They are currently using manual Payroll System. Question: What is the status of your business these days? Question: Time Table September October November December January February March System Planning System Designing System Testing Budget process 5,000. 00 Labor,oho. O Ottawa,oho. O Related Literatures is a Payroll system? A payroll system is an important application that should be used by businesses of any size. These systems are a guaranteed way to make sure your payroll is done on time and in compliance with all taxing authorities.
Tax laws and rates have continually changed in recent years, new ax credits, expiration of old credits and rate changes can all affect the outcome of your payroll. These systems can be programmed to calculate taxes and deductions to your specific area. Most systems have an Internet database that can be accessed for updates to tax codes and changes In the law. These systems also can help the business owner calculate the amount of taxes they owe the government at the end of reason that business owners find themselves in trouble with the Internal Revenue Service.
Payroll services can also be performed offside. Many companies specialize in providing payroll systems to other businesses. If you are not ready to install and use a system like this in your own company, you may consider going to this type of business to have the service performed. 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 employees for services they provided during 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 (e. . In the US payroll is subject to federal, state and local regulations). From an ethics in business viewpoint payroll is a critical department as employees are responsive to payroll errors and irregularities: good employee m.
The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and to ensure the withholdings and deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and deductions from a paycheck. Theoretical Framework Information System is processing of information received and transmitted to produce n efficient and effective process. One of the most typical information systems is the Transaction Processing System.
Transaction Processing System collects, stores, modifies, and retrieves the transactions of a certain organization. The process of retrieving, modifying and transmitting data to be stored using information system is referred to as transaction. Transactions occur is known to be a part of records. All of these records were originally kept in paper. When a certain organization uses a certain transaction processing system, retrieving and transmitting of information will e available at anytime needed.
The number and volume of transactions can be calculated for a given time period. It eliminates time constraints and efforts in terms of having several transactions. Nowadays, data processing uses one or more database at one or more certain organizations. Databases are use in transaction processing where information are stored, retrieved and transmitted at certain time it is needed. Examples of transaction processing systems are airline reservation systems, billing system, payroll system, library system, online marketing and online transaction processing. Conceptual Framework