to evaluate the payroll system for the Skip-Rope Manufacturing Company. Part 2 will involve a company called Kowal Manufacturing Company in which you are required to identify the weaknesses in their...

Payroll System 1
Running Head: PAYROLL SYSTEM
Payroll System
Payroll System 2
Contents
Part: 1 ............................................................................................................................................................ 3
Introduction .................................................................................................................................................. 3
Payroll System of the Company .................................................................................................................... 3
Part: 2 ............................................................................................................................................................ 5
Weaknesses in Cu
ent Procedures .............................................................................................................. 5
Threats .......................................................................................................................................................... 5
Ways to Improve Internal Controls over Hiring and Payroll Processing ....................................................... 6
Conclusion ..................................................................................................................................................... 7
References .................................................................................................................................................... 8
Payroll System 3
Part: 1
Introduction
In today’s globalized and challenging business environment, the payroll system is
necessary and important for any kinds of business organizations in order to fully satisfy the
need of an individual employee in an effective and proper manner. In addition to this, there are
different types of manufacturing companies that are providing special kinds of incentives or
monetary benefits with their wage. Simply, it is also identified that, the payroll structure as well
as incentive procedures of any business firm encourage and motivate employees and workers
to their responsibilities and eliminate dissatisfaction. Along with this, the employees would be
able to produce more output for the company effectively. In this paper, two parts would be
discussed. In the part first, the payroll system of the Skip-Rope Company that deals in
manufacturing.
In the part second, the limitation in the existing procedures of the Kowal Manufacturing
Firm would be discussed. In addition, threats to the company as well as strategies to improves
insider control over hiring in payroll processing would also be discussed effectively in order to
fulfill the objectives of this paper. Along with this, this research paper would also develop a clear
perceptive related to the information structure in the region of human resources management
and payroll cycle. In the same manner, this research paper would also evaluate a case and
identify the threats and weaknesses and co
esponding recommendations.
Payroll System of the Company
Generally, a payroll method can identify as a financial statement or documents that
contains salaries, wage, remunerations and deductions of the employees. The Skip-Rope
Manufacturing Company also follow an effective and proper payroll system to satisfy their
employees. For instance, the payroll system approved by the organization plays a major job in
the organization for several reasons. On the other hand, it is also identified that, the firm also
has multiple levels of the workforce, from administration, designers and mechanism operators to
packers, shippers and truck drivers. For instance, the company pays the sum to the manager on
the monthly basis. In contrast, the company also pays a sum of amount to the line workers
weekly. So, to satisfy all the level of employees as well as workers (Lientz & Rea, 2004).
In the same manner, it is also identified that, various aims that are designed by the
company for the payroll system. For illustration, the key principle of the payroll system is to
Payroll System 4
ensure that all workers are rewarded accurately and timely with the exact withholdings and
assumption, and to make sure the withholdings and deductions are remitted in a timely manner.
This considers tax withholdings, salary payments and deductions from a paycheck. Along with
this, the firm also follows effective and relevant laws, rules, guidelines and procedures in the
HRM process such as: recruitment, selection and performance evaluation. Apart from this, the...