Accounting for Payroll a Comprehensive Guide by Steven M. Bragg

By Steven M. Bragg

A one-stop source for developing or enhancing an current payroll method

The such a lot finished source to be had at the topic, Accounting for Payroll: A finished advisor offers updated details to permit clients to address payroll accounting within the least expensive demeanour.

From making a process from scratch to developing a payroll division to record-keeping and magazine entries, Accounting for Payroll offers the main authoritative details at the whole payroll method. excellent for someone new to the payroll approach 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 web payroll assets, and masses extra, Accounting for Payroll exhibits CFOs, controllers, accounting managers, and platforms analysts the best way to:

  • Create a payroll division from scratch
  • Increase the potency of the payroll functionality via most sensible practices
  • Reduce payroll facts access time and transactional errors
  • Evaluate the providers of a payroll outsourcing provider
  • Set up and hold an outsourcing relationship
  • Set up a good payroll system

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2. Cost to Enter Data into Computer System. 5 employees were required in the accounting department on a full-time basis to enter the information from all 412 time sheets into the computer system. 05 per hour. 05/hour). 30 / Accounting for Payroll 3. Cost to Correct Data Errors. On average, the accounting staff spent three hours per day correcting errors that had been discovered on time sheets or created during data entry. 28 per hour. 28). The grand total of all these costs was $29,869 per month, or $358,428 per year.

This option may seem much less expensive than the use of data-entry terminals that was just described. However, this approach is not recommended unless the number of employees using it is very small. The level of data errors will be extremely high, given the large number of jobs to which labor is charged each day—the time charged to a job may be wrong as well as the job number to which the time is charged. As a result, the cost of the administration time required to track down and correct these problems will greatly exceed the cost of installing an automated time tracking system; this correction cost will be so high for a large facility that the comparable cost of an automated system will be far lower.

One error is the charging of time to an incorrect job. This is an easy error to make, involving incorrect data entry by a direct labor person, such as a transposition of numbers or a missing digit. To keep this problem from arising, the timekeeping system can be an interactive one that accesses a database of currently open jobs to see if an entered job number matches anything currently in use. If not, the entry is rejected at once, forcing the employee to reenter the information. This control can be made even more precise by altering the database to associate only particular employees with each job, so that only certain employees are allowed to charge time to specific jobs.

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