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Write a 525 to 700-word summary.
Research a recent article on auditing inventory, warehousing, or payroll.
Apply what you learn to your future job.
Running head: CURRENT ISSUE SUMMARY 1
CURRENT ISSUE SUMMARY 4
Current Issue Summary
Name
Class
Institution
Date
Current Issue Summary
Payroll
I located a recent article by Dave Rietsema. The article talks about Payroll in general and other aspects related to payroll. According to the author of the article, the word payroll refers to the list of workers that receive payment from an entity. However, most entities generally use the word to refer to the amount of money that employees are paid. The author states that payroll processing is a very essential function of a company and requires an understanding of the current regulations, thorough tax knowledge to ensure appropriate filing, and a very organized and structured system that can ensure employees are paid the correct amount of money.
Several vital aspects were presented by the author in the article. One of the aspects is Form W-4. The author indicates that Form W-4 is essential as it helps to keep employees’ information and tax filing status upright. Every employee should fill out Form W-4 at the time they are hired to ensure compliance with tax regulations and other laws (Rietsema, 2020). Form W-4 may be filled out electronically to help in eliminating clutter and ensuring more organized and accurate records.
The other aspect presented in the article is timekeeping. Attendance and time tracking is essential to payroll as it can ensure that workers are being paid the appropriate amount of money. According to the author, it is important for attendance and time tracking tasks and payroll tasks to be conducted electronically to ensure smooth functioning of the system.
The author has also noted something about payroll calculation. According to Rietsema (2020), an hourly gross payment is calculated by multiplying the hourly wage by the total numbers of hours worked. For salaried workers, the gross pay amount is the salary per every pay period.
Payroll processing is also one of the aspects presented by the author in the article. According to the author, payroll should be processed periodically and should be accurate every time. The author also indicates that payroll must be processed reliably and efficiently.
The author also presents the importance of payroll data in the article. According to Rietsema (2020), Payroll data can be utilized to enhance business outcomes and processes. Payroll data can also be used to pinpoint reasons for staffing shortages. The author also states that payroll information can be used for budgeting. According to the author, in many companies, HR budgets are prepared from previous year data. This is process isn’t totally useless, however, it is faulty when payroll data is not considered. Using up-to-date payroll data to defend budgetary increase can assist in preventing going over budget and can even bring actual outcomes closer to predictions.
Based on the article, I will do the following in my future job: I will ensure employees fill out Form W-4 to at the time they are hired to ensure compliance with tax laws regulations. I will also track attendance and time to ensure that employees are paid the right amount of money. I will also ensure that payroll is processed on a periodical basis. I will also ensure that the processing is accurate, reliable, and efficient. We will use payroll software for processing purposes. Processing payroll electronically is affordable, simple, and saves some labour time. I will also use payroll data to make better decisions for the company.
Reference
Rietsema, D. (2020). Payroll. HR Payroll Systems. Retrieved from:
https://www.hrpayrollsystems.net/payroll/
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Submission date: 18-May-2020 05:07PM (UTC+0530)
Submission ID: 1326968768
File name: Current_Issue_Summary x (17.07K)
Word count: 571
Character count: 2992
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