Accounting for Payroll a Comprehensive Guide by Steven M. Bragg

By Steven M. Bragg

A one-stop source for establishing or enhancing an latest payroll approach

The such a lot accomplished source to be had at the topic, Accounting for Payroll: A complete advisor presents up to date info to permit clients to deal with payroll accounting within the least expensive demeanour.

From making a approach from scratch to developing a payroll division to record-keeping and magazine entries, Accounting for Payroll presents the main authoritative info at the whole payroll strategy. excellent for somebody new to the payroll process or as a skill-honing device for these already immersed within the box, this hands-on reference offers step by step directions for developing a well-organized payroll process or bettering an latest one.

Featuring checklists, a dictionary of payroll phrases, info on net payroll resources, 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 providers of a payroll outsourcing provider
  • Set up and continue an outsourcing relationship
  • Set up a good payroll system

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Accordingly, one must first determine how badly a company needs every possible type of direct labor data, and then structure the type of data collection system based on the level of need. In order to make this decision, it is best to review the following section. It describes the various types of data that can be collected through a timekeeping system. Information to Collect through Timekeeping The most obvious item that must be collected through a timekeeping system is the number of hours worked by each employee.

For example, an employee could be repairing faulty 24 / Accounting for Payroll products, manning a machine as the primary operator, substituting for other workers during their lunch breaks, and sitting in on a quality circle—all in the same day. This added level of detail is quite useful if a company wants to track activities for an activity-based costing system, which in turn can be most useful for activity-based management or the tracking of quality costs. However, this represents a highly detailed level of data tracking that in many situations is not appropriate— picture a large number of employees moving through a facility spending large parts of their day either writing down what they are doing at any given moment or trying to locate a data-entry terminal into which they can enter this information.

Insurance Enrollment Forms. Enrollment forms for a variety of insurance types can be issued to a new employee at a later date if there is a waiting period before they go into effect. However, it is possible for some employees to 14 / Accounting for Payroll fall between the cracks and never be issued the forms. Consequently, a better approach is to issue them at the same time that an employee receives all other paperwork, so there is no chance of them being missed. Enrollment forms can cover medical, vision, dental, life, supplemental life, short-term disability, and long-term disability insurance.

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