By Steven M. Bragg
A one-stop source for developing or bettering an current payroll process
The such a lot complete source to be had at the topic, Accounting for Payroll: A complete advisor offers updated details to allow clients to deal with payroll accounting within the cheapest demeanour.
From making a method from scratch to developing a payroll division to record-keeping and magazine entries, Accounting for Payroll presents the main authoritative info at the complete payroll approach. perfect for someone new to the payroll process or as a skill-honing software for these already immersed within the box, this hands-on reference offers step by step directions for constructing a well-organized payroll approach or enhancing an current one.
Featuring checklists, a dictionary of payroll phrases, details on net payroll assets, and lots more and plenty extra, Accounting for Payroll exhibits CFOs, controllers, accounting managers, and structures analysts the best way to:
- Create a payroll division from scratch
- Increase the potency of the payroll functionality via top practices
- Reduce payroll facts access time and transactional errors
- Evaluate the prone of a payroll outsourcing provider
- Set up and keep an outsourcing relationship
- Set up an effective payroll system
Read Online or Download Accounting for Payroll a Comprehensive Guide PDF
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Extra info for Accounting for Payroll a Comprehensive Guide
The first step in creating a set of payroll procedures is to construct a flowchart of the overall process to identify all activities. The flowchart ensures that a procedure is written for each one. Also, each box in the flowchart contains an identifying index number for each procedure, which is later listed as the procedure number in the header for each procedure. Thus, one can first refer to a process flowchart for the specific procedure needed and then trace the index number to the detailed procedure.
Overview of the In-House Manual Payroll Process An increasingly rare payroll system is the completely manual approach that avoids all use of payroll suppliers or in-house computer systems. This system is most commonly found in very small organizations where the additional labor required to calculate wages and taxes is not too onerous for the small accounting staff. The manual process requires extra labor in three key areas. First, employees are filling out timecards by hand or with a punch clock, so the payroll staff must use a calculator to add up the hours worked, verify the calculations (since this task is highly subject to errors), notify employees about missing time entries, and have supervisors approve any overtime hours worked.
This approach is not possible if employees record their time on paper, since the information is entered after the fact and any correction of an incorrect number will be a guess, sometimes inaccurate, by the data-entry person. Another possibility is that an employee charges an incorrect employee code to a job resulting in the correct number of hours being charged to the job, but at the labor rate for the employee whose number was used, rather than the rate of the person actually doing the work. To avoid this issue, the timekeeping system should automatically access a list of valid employee numbers to, at least, ensure that any employee code entered corresponds to a currently employed person.
Accounting for Payroll a Comprehensive Guide by Steven M. Bragg