Module 2 Provision Of Effective And Efficient Administration Copy
Contents
Introduction 3
Pay Methods 3-4
Procedures 4-5
Audit Requirements 5-6
Reporting Requirements and Quality 6-7
Conclusion 7-8
Recommendations 8
References 9-10
Introduction
Stanley International Bank (SIB) processes a payroll administration for approximately 2500 employees located across the globe. There are ten payroll entities that are processed on a monthly basis. When processing pay various manual activities and methods are required to ensure employees are paid within the compliance regulatory guidelines and their contract of employment.
The effectiveness of pay management depends on sufficient communications between the cost centre managers, Human Resource advisors (HRAs), Human Resources service centre (HRSC) and the finance department. Without these teams the payroll function would not have the data required for payroll operations.
The SIB payroll has been outsourced to an external provider, Northgate for the past 8 years. The payroll department within SIB consists of a team of five: three payroll administrators, a payroll supervisor and a payroll manager. Collectively they are responsible for overseeing the internal payroll processes and reporting required by the business. These procedures include pay method appropriateness, reporting, internal audit requirements and application of total quality standards within the payroll function.
This report sets out to assess the effectiveness of the internal procedures used to administrate the payroll function and the provision of information to other stakeholders.
Pay Methods
Pay can be described as compensation, discharge or performance of an obligation, or reimbursement, by giving over something that is of satisfactory value to its recipient, such as money or an amount that is paid or payable. (Business dictionary, definition (2015).
The main objective of the payroll is to pay employees accurately and on time. Failure to meet this objective
Introduction 3
Pay Methods 3-4
Procedures 4-5
Audit Requirements 5-6
Reporting Requirements and Quality 6-7
Conclusion 7-8
Recommendations 8
References 9-10
Introduction
Stanley International Bank (SIB) processes a payroll administration for approximately 2500 employees located across the globe. There are ten payroll entities that are processed on a monthly basis. When processing pay various manual activities and methods are required to ensure employees are paid within the compliance regulatory guidelines and their contract of employment.
The effectiveness of pay management depends on sufficient communications between the cost centre managers, Human Resource advisors (HRAs), Human Resources service centre (HRSC) and the finance department. Without these teams the payroll function would not have the data required for payroll operations.
The SIB payroll has been outsourced to an external provider, Northgate for the past 8 years. The payroll department within SIB consists of a team of five: three payroll administrators, a payroll supervisor and a payroll manager. Collectively they are responsible for overseeing the internal payroll processes and reporting required by the business. These procedures include pay method appropriateness, reporting, internal audit requirements and application of total quality standards within the payroll function.
This report sets out to assess the effectiveness of the internal procedures used to administrate the payroll function and the provision of information to other stakeholders.
Pay Methods
Pay can be described as compensation, discharge or performance of an obligation, or reimbursement, by giving over something that is of satisfactory value to its recipient, such as money or an amount that is paid or payable. (Business dictionary, definition (2015).
The main objective of the payroll is to pay employees accurately and on time. Failure to meet this objective
References: Merchant, K. A., & Van der Stede, W. A. 2003. Management control systems: performance measurement, evaluation and incentives. Harlow, UK: Financial Times/Prentice Hall. Mullins, L.J, 2010. Management & Organisational Behaviour. 9th edition. Horlow; Pearson Education.