ACC 315 Project One - Alexa Kroner
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Southern New Hampshire University *
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315
Subject
Accounting
Date
Jun 11, 2024
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pptx
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13
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Payroll Onboardin
g Analysis
ALEXA KRONER
Overview
“Employee Onboarding is the process of establishing new employees in the company’s systems and helping them quickly adapt to their positions” (Savage et al, 2022). o
This process includes:
o
Human Resource Dept
o
Payroll/Accounting Dept
o
Department Manager of newly hired employee o
Begins when the job offer is made and continues through the new employee’s first days to month.
o
Onboarding is more than just an administrative process, though the accounting department focuses on and ensures that information is accurately entered into all information systems
o
Encompassing introductions with the new employee’s team and company culture is considered to be a best practice in the onboarding process
Illustrate
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Process
o
Reviews new hire payroll information and sends to payroll administrator
o
Payroll administrator enters information and creates employee file in payroll information system, such as ADP o
Reviews employee’s selected benefits and sends to payroll administrator
o
Payroll admin inputs selected benefits and deductions in information system
o
Payroll onboarding process functions and integration information system:
o
Compliance and reporting
o
Time and attendance
o
Payment processing, including taxes and deductions
o
Auditing and reporting controls
Inputs and Outputs
Inputs
o
Employee information
o
Employment details
o
Compensation information/details
o
Tax and Deduction information (W4, Benefits, etc.)
o
Banking information for direct deposit
Outputs
o
Payroll registers/reports
o
Pay statement information
o
Banking details confirmation
o
Tax payments and forms
Key Transacti
on Cycles
Step
Manual Process
Automated Process
1
Paper timesheet overview
Digital time tracking system
2
Approval
Digital approval
3
Manual calculation
Automatic calculation
4
Manual paycheck generation
Automatic paycheck generation
5
Manual distribution
Automatic distribution
6
Manual record keeping
Automatic record keeping
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Benefits
Benefits of automating the payroll onboarding system: o
Accurate tax management, compliance and reporting
o
Time and Efficiency
o
Ease of access to internal and external payroll information
Benefits Rationale
o
Accurate tax management, compliance and reporting – This is one of the more complex processes of conducting payroll. This information needs to be precise and accurate before payroll is fully processed. AIS helps automatically calculate this to the best accurate numbers for compliance
o
Time and Efficiency – Manual calculations take time and precision. Using an AIS cuts down the time by automating compensation calculations, deductions, and benefits.
o
Ease of access to internal and external payroll information – “With this system, the hr team can easily create, implement and outline need-based and unique payroll models inside the set budget” (L, 2022).
Drawbacks
Drawbacks
of automating the payroll onboarding system:
o
Security Risks
o
Potential extra costs
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Drawbacks Rationale
o
Security Risks – It is crucial to vet the security measures an automated payroll system takes since employee information is stored and processed through the third-
party. There is no 100% guarantee, especially with the amount of personal information store (SSN, banking info, etc.). o
Potential extra costs - AIS are typically less of an expenditure than fully outsourcing, but many will charge per employee and features offered.
Summary ( A-D)
o
Tasks within a payroll onboarding process
o
Inputs and outputs in the payroll onboarding process
o
Appropriate personnel performing tasks (role)
o
Employee onboarding process documents
Summary (E-H)
◦
Approval protocol
◦
Benefits and drawbacks of the payroll onboarding process
◦
Security protocol
◦
Appropriate computerized output with corresponding due dates
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References
L, Shalini . “Six Benefits of an Automated Payroll System - BetterPlace.” Www.betterplace.co.in
, 18 Mar. 2022, www.betterplace.co.in/blog/benefits-of-automated-payroll-system/. Accessed 2 June 2024.
Newsome, Rich. “5 Disadvantages of Payroll Software | PeopleHR.” Www.peoplehr.com
, 4 Jan. 2023, www.peoplehr.com/en-gb/resources/blog/5-disadvantages-of-payroll-software/#Security-risks. Accessed 2 June 2024.
Savage, Arline A, et al. Accounting Information Systems
. Wiley Global Education, 4 Feb. 2022.
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