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TCCCCC
chapter_5.docxFinancial Control for Small Business
Assignment5
Question 1: Who processes payroll for all employees?
Business owner: Payrolls are usually prepared by the accountant in an organization. The accountant ensures that he/she gathers all the information that relates to each employee and records it as expected by the law.
Business owner converted into text-book language: given the type of business and the number of employees, pay role may be processed by different individuals within an organization. For the larger companies, the payrolls are usually processed by accountants (Coltman, 2012). Accountants are responsible of collecting all the necessary information that relate to employees, records the information, and reports it as required by the law. On the other hand, small businesses that may not have accountants may have their payrolls processed by the mangers or the business owners.
Recommendations: it is important that the payrolls in any organization are prepared before time. This ensures that the management gathers all the necessary information and reports these payrolls on time. Rushing in the last minute may lead to provision of poor records, which may affect the effectiveness of the information as well as the presentation process.
Question 2: How were employees categorized to determine their exempt or non-exempt status under labor laws?
Business owner: employees were categorized in different ways in determining their exempt or non-exempt status under labor laws. For example, the nature of the employees’ duties and responsibilities as well as their contract may determine this status.
Business owner converted into text-book language: the exempt or non-exempt status is usually determined according to the applicable las as well as other similar factors such as nature of employee’s duties, work, responsibilities, and their form and level of compensation (Coltman, 2012). The non-exempt employees are basically paid through the hour for every hour that they work within a pay period and further receive overtime pay based on the applicable overtime rules. On the other hand, exempt employees are usually paid s fixed salary that is usually intended to compensate in full for all the hours that an employee has worked for every week.
Recommendations: the management of any organization should specify these factors when an employee joins the organization as a worker in order to avoid any form of future inconveniences and conflicts.
Question 3: How many, if any, independent contractors are employed by the business?
Business Owner: the business employs contractors based on the amount of work that requires to be completed from by an outside party to the company.
Business owner converted into text-book language: independent contractors should be hired when needed in the provision of required products and services. The basic guidelines of hiring a contractor is that the contractor should be hired for the purpose of completing a given job, should schedule the work to be completed, should be insured for any form of labilities, should supply necessary personnel or equipment, and should be in full control of how the duties are completed and done (Gill, 2014).
Recommendations: before hiring any external contractor, it is important for business owners and manger to ensure that these contractors have the capabilities of handing the scheduled activities as well as they adhere to the laws governing the organization and the contract.
Question 4: Describe your procedure for hiring an employee? Is there an interview process? What type of paperwork is required to be filled out?
Business owner: the hiring process should involve a process in which the best candidate for the job is hired to fill the position. The hiring process should be well defined by the human resource department in charge of recruiting employees into an organization through following the detailed process.
Business owner converted into text-book language: the hiring process should involve several steps. These steps may include creating a detailed scorecard defining the performance objectives, creating a detailed advertisement, shortlist the interested candidates, schedule interviews, and select the best candidate or candidates from the interviewed individuals (Gill, 2014). The process should be followed by a detailed orientation before the employee joins the organization’s workforce.
Recommendations: the hiring process is very critical for the success of any organization. The more efficient a hiring process is the more effective the workforce shall be through hiring quality candidates, which further translates to increased profit making abilities by an organization.
Question 5: How are the paperwork and human resource department managed? Do you have the required federal and NYS employment notices posted?
Business owner: the paper work and the human resource department are managed by the management of the department. There are different forms of paperwork that require to be filled in relation to all the employees’ within the organization.
Business owner converted into text-book language: the management of paper work and the human resource department require effective management at all times. The human resource department is charged by providing effective paperwork that provides required information about employees (Gill, 2014). To make this successful, an organization should have an affective management team to ensure effective management of the paperwork and the human resource department.
Recommendations: the management of paperwork, especially in reference to employee information, should be done with an effective team. The human resource department management should remain effective at all times to ensure effective paperwork as well as effective management of the human resources department.
Question 6: how are your employees paid? Is there a time slip or time clock? Who reviews and signs off on the hours worked?
Business owner: employees are paid based on the agreement made during the hiring process. Further, the payment plan is also decided during the hiring process after they have been reviewed and signed.
Business owner converted into text-book language: the payment plans usually different from one organization to another. For example, the employees are usually paid based on the agreement during the recruitment process, which is determined with the position and employee occupies. In addition, the payments for the employees are usually made once in a month (Taylor, 2007). However, there are payments which are made based on the agreement made during the hiring process, which may be one a week or two times in a month or after completion of specified responsibilities. The payments are reviewed and signed by the manger, who reviews information provided by the accountant.
Recommendations: it is important for employees to understand their payment plan during the hiring process. This will help in reducing any form of inconveniences as well as conflicts at a later stage.
Question 7: How are employees’ payments determined?
Business owner: the amount paid to employees is determined based on different factors. For example, some of the factors may include the amount of time worked, the type of work, extra hours worked, and the time of day worked.
Business owner converted into text-book language: the payment plan for every employee may be different. There are determinants that determine the amount an employee is paid. During the hiring process, an employee is provided within information about their responsibilities, time to work, their benefits, and payment for extra time worked. Based on this information the payment is calculated and made constant (Taylor, 2007). This payment only varies in case of extra time worked and benefits received. In many cases, the more depend a job is the more payment an employee gets.
Recommendation: mangers should determine the payment for every job position before making advertisement. This will ensure that candidates understand this information before they apply for the positions.
References
Coltman, M. M. (2012). Financial control for the small business: A practical primer for keeping a tighter rein on your profits and cash flow. Vancouver, B.C: Self-Counsel Press.
Gill, J. O. (2014). Financial basics for small business success. Menlo Park, Calif: Crisp Publications.
