Documentation Payroll System Essay
Documentation Payroll System
As Computer technology nowadays, changes at such time, many businesses factors try to cope up by upgrading computer system constantly in order to stay competitive. The multifunction ability of technology for its advance system is also an important factor for a company to use software. It makes efficient use of the advance technology and has ambition to discover more. Computers have the great impact on the profession of accounting with the rapid growth of technology today, there is no doubt that computer will become a common asset of all profession.(Google,2012)In 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 employee for services they provided curing a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations.
Purpose and Description
The main purpose of the study id to enhance and implement payroll system for Pacific Nickel Philippines Inc. which will operate in a timely and accurate manner to ensure that employees receive their pay checks accordingly. To compute the gross and net wages and salaries of all employees, to produce pay slips and checks. Employees appreciate a timely payroll system as well: it reduces anxiety about receiving checks on time and any anxiety about receiving a check for the wrong amount. The following are the specific objectives of the proposed study:
To be able to keep and generate accurate reports on employee income.
To automatically calculate the check amount based on the hours worked.
To be able to do work more easier.
To create fast and easy access in processing the records.
This research is made to aid individuals and the Pacific Nickel Philippines Inc. which is undertaking a time consuming manual process to meet their regulatory requirements and to provide a basis for the initial approaches include in processes of the whole system. It also ensure that it will provide sufficient information for regulatory consultation and decision. The objectives of this research are as follows:
Maintain accurate records of employee salaries and wages earned and paid,taxes withheld and other voluntary deductions.
To improve the existing system’s services, in order to increase employee and employee satisfaction , provide the quality and create a controlled information management and environment. This would be the primary soured for information about the workings of the proposed payroll system of the Pacific Nickel Philippines Inc. This is design to ensure uniformity and consistency in data collection.
To find out what is the salary history of an employee.
To develop a system that will eliminate the problem of insufficient and incomplete information.
Significance of the Study
The proponents develop a system for Pacific Nickel Philippines Inc. to make their transactions more reliable and easy to use. The new system will manage employee’s salaries/wages in a safe and efficient manner. To give accurate processing of paychecks and keep and keep accurate management records. This system would directly benefit the following:
Manager – The system will help the manager to save a lot of manual work, allowing them to devote more time to other tasks. He is the one in-charge in managing the whole process of the payroll system. Pacific Nickel Philippines Inc. the system will help in saving company’s time in processing payroll and eliminates unnecessary paper works and filing.
Accounting Head – They can rely on the system to compute most of their calculations. Employee- the system helps the employee in receiving their wages in time and accurate manner; the employee will be able to ask the employer for a record of their income
Scope and Limitations
The researcher study focus on designing a payroll system for a Pacific Nickel Philippines Inc. The system study was conducted during the second semester of the SY 2011 -2011 and on the first semester of SY 2011-2013.The system is designed for the enhancement or development of computerized payroll system. Functionalities:
The system can compute the wages of each employee.
The system can keep track of hours, withholding taxes and other deductions.
It can add, edit, delete and search employee records.
The system can update employee’s information as well as the weekly salary, cash advance, and the rate per day and overtime.
It can generate and print pay slip of each employee.
The system will operate 24 hours but transactions are only allowed during officehours.
The head administrator will be the only one who can manipulate all the records.
It has log-in and log-out process for security purposes.
Review of Related literature
The payroll system is used to maintain a list of employee’s name, addresses, and employment information and is used to interactively calculate and print payroll checks employee’s hours are entered and distributed to appropriate department/cost centers. Annualized ax able are then used to automatically compute deductions before the check is printed on the bank stock. Monthly and quarterly reports aroused to prepare tax filings, and provide analytical information. W- 2’s can be guaranteed automatically at year
-end. Payroll system involves everything that has o do with the payment of employees and the filing of employment taxes. This includes keeping track of hours, calculating wages, withholding taxes, and other deductions, printing and delivering checks and paying employment axes to the government. Payroll systems include any and all types of financial statements that involve the payment of an employee’s, as well as any statements that relate to the filing of employment taxes. Not only are statements included with these types of systems but the actual functions of printing, delivering or electronic transfer of employee’s funds are also included.
One of the most important parts of a payroll system is to withhold and pay taxes from employee’s payroll checks. Four major tax withholdings are required to be withheld from payroll checks: medicine taxes, state and local income taxes, federal income tax and social security ax.(sure payroll, 2010).A computerized payroll system saves time and lowers error ratio. You can enter payroll payment information quicker than with a manual system, and run payroll register’s o double -check your information before printing the checks.
In this chapter is all about hoe the proposed system study being planned and designed. This also tackles with the gathering procedures, analysis of the data, research design, instruments being used.
The proponents gathered important data that will help developed the system process into a consistent and reliable flow of information. The data’s and information’s we gathered will certainly supports the system process of our proposed study. The proponents also undergo observations, descriptions of the behavior of the study we conducted for our system process. We also have graphical representations which show how the system process functions.
Conceptual Framework of the Study
Nowadays, technology is highly needed by many companies in order to make certain task in a fast and easy way and manual process should be dominated. As we proposed a system which is entitled the Pacific Nickel Philippines Inc. a system that provides financial records, calculations, and information of every employee. For a better understanding about the flow of our study conducted, we made a schematic diagram that comprises of three boxes. The first box is the input which shows the whole information of a certain employee including its financial records, allowances, and other deductions. The second box which shows the software applications, tools, and diagrams that necessary in developing the proposed system. The third box which is the output that result of input and process of the system study that we proposed which is the Pacific Nickel Philippines Inc. payroll system.
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 16 October 2016
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