Documentation Payroll System

Topics: Income tax, Tax, PAYE Pages: 5 (1322 words) Published: January 12, 2013
Project Context
As Computer technology nowadays, changes at such time, many businesses factors try to cope up by upgrading computer system constantly in order to stay competitive. The multifunction ability of technology for its advance system is also an important factor for a company to use software. It makes efficient use of the advance technology and has ambition to discover more. Computers have the great impact on the profession of accounting with the rapid growth of technology today, there is no doubt that computer will become a common asset of all profession.(Google,2012)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 employee for services they provided curing 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.

Purpose and Description
The main purpose of the study id to enhance and implement payroll system for Pacific Nickel Philippines Inc. which will operate in a timely and accurate manner to ensure that employees receive their pay checks accordingly. To compute the gross and net wages and salaries of all employees, to produce pay slips and checks. Employees appreciate a timely payroll system as well: it reduces anxiety about receiving checks on time and any anxiety about receiving a check for the wrong amount. The following are the specific objectives of the proposed study:

To be able to keep and generate accurate reports on employee income.

To automatically calculate the check amount based on the hours worked.

To be able to do work more easier.

To create fast and easy access in processing the records.
Research Objectives
This research is made to aid individuals and the Pacific Nickel Philippines Inc. which is undertaking a time consuming manual process to meet their regulatory requirements and to provide a basis for the initial approaches include in processes of the whole system. It also ensure that it will provide sufficient information for regulatory consultation and decision. The objectives of this research are as follows:

Maintain accurate records of employee salaries and wages earned and paid,taxes withheld and other voluntary deductions.

To improve the existing system’s services, in order to increase employee and employee satisfaction , provide the quality and create a controlled information management and environment.  
This would be the primary soured for information about the workings of the proposed payroll system of the Pacific Nickel Philippines Inc.  
This is design to ensure uniformity and consistency in data collection.

To find out what is the salary history of an employee.

To develop a system that will eliminate the problem of insufficient and incomplete information.

Significance of the Study

The proponents develop a system for Pacific Nickel Philippines Inc. to make their transactions more reliable and easy to use. The new system will manage employee’s salaries/wages in a safe and efficient manner. To give accurate processing of paychecks and keep and keep accurate management records. This system would directly benefit the following:

Manager - The system will help the manager to save a lot of manual work, allowing them to devote more time to other tasks. He is the one in-charge in managing the whole process of the payroll system. Pacific Nickel Philippines Inc. the system will help in saving company’s time in processing payroll and eliminates unnecessary paper works and filing.

Accounting Head - They can rely on the system to compute most of their calculations. Employee- the system helps the employee in receiving their wages in time and...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Payroll System Documentation Essay
  • Documentation for Payroll System Essay
  • Payroll System Essay
  • Payroll Documentation Essay
  • Payroll System Essay
  • Payroll System Essay
  • Payroll System Essay
  • Payroll System Essay

Become a StudyMode Member

Sign Up - It's Free