Payroll Accounting Essay

Payroll Accounting Essay Payroll Accounting Essay How Accounting Information Systems Has Improved Payroll Accounting Kendall Lehart ACC 575 Stephen F. Austin State University Payroll Process 1. Update Employee Master File 2. Set Pay Period and Enter Time Worked 3.Enter any Adjustments or other types of Income 4. Calculate Pay for the Period 5. Print and Review Reports before Printing Checks 6. Print Paychecks, or Pay Stubs if Direct Deposit is used 7. Print Payroll Registers and Distribute Reports 8. Transmit Payroll Taxes Payroll Before AIS MANUAL Time Cards Calculations Lots of Paperwork Time-Consuming Mistakes Payroll Clerk What to Consider Hours Worked Federal Income Tax Withholdings State and Local Taxes Deductions (Voluntary and Involuntary) Employee Benefits Child Support Overtime and Vacation Pay Way You Pay (Hourly, Salary, Commission, etc) Pay Rate Information Payment Options (Direct Deposit or Paper Check) Payroll After AIS AIS Advantages: Companies can keep better track of payroll information Automatic Time Clocks can Directly Port Hours into System Print Checks Faster AIS Disadvantages: Accurate Data Entry Danger of Hackers Risk of Fraud Outsourcing Payroll Payroll Services Basic Services: Payroll Tax Obligations Print and Deliver Checks Management Reports Envelope Stuffing Direct Deposit W-2 401(k) 125 Mutual Fund Plans Outsourcing Payroll Choosing a Provider: High Customer Service Within Reasonable Driving Distance Bonded