...their success and capacity to give services. Payroll System is one of the fundamental needs of a company. Payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting point of view, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations (e.g. in the US payroll is subject to federal and state regulations). From an ethics in business viewpoint payroll is a critical department as employees are responsive to payroll errors and irregularities: good employee morale requires payroll to be paid timely and accurately. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and to ensure the withholdings and deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and deductions from a paycheck. Companies typically generate their payrolls on regular intervals, for the benefit of regular income to their employees. The regularity of the intervals, though, varies from company to company, and sometimes between job grades within a given company. Common payroll frequencies include: daily, weekly, bi-weekly...
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...Pro Staffing Research for Outsourcing Payroll and Tax Services 03/15/2014 Table of Contents Project Scope 4 Requirements 4 Procurement Advantages 5 Savings Analysis 5 Procurement Disadvantages 6 Risks 6 Scoring Matrix for Procurement Proposals 8 Contractual Analysis 12 Considerations 12 Proposal Information 12 Legal Compliance Subjects 12 Proposal Questionnaire 12 Instructions to Proposers 13 Project Scope Pro Staffing research of outsourcing payroll and tax responsibilities versus in-house or new software package to evaluate which process will better meet the needs of corporation in both cost and quality of services. The analysis shows the cost savings for the procurement average 31% less than in-house management either by current processes or new software. Risk/ liability for Federal Tax withholding and reports is moved to the vendor. Requirements The solution needs to provide minimal 1. Direct deposit or mail for employees and contractual workers regular payroll, bonus pay, and expense checks 2. Handle workers compensation payment 3. Payroll withholding 4. Payroll tax management 5. Knowledge of international payments to employees or contractors 6. Online payroll management by Pro Staffing 7. Web access with required registration access for previous W2 and payroll check information for up to five years 8. Documents should be printable or delivery by mail 9. Strict documented protocol...
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...Payroll and Business Tax Accounting Chapter 1 – The Need for Payroll and Personnel Records Fair Labor Standards Act (FLSA) or Federal Wage and Hour Law – A federal statute of the United States that was established in 1932 by Senator Hugo Black. This statute “contains provisions and standards concerning minimum wage.” It also covers equal opportunity requirements so that everyone is paid a fair wage regardless of race or sex. It covers overtime and holiday pay, record keeping, and child labor. (Textbook) These standards affect “employees in the private sector and in federal, state, and local governments. Covered nonexempt workers are entitled to a minimum wage.” (www.dol.gov/whd/flsa) It also started “the forty-hour work week, established a national minimum wage, guaranteed ‘time-and-a-half’ for overtime in certain jobs, and prohibited most employment of minors in ‘oppressive child labor.’” (Wikipedia) Provides enterprise and individual employee coverage. Federal Insurance Contributions Act (FICA) – an employment tax that “imposes two taxes on employees and two taxes on employers.” These taxes fund old-age, survivors, and disability insurance program (OASDI) and hospital insurance (HI). (Textbook) The FICA “tax is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, the disabled, and children of deceased workers.” (Wikipedia) This act requires...
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...Excel Payroll Program About the Program This is a DIY Excel payroll program. No payroll fees, no payroll charges, and no monthly fees! It is running in Microsoft Excel. It is easy, simple, accurate, and reliable! This Excel Payroll Program Includes EVERYTHING you need! This Excel Payroll Application does all for you: * Keeps payroll records and payroll registers * Prints payroll checks and generates payroll accounting entries * Generates accrual vacation and used vacation reports 940, 941, and DE-9, tax liabilities, payroll summary and detail reports * Prints W-2 Forms with W-3 information reports. Worker’s compensation insurance premium calculation reports * Customized selection reports. 401K match and calculation; 125P, HSA or garnishment deductions * All reports in Excel format and are usable at your own will A special feature of this program is that you can cut a payroll check at any time. Unlike ADP or other payroll program that you have to select a pay period or to define a pay date before you can print a check, there is no payroll period or payroll date to select. You can enter any date as payroll date on the payroll check. Your payroll liabilities occur as the same dates as your payroll check dates. You may even reprint or redo your old payroll records in back years. For example, if today is November 19th, 2018 you may redo your payroll for January 2011 as if you were paying in 2011 for record keeping purpose. ...
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...HRM: It is one of the functions perform in the organization which facilitates the most effective use of people to achieve the organization’s goals. HRM Managerial functions Operative funtions POSDCORB -Employment (Planning, Organising, Staffing, Directing, -Compensation Cooperating, Reporting & Budgeting) -T&D -Human Relationship -Problem Solving COMPENSATION: Compensation is the remuneration received by an employee in return for his/her contribution to the organization. (or) Compensation is the sum total of monetary and non-monetary pay provided to an employee by an employer in return for his work performed. (The reward or the remuneration given to the employee for his employment .) COMPENSATION Monetary Non monetary (By means of case this benefit given to the employees) -The...
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...Topic Eight: Direct Deposit and Payroll Cards Course Manual for Payroll Practice and Management Online Series 2010 All rights reserved Author: Vicki M. Lambert, CPP Vicki M. Lambert, LLC Introduction Direct deposit is an application of the system known as Electronic Funds Transfer (EFT). This is a system by which commercial payments are made electronically instead of using paper instruments such as checks or drafts. Direct deposit of an employee's wages is extremely popular among employers and employees alike. Employer save money by eliminating the cost of printing checks and replacing lost checks, and the employee also saves time and money by not having to stand in line to make a bank deposit. In addition, many banks give free checking if the paycheck is direct deposited. More and more employers are establishing direct deposit programs under which the net check is deposited directly into an employee's personal checking or savings ac- count. Some employer programs involve direct deposit only to employee accounts at the financial institution where the employer maintains its payroll account. This is known as an "Intra Bank" option. However, an increasing number of direct deposit programs make use of a nationwide network of automated clearing houses (ACHs) that enables the employer to make payroll deposits into accounts maintained by employees at almost any financial institution in the country. Advantages of Direct Deposit Benefits for the employer include: Cost Savings:...
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...Compensation in Sime Darby Berhad from payroll perspective 1 Introduction Employee compensation is define as all form of pay going to employees which arising from their employment and could be in the form of direct financial payments and indirect financial payment (Dessler, 2013, p. 378)[1]. There are two basic ways to make direct financial payment to employees based on increments of time or based on performance. This concept of payment method is applied by Sime Darby Berhad. Normally, Non-executive employees mostly consist of Blue-collar, operation workers, and clerical workers are paid based on time-based pay method. Non- Executive workers normally required to work overtime. This is due to cater with the high workload during specific time. For example, normally clerical worker need to work overtime at the end of the year in order to close the account or to finish any unsettled work before they start new task at the beginning of the year. Overtime work is normal in Sime Darby since the workload among Non- Executives workers seem inconsistent throughout the month and year. The workload could be very low at the beginning of the month, but it turn to be so much work to do at the end of the month. For example, compensation team under Human Resource Department will be at ease at the beginning of the month because all of business units will send all compensation instruction or they called “movement” in the middle of the month. Therefore...
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...For this course project I have decided to choose The Boys and Girls Club of Metro Atlanta. Today in 2014 I currently stay in the outskirts of Atlanta, GA and I am a product of The Boys and Girls Club. After I graduated from Clark Atlanta University in 2006, I then started a paid internship with The Boys and Girls Club of Metro Atlanta. From past experience until this very day there needs to be more strict background checks implemented when it comes to the basis of hiring volunteers and employees. If a stronger hiring process is not implemented I really feel that this location of the Boys and Girls in Metro Atlanta will be in a crisis because the wrong individual(s) were perhaps mentoring young adolescents that shouldn’t be. If this continues this could ultimately crush the dreams and aspirations of young mind. Today in 2014 there is a new generation when it comes to technology, and it’s improving each and every day of our lives. So it wouldn’t be a bad idea to take opinions and suggestions from the public within the community area of Metro Atlanta. Atlanta isn’t really a big place for the most part, and everybody knows everybody as it may seem scarily strange. These surveys could deliver information about the needs of The Boys and Girls Club of Metro Atlanta, a comments section for the public, and ideas and information that they can share to better the individuals that mentor the young adolescents within the community. So the question is are the children safe and can parents...
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...CHAPTER 1 INTRODUCTION Background of the Study HISTORY OF PAYROLL SYSTEM A computerized payroll system, the employer invests in a computerized payroll software. Using a software such as quickbooks allows the employer to enter the wages into the system after employer has manually calculated them. The payroll and check printing are processed through the system. The employer has access to payroll reports that can print and use to double-check against what the employer entered before printing the checks. This allows the employer to correct any detectable errors beforehand. Computerized payroll system allows the employee to process all normal payroll task via a computerized system, rather than by hand. Essentials like name, address, Social Security number and withholding rate for each employee are automatically filled in for every pay period until the employer make an employee’s record inactive. Mari’s Boutique&Goods was found by Mrs. Maribeth Boorman and was established on April 18, 2012. It is located at Artacho Street, Lingayen, Pangasinan. There are three working employees. Many different vendors offer computerized payroll system. Like different word processors or other computer programs, they largely offer the same types of features with slightly different interfaces. Payroll is essentially how employees are paid. It’s the legal paperwork involved. There's more to payroll than just handing out cash or checks. However, after gathering data on...
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...Accounting Cycle Description Paper Team A ACC/340 Accounting Cycle Description Paper The payroll processing cycle is very time consuming and tedious when done manually. Therefore, the ‘Mom and Pop’s Grocery Store’ has elected to integrate its payroll with a computer software program. With this implementation the payroll process will be more efficient and effective. This paper will explain how the payroll processing cycle for ‘Mom and Pop’s Grocery Store’ integrates onto an enterprise-wide accounting information system. An enterprise-wide accounting information system “focuses on the business process of the organization as a whole” (Bagranoff, Simkin, & Stand, 2008, p. 7). Business process reengineering (BPR) is a total re-design of processes used by an organization that are no longer effective or efficient (Braganoff et al, 2008, p. 163). The ‘Mom and Pop’s Grocery Store’ will use BPR to update the old payroll process to the new enterprise-wide AIS system. The Accounting Information System (ASI) is a system that is put in place for a company to maintain its accounting system. The input devices commonly associated with AIS systems include: “standard personal computers or workstations running applications; scanning devices for standardized data entry; electronic communication devices for electronic data interchange (EDI) and e-commerce” (Business Glossary, p. 1, 2005, 2000, 1995, 1987). In addition, many financial systems come with Internet settings...
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...Name: Nicoleta Lupu ID: 3140928 Assignment # 1 Memorandum Burnco Mfg. Inc Date: October 8th, 2012 To: Jeff Martin Controller Cc: J.P. Marker CM1 Marker From: Nicoleta Lupu Payroll Administrator Subject: Termination of employment checklist Following our conversation from last week, I noticed that all employees who has been terminated have no termination of employment record. In this memo I am proposing a reorganization of all employee’s files by adding more information regarding their leave. The company has 128 employees and also have personnel form placement agencies. When I need to find details about employment/unemployment, i should be able to retrieve it with no delay and no time consuming. From my yesterday experience, we had to lay off two employees from the production department. I was unable to submit a brief report about the termination. They left the company without signing out and without giving back the tools that belongs to the company. My plan is to use a spreadsheet which can be used when employees are being fired, lay off, quit, parental leave, sick leave, etc. The following items should be checked off prior to an employee leave. Not all items will apply to all employees or all circumstances. Once the form is completed, it will be placed in the employees personal file and kept for two years: - Meet with the employee in a private, neutral location such as conference room or closed office to inform about...
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...Lingma Construction & Engineering Limited Name: Rai Manisor HK ID: R848021-3 Appointment: Site Supervisor Month: March 2015 Description | Daily/Hours | Rate | Amount HK$ | Basic | 26 | 1200 | 31200 | OT | 0 | 167 | 0 | Public Holiday | | | | Stat. Holiday | | | | Bonus | | | | MPF | 26 | 50 | 1300 | Night Shift Allowance | | | | Deduct Advance | | | | | | | | Total Relevant Income | 29900 | Prepared By | Received By | | | Rai Ricsan ____________________ | _____________________________ | Officer | Date : | Work Audit 1 Sunday | 2 Monday | 3 Tuesday | 4 Wednesday | 5 Thursday | 6 Friday | 7 Saturday | Workday OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | 8 Sunday | 9 Monday | 10 Tuesday | 11 Wednesday | 12 Thursday | 13 Friday | 14 Saturday | Workday OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1 OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | 15 Sunday | 16 Monday | 17 Tuesday | 18 Wednesday | 19 Thursday | 20 Friday | 21 Saturday | Workday OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1OT: Hr | Workday 1 OT: Hr | Workday 1OT: Hr | 22 Sunday | 23 Monday | 24 Tuesday | 25 Wednesday | 26 Thursday...
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...qualifications notwithstanding, my attendance record is unequaled. I am the only employee that has not missed a scheduled day of work. I believe that is one of the keys to an excellent employee, because no matter how good the worker, it is a moot point if the person has frequent absences from work. In that regard, I have a record of counseling the employees I supervise as to the importance of this concept. It has resulted in a significant decline in absenteeism and therefore higher productivity throughout my department. I would like to outline two of the more significant contributions I have made to the Smith Company. This will go possibly further than anything to bolster my request for a pay raise. First of all, I completely overhauled the payroll process and changed the pay period from weekly to bi-weekly which saves the company money in several ways. The pay checks only have to be prepared half as many times per year, obviously. Money is also saved by the interest earned on the yet to be paid out funds and the reduction in bank fees. Along with the change in pay periods, we have totally revamped the way the deductions are computed, resulting in a more accurate system as a whole. This project took almost a year from start to finish, and it, alone, would be sufficient to...
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...storage capacity and processing capabilities. It also serves great advantage for improving the effectiveness and efficiency of payroll processes. The role of Information Technology is constantly evolving and has changed significantly and now enables new competencies that make new strategies no matter the sector is. Businesses of all sizes make use of computer based systems because of its great benefits to improve efficiency of business transactions, not only does this kind of technology improve their daily routine and processes, but also boost their daily business transactions, communications and general operations. Business establishments or corporations have to use modern technology to be competitive. The application of up-to-date technology helps businesses solve complex problems making daily office tasks faster, secured and most of all cost-saving. Payroll is the sum of all financial records of an employee. In accounting, payroll refers to the amount paid to employees for services they provided during certain period of time. Payroll system is the heart of every Human Resource System in an organization. [STUD2011] The developed system for Benigno “Ninoy” S. Aquino High school is classified as a Transaction Process System (TPS) because it can provide accurate data and reports in a certain business, In this case the payroll in the said school. Payroll System with Biometrics for Benigno “Ninoy“ S. Aquino National High School 1-1 Transaction Processing System has characteristic...
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...semi-automated accounting system. The entity uses Electronic New Government Accounting System (E-NGAS) along with Microsoft Excel, Payroll Credit System (PACS), Land Bank of the Philippines (LBP) Bank Transmittal and Check Preparation System to prepare their payroll. The City Government of Legazpi has a fully automated accounting system. Like the Department of Trade and Industry, it uses Electronic New Government Accounting System (E-NGAS). However, in addition to E-NGAS, the City Government of Legazpi uses a software called Base Bytes Payroll System specifically designed to prepare their payroll. Meanwhile, the Department of the Interior and Local Government is using a manual accounting system. The strengths ans weaknesses of automated accounting information systems do not apply to the manual accounting system used by the Department of Interior and Local Government. Delays sometimes happen and the cashier and employees claim that some errors are found in their payroll. The employees also report complaints. The semi-automated accounting system, as used by the Department of Trade and Industry, is simple, fast and flexible. Data is well-organized and consistent. Storage and accessibility of information is highly reliable and it provides complete and credible information. Using a semi-automated accounting system, reports are released and payroll is distributed on time. Employees support this claim by stating they receive their salaries on time. However, the semi-automated...
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