...concepts and our other fraud prevention services with your organization. When duties cannot be segregated, compensating controls should be considered. Compensating controls can be preventative, detective or monitoring controls that are executed by an independent, supervisory-level employee who does not have custody, record-keeping, authorization or reconciliation responsibilities for the process. In the checklist below, we have provided examples of several such compensating controls. Ideally, no individual employee should handle more than one of the above-noted functions in a process. When an organization separates these functions among its employees, it has implemented a strong internal control, which may deter and prevent employee fraud. Segregation of duties is one of the key concepts of internal controls. It is also one of the most effective internal controls in combating employee fraud. Segregation of duties contributes to an organization’s system of checks and balances. The concept of segregation of duties is to separate the following responsibilities in each business process: • Custody of assets • Record keeping • Authorization • Reconciliation Glenn Pomerantz Partner BDO Consulting gpomerantz@bdo.com 212-885-8379 Nidhi Rao Director BDO Consulting nrao@bdo.com 212-885-8008 The checklist is intended solely for illustrative purposes and is not intended to constitute professional advice for any particular...
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...expand further, certain aspects of the operation of the company will have to be controlled by technology. One such area is the HR process that has become a manual, time consuming, daunting process. Castle’s can improve their HR operations and support their growing company overall, by implementing a web-based HRIS. After much research and evaluating the needs of the organization my recommendation to help with automating the HR process would be Asentis. This web-based software would be an asset to the restaurant chain. It would assist the operations manager, Jay Morgan is carrying out his duties in a more time effective manner rather than driving from store to store to deal with HR issues. Asentis is secure, comprehensive, caters to the needs of a growing business and is very easy to use. Asentis will assist with the payroll process and other aspects of the business including scheduling, benefits management etc. Additionally, with a staff of 340 plus, having this system will allow for better scheduling which can also be tied into the payroll system once implemented that way. The software will limit the potential of human error on the part of Mr. Morgan who can get consumed in dealing with issues at all eight locations. Previously, all payroll records were being kept in a spreadsheet and the potential to enter wrong information into an employee’s payroll file could have been high. Implementing Asentis as the HRIS will limit errors and withy its automated solutions it will help...
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...marketing function, a function that was forced to evolve from tactical to strategic and has established foundations upon which HR can learn from and refine its efforts. Quantify and validate your impact on the business Since the dot.com bubble burst 13 years ago, corporate leadership has tightened its grip on corporate marketing and held it accountable for its impact on the business. This forced marketers to evolve the way marketing measured its success; away from efficiency measures (e.g., cost per click and click-through rates), towards effectiveness measures (e.g., number of marketing qualified leads generated), and ultimately impact measures (e.g., marketing's contribution to sales forecasted pipeline). Much of this evolution was enabled by marketing's collaboration with sales. This collaboration has allowed marketing to focus on measures that actually "move the needle" and has broadened its impact on the business. What HR must learn i4cp research has consistently shown HPOs are evolving from efficiency measures (e.g., cost-to-fill and average training hours per employee), to effectiveness measures (e.g., quality of attritionand quality of hire), with their eyes towards impact measures (e.g., customer satisfaction and revenue growth). HR must get out into the business and understand how it makes money. In...
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...Service Request SR-rm-022 BSA/375 Monday, February 4, 2013 Mark Fairbanks Service Request SR-rm-022 Company Overview Riordan Manufacturing originated from a small research and development company called Riordan Plastics, Inc. that had its beginning in 1991 (Apollo Group, Inc., 2012). Its founder was a chemistry professor named Dr. Riordan, who acquired patents for processing polymers into plastic substrates that resisted breaking under extreme tension (Apollo Group, Inc., 2012). In 1992, Dr. Riordan acquired capital to expand his company and renamed it Riordan Manufacturing. By 2000, Riordan Manufacturing was so successful it grew into a global manufacturer that became a leader in plastic products (Apollo Group, Inc., 2012). Some of the products it produces are plastic beverage containers, plastic fan parts, and customized plastic parts. It has facilities in four locations: (1) Georgia, (2) Michigan, (3) California, and (4) China. Dr. Riordan prides himself on giving his customers quality service. This has led to loyal customers in the following industries consisting of automotive parts manufacturers, aircraft manufacturers, the Department of Defense, appliance manufacturers, and beverage makers and bottlers (Apollo Group, Inc., 2012). Riordan Manufacturer’s revenue is roughly about 46 million annually (Apollo Group, Inc., 2012). The company manages a global personnel consisting of 550 individuals. Employees are encouraged to be innovative and develop strong work...
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...for HR professionals “who must quickly get up to speed in the latest information technologies and simultaneously transform traditional processes into on-line processes” (Hendrickson, 2003, p383). This report covers the systems analysis of Service Request SR-RM-004. Submitted by Riordan’s Chief Operating Officer, it is his desire that all Human Resource functions are centralized onto a single platform. Pressured by increasing challenges to the existing processes, it is the desire of Riordan Management that the HRIS system is implemented in six months. Given the limited time available, it is imperative that research and analysis begin right away. Conducting thorough analysis on the HRIS system is crucial to the success of the project. Recognizing the impact of IT on traditional HR processes is an important facet to consider before undertaking the information-gathering process. From increased efficiency; increased transactions without increases resources and increased...
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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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...CHAPTER 1 INTRODUCTION I. BACKGROUND OF THE STUDY Pharmacies are very important business establishments in a community or city because this is where people buy drugs and other medical supplies needed especially for home medications, hospitals, or emergencies. Pharmacies are varying in demand anywhere that is why this can also be a good business idea. The main job of a pharmacy is to fill prescriptions made by doctors or other medical professionals. A pharmacist offers advice on medication and a pharmacy technician helps package the prescription. Today, added services are being offered by most pharmacies while some also have their own health and food convenience stores. Some medicines that can be bought from pharmacies don’t require prescription. Handling a business is not easy as one two three. An interested owner that deals with selling of pharmaceutical products need determination to operate business, the guts to get it going, the power to motivate his employees and the financial commitment to make it happen. You should also be competitive, a positive thinker and a goal minded person in order for you to make the business successful. One of the ways to be successful in business is to manage the cash properly and wisely. Cash management is a marketing term for certain services offered primarily to larger business customers. It may be used to describe all bank accounts (such as checking accounts) provided to businesses of a certain size, but it is more often used to describe...
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...Castle Business Plan Castle’s Family Restaurant Business Plan: Stage III Susanna Vilim DeVry University HRM-340 1 Castle Business Plan Table of Contents Item Table of Contents Executive Summary Introduction Page # 2 3- 4 5 Company Review 6- 7 Business Analysis 8 - 11 HRIS Type/Comparison 12 - 14 HRIS Recommendation 15 - 17 Conclusion 18 Bibliography 19 2 Castle Business Plan Executive Summary Castle’s Family Restaurant being the successful family owned chain of restaurants completing in a dynamic yet economically challenged environment is to be commended. To continue to achieve the strategic business objectives of living out the corporate mission and expanding the current chain, the business plan set forth in detail will address current challenges being faced in payroll processes and the recommendations in addressing each of these needs so that the organization can meet and exceed current and future goals. Jay Morgan, operations manager, currently carries the responsibilities associated with payroll activities. Payroll processes are vital to the organization and the risks associated with implementing these activities are high. Implementing an automated Human Resource Information System (HRIS) will mitigate these risks and in turn will be beneficial to current and future objectives in growing the organization. Currently Castles utilize Compeat to address other aspects of the business; the recommendation...
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...Castle’s Family Restaurant Business Plan: Stage III DeVry University December 11, 2011 Table of Contents Table of Contents --------------------------------------------------------------------------------- 2 Executive Summary ------------------------------------------------------------------------------- 3 Introduction ----------------------------------------------------------------------------------------- 4 Company Review ---------------------------------------------------------------------------------- 5 Business Analysis -------------------------------------------------------------------------------- - 6 HRIS Type/Comparison -------------------------------------------------------------------------- 7 HRIS Recommendation -------------------------------------------------------------------------- - 8 Conclusion ------------------------------------------------------------------------------------------ 9 Reference -------------------------------------------------------------------------------------------- 10 Executive Summary This restaurant business plan is for Castle’s Family Restaurant, eight medium-sized restaurants located in small unique cities throughout Northern California. One of the primary business characteristics of Castle’s is to project a food business which can easily provide the best products and services to its customers. Castle’s offers two distinctive dining rooms and menus: the Castle Room, an elegant dining...
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...Paper Critical thinking is an intellectual tool of the mind used to identify, summarize, analyze, and interpret issues in the problem-solving and decision-making process. This process is an integral combination of theory and deduction that enables the mind to adapt in distinguishing the fallacies from facts and make a judgment. According to Richard Paul and Linda Elder (2008), “critical thinking is the systematic monitoring of thought with the end of improvement” (pg. xxiv). This paper will reflect how critical thinking has been a key component in my professional, personal and educational career. For the past five years, I have worked for a skilled nursing facility as the Business Office Manager. My job consists of working directly with the residents and their families to bill their insurance or collect private payments for their room and board. In my position with the company, I have been successful in collecting one hundred percent on my collections every month with little to no help from outside collection agencies. While I have found my job rewarding, I have noticed something missing from within myself when doing my every day duties. In December 2008, a position became available as the Payroll and Benefits Coordinator. This position deals directly with the staff and the Administrator processing payroll, maintaining employee benefits, managing workers’ compensation records and reporting, and acts as a liaison between the department heads of the organization and the...
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...The textbook defines a human resources management and payroll cycle as a recurring set of business activities and related data processing operations associated with effectively managing a company’s workforce. Human Resource Management and the payroll process go hand in hand. This function allows an employee of a company to enter information into one database and it updates both processes. If these two functions are not integrated, it can be cost inefficient and be prone to errors. Also there is a great chance the data will be incorrect in one or both of the database systems. This research will explain some of the benefits related to having an integrated HRM and payroll system and the problems that can exist. Basic information about personnel cannot be shared across the organization. A benefit, such as duplicate entry and effort by employees is significantly reduced. Efficiency and accuracy are the main reasons for companies turning to integrated HRM and payroll databases. Although security has been one of the biggest hurdles, with technology advances, some of those fears can be resolved. A well implemented system would give a company consistency among departments which helps the flow of information within the company. This research will discuss the challenges Fargo Publishing has and address issues that arise from the segregated and manual system they now use. Fargo Publishing In the human resources management and payroll cycle there are several tasks that are performed. Recruiting...
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...Introduction There currently is not a comprehensive view of the existing and needed business systems of Riordan manufacturing (Smith Services Consulting Inc., 2011). The management of Riordan Manufacturing has submitted Service Request SR-rm-012 – Business Systems to have Smith Consulting create a summary of the business systems needed for effective management. Technical Team Bravo will begin with an overview of the current systems that exist in the areas of Finance and Accounting, Payroll and Human Resources, Information Technology, and Sales and Marketing. For each area covered, Technical Team Bravo will describe the business systems and subsystems used, identify who uses them, identify interrelations between business systems and subsystems, and include any noted disparities. Technical Team Bravo will conclude with a summary of suggestions for a systems plan to improve management (Smith Services Consulting Inc., 2011). Accounting Systems Riordan Manufacturing currently has six Enterprise Resource Planning (ERP) and Manufacturing Resource Planning (MRP) systems throughout four locations. These servers are accessed at the local level by 16 clients (PC’s.) The current challenge to management is the disparate systems and inconsistencies with respect to reporting capabilities and collaboration. Management needs to consolidate these systems into one Cloud-Based ERP/MRP solution that can handle real-time inventory management controls, and comprehensive, robust reporting tools...
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...of Phoenix RES341: Research and Evaluation I May 10, 2010 MLB’s Return of Investment In 1842, organized baseball, now known as Major League Baseball (MLB), was created (Haupert, 2007). Since then, the industry has grown tremendously as a business enterprise and as many Americans’ favorite pastime. With its popularity, several controversial issues have arisen over the last few decades in regards to players’ salaries and imbalance of competition. From 1975 to 2002, the average MLB players’ salaries increased 5200% (Haupert, 2007) and competition concerns have been addressed by developing the luxury tax and revenue sharing throughout the industry (DeMause, 2006). To investigate these issues further, Team D is studying the relationship between MLB players’ salary, team wins, attendance and market. At the end of the research process, Team D anticipates reaching a valid conclusion to determine whether higher salaries (investment) are justified by increased attendance (return), and if there is a large inequality between large and small markets. Research Objectives The objective of this study is to determine the return of investment (attendance) on the salary structures present in MLB teams and if there is a disparity between “large” and “small” market teams in providing a successful product. The investigation will focus on the relationship between salaries, wins, attendance, and market sizes of MLB teams. Throughout the research, Team D will seek to...
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...project background: TITLE: STARLYTE SOLUTIONS Agenda: Business process for a long term period Purpose of business: the purpose of implementing of new wearable technology in the present ongoing system * To create a concrete figure of our business in the market, updating the business with the new wearable technology will help it growing in long term run. * Using the information system technique can organize the work more simple and reliable to use. * The use of wearable technology with help in combining the solution for the problem in an organization of various factors. According to the research on various terms the productivity of variable things are to be made available. New technology play vital role in saving the time and money of an organization substantially carrying various task together. The age of quantified self has started with wearable technologies such as Jawbones, Fit bits etc. Many companies are using wearable technologies to keep track of their staff, improve their collaboration and efficiency. However, introducing such technology to a complex and sensitive system such as payroll management can put forward many challenges to the management and the organisation. Business Challenges with introducing new wearable technology to manage payroll information: Achieving Integrity and trust with employees: The biggest challenge in implementing wearable technology on the employees to manage payroll information is integrity. Everyone in the organisation...
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...are spread out over the entire state. We have a customer base of over 300 companies. These types of numbers and the demographics of these numbers make it nearly impossible for us to continue doing HR business as usual. It is time to evolve just as our company evolved or we will suffer because of it. Thankfully, there are numerous options at our disposal. I believe our first issue that needs to be addressed is the hiring of new staff. With our growth rate, it is inevitable that we have the continuing need to bring in new people. After a brief analysis of how we do things, I have come to the conclusion that this area can be greatly enhanced leading to less paperwork and quickening the process. There are some instances where it takes six months to fill a position and other instances where we are offering jobs to people who never even applied. In our country’s current financial situation, more and more people are out of work and are looking for a job (Outsourcing, 2009). This is both good news and bad news for us. It is good because we can be very selective in who we hire. We do not have to take the first person that comes along but can literally have the pick of the litter. It is bad because the amount of people looking for work bogs down just about any hiring process. We can get top quality people...
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