...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...
Words: 1489 - Pages: 6
...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...
Words: 4155 - Pages: 17
...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...
Words: 1830 - Pages: 8
...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...
Words: 1381 - Pages: 6
...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...
Words: 1084 - Pages: 5
...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...
Words: 753 - Pages: 4
...Course Project: Stage II Name HRM340: Human Resource Information Systems INTRODUCTION Various types of HRIS systems and processes have been reviewed to help Jay Morgan and Family Castle Restaurant run more efficiently as a business. Jay Morgan the Operations Manager, have been using outdated methods for scheduling, recruiting, hiring, and answering questions from its employees. Maintaining accurate books and keeping constant communication with the Managers have been a challenge for Jay Morgan. If an accurate HRIS system can be implemented, Jay Morgan will be able to achieve more in business with less time and travel. BUSINESS ASSESSMENT Castle Family Restaurant is a family friendly dinning facility that has 8 locations, employing some part time employees and over 40% of fulltime employees. The locations are strategically located across the state of Florida in the hearts of neighborhoods that are suitable for any family. Castle Family provides a simple, old fashioned and pleasant dining experience. “Togetherness” is the culture that is promoted and the goal is to mimic the old fashioned restaurant environment where the family can sit, laugh and enjoy a meal together. Restaurants compete for customers every day, and proficiency is critical to providing quality customer service. In Rasmussen Reports, National Survey of 1000 Adults, more than 50 percent of Americans reported in 2011 say that they ate at a restaurant at least once a week, with...
Words: 1300 - Pages: 6
...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...
Words: 730 - Pages: 3
...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...
Words: 4267 - Pages: 18
...Foreign Literature According to Thomas Primer on his article “Automated computerize Process”, in Readers Digest Magazine, May 2005, Page 45, for many businesses automating the collecting of employee attendance data when employees begin their shifts is still a manual process. Even business that has automated or computerized processes such as scheduling, time cards sheets to collect time and attendance data. NOVA time a group system developer, on last May 2007, the system that will give management the power to not only utilize the tools we have available to us today, but will continue to grow and evolve, giving it the capability to incorporate and utilize the tools the new millennium promises to bring us. NOVA time has brought a system designed for growth while maintaining the maximum in flexibility. Where the sophistication lies within the programmed mechanism of the system, allowing for a quick and simple implementation and employee training cycle, after all the true test of a system is not only in the production and wealth of reporting, but in the simplicity and ease of its operation in conjunction with a simple and accommodating implementation program. Better humans (2003) stated that a wireless fingerprint scanner could soon be helping law enforcement agencies; government and the military instantly identity the scanner, called sweet fingerprint, today. It is being demonstrated at the government convention one merging technologies, which addresses issues of homeland...
Words: 1251 - Pages: 6
...* MERENCANAKAN AUDIT ATAS SIKLUS JASA PERSONALIA Siklus jasa personalia suatu entitas menyangkut peristiwa dan aktivitas yang berhubungan dengan kompensasi eksekutif serta karyawan. jenis-jenis kompensasi ini meliputi gaji, upah per jam dan insentif, komisi, bonus, opsi saham, dan tunjangan karyawan. kelompok transaksi yang utama dalam siklus ini adalah transaksi penggajian. Siklus jasa personalia saling berkaitan dengan 2 siklus lainnya. Pembayaran gaji dan upah serta pembayaran pajak gaji dan upah berhubungan dengan transaksi pengeluaran kas dalam siklus pengeluaran. * TUJUAN AUDIT Tujuan audit spesifik untuk silus jasa personalia diperlihatkan dalam gambar 16-10 Kategori Awal | Tujuan Audit Kelompok Transaksi | Tujuan Audit Saldo Akun | Keberadaan atau keterjadian | Beban gaji dan upah serta beban pajak gaji dan upah yang tercatat berhubungan dengan kompensasi untuk jasa yang diberikan selama periode berjalan (EO1). | Saldo kewajiban gaji dan upah akrual serta pajak gaji dan upah menunjukkan jumlah yang terhutang pada tanggal neraca (EO2). | Kelengkapan | Beban gaji dan upah serta beban pajak gaji dan upah yang tercatat mencakup semua beban semacam itu yang terjadi untuk jasa personalia selama tahun berjalan (C1). | Kewajiabn gaji dan upah akrual serta pajak gaji dan upah mencakup semua jumlah yang terhutan kepada personel dan lembaga pemerintah pada tanggal neraca (C2). | Hak dan Kewajiban | | Kewajiban gaji dan upah akrual serta pajak gaji dan upah adalah...
Words: 1352 - Pages: 6
...Tallahassee BeanCounters Team Case Kaylee Cutler Charles Spiva Shauna Jones Background During a routine audit of Tallahassee BeanCounters, the team’s owner Franklin Kennedy asked if we would investigate further into the potential of a fraud occurring within the company. Mr. Kennedy stated that he received an anonymous tip and believes that based on the tip, fraud within the organization was occurring. A fraud examination was conducted and the findings from relevant documents and interviews are below. Executive Summary: The investigation started when Mr. Kennedy approached our team asking us to review documents to see if a potential fraud within the organization was occurring. Mr. Kennedy received an anonymous tip that potential asset misappropriation was occurring within Tallahassee BeanCounters. We began our investigation by reviewing different financial documents obtained from Tallahassee BeanCounters as well as information provided to us by others within the organization covering the period from April through July. We analyzed payroll documentation from Tallahassee BeanCounters and ADP, purchase orders, invoices, and shipping receipts for various equipment purchases. We examined concession purchases, and analyzed sales of tickets, parking, programs, concessions, and promotional activities to determine where assets presented evidence of misappropriation. After having reviewed and analyzed all documentation requested and received, we found that $6,913...
Words: 5000 - Pages: 20
...Accounting Fraud Name: Institution: Course: Date: Accounting fraud Accounting fraud is an intentional manipulation of the financial records so that it looks improved compare to the previous ones. The fraud involves the employee in a business organization embezzling or misappropriating the business resources. Those holding higher positions in financial and accounting offices are the major promoter of the accounting fraud. There has been reported reports of the collapse of large companies mainly attributed to the impact of the fraud; the fraud only enriches oneself. On the other hand, there is deteriorations and failures in the business performance. Payroll fraud Is the past years, cases of payroll fraud has increased significantly. In this situation, the staff creates the payrolls of non-existing workers with the aim of receiving the money illegally in the end. The persons involved in the payroll fraud receives an additional payment of their salaries. There are failures in most companies because of the failure to keep enough and comprehensive records of the financial updates. Therefore, the best solution to the payroll fraud is the implementation collection of all the monthly payroll records and the account balance sheets. Through the tracking of the records will enhance the perpetrators of the vice held responsible(Singleton, T. W., & Singleton, A. J.2010). Prevention measures In any business organization, there is need of coming up with crucial prevention...
Words: 615 - Pages: 3
...Chapter 6 – Payroll Schemes 1. A _______________ is an individual on the payroll who does not actually work for the organization. a. Falsified employee b. Phantom employee c. Ghost employee d. Shell employee 2. Which of the following is not a type of payroll scheme? a. Ghost employee scheme b. False deduction scheme c. Falsified hours and salary scheme d. Commission scheme 3. Marsha Wood added her one-year-old niece, Jackie, to the payroll at JNC Company and began issuing paychecks in Jackie’s name, even though Jackie did not work for the organization. Marsha’s niece is not considered a ghost employee because she is a real individual rather than a fictitious person. a. True b. False 4. Which of the following is not necessary for a ghost employee scheme to succeed? a. Timekeeping and wage rate information must be collected. b. The ghost must be added to the payroll. c. The perpetrator must have access to a bank account in the ghost employee’s name. d. A paycheck must be issued to the ghost. 5. To safeguard against ghost employee schemes, the person in charge of entering new employees in the payroll system should also distribute the paychecks so that he or she can look for payments to unauthorized employees. a. True b. False 6. If a fraudster fails to remove a terminated employee from the payroll and collects the former employee’s fraudulent paychecks, he or she is committing a: a. Payroll larceny scheme b. Falsified hours and salary scheme c. Forged endorsement scheme d. Ghost...
Words: 2246 - Pages: 9
...Threats and Vulnerabilities: Payroll Problems The problem in the payroll department last year may be due to a process that is flawed or by an employee who did not follow the process. The Sr. VP Dale Connor is attempting to bring to Jacket-X an atmosphere were security is an important part of every job at the company. He also realizes this is new thinking for Jacket-X and it will take the employees some time to adapt to the new culture. The need for cyber security is greater now than ever. In 2011, The Ponemon Institute published the Second Annual Cost of Cyber Crime Study. In the study, the institute reports that the median cost of cybercrime in a survey of 50 organizations was $5.9 million annually. Jill Peters is the VP of Human Resources and the payroll function falls in her sphere of responsibility. Jill knows the payroll function but is not a fan of the automation that IT can provide to her department. Jill feels that security can hamper the productivity of her department. The need for security that Dale is trying to foster does not seem to have a champion in Jill. The fact that Jill feels that she and Dale have a good dialogue is encouraging but security will be a hard sell to Jill. The payroll function occurs on the company intranet and the intranet has connectivity with the internet. Cybercriminals may be able to find a way into the company payroll and divert money from the employees into their own pockets. Jacket-X may not have the security in place to repel an...
Words: 1558 - Pages: 7
