of the company’s officers.

The legal structure of a commercial enterprise defines the legal relationships within the enterprise as well as its relationship to its environment. In choosing the best structure, a company should consider a number of factors including the purpose of the enterprise, its size and tax, management and statutory requirements.

At Insyte we have the experience and expertise to navigate your company through your compliance issues and help your company achieve and maintain compliance.

Tax and Business Consultation

Inyte Jamaica provides the consulting services that help small business owners build their businesses. Our services includes the below

Business Plan Preparation: If you are trying to obtain financing for a business startup or growing your existing business, it is even more important to have a professionally written business. This is a very important document that often serves as the company’s first introduction to investors. We can act as your business startup consultant and help you thru the process.

Marketing Plan: Need help on increasing your company’s sales with an effective marketing plan? Let us help. We can do your market analysis including size, segments, growth, competitors, customers, and buying behaviours. We can then assist you in developing good crisp marketing strategies and tactics to reach targeted market, segments, channels and customers.

Business Analysis: We can come in and audit your business systems This business analysis will show the strengths and weaknesses within your business. This gives an excellent starting point for improving your business operations.

Business Operations Consulting: We help with strategic planning, cash flow planning, cost control, budgeting, product costing, designing an estimating system, management issues, wage and compensation systems, quality systems, quality improvement programs, new product introduction systems, factory layout, production line layout, process development, inventory management, production planning, people management systems, business performance metrics and more.