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Human resource accounting

by Steven Bragg @ Articles - AccountingTools

Human resource accounting involves the tracking of all costs related to employees in a separate report. These costs may include the following:

Such an accounting system can be used to determine where human resources costs are especially heavy or light in an organization. This information can be used to redirect employees toward those activities to which they can bring the most value. Conversely, the report can be used to identify those areas in which employee costs are too high, which may lead to a reduction in force or a reallocation of staff away from those areas.

A more comprehensive human resource accounting system goes beyond the simple tracking of employee-related costs, and addresses the following two additional areas:

  • Budgeting. An organization's annual budget includes a component, in which is concentrated all employee costs being incurred from across the organization. By concentrating cost information by its nature, management can more clearly see the total impact of human resource costs on the entity.
  • Employee valuation. Rather than looking at employees as costs, the system is redirected toward viewing them as assets. This can involve the assignment of values to employees based on their experience, education, innovativeness, leadership, and so forth. This can be a difficult area in which to achieve a verifiable level of quantification, and so may have limited value from a management perspective.

From an accounting perspective, the expense-based view of human resources is quite easy - employee costs from the various departments are simply aggregated into a report. The employee valuation approach is not a tenable concept for the accountant, since this is an internally-generated intangible asset, and so cannot be recorded in the accounting system.

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                            How to read your check or direct deposit statement

How to read your check or direct deposit statement


Massachusetts Teachers' Retirement System

How to read your check or direct deposit statement

How to Set Up Direct Deposit to Your Banking Account

How to Set Up Direct Deposit to Your Banking Account


Linn Area Credit Union

Direct deposit is instant and convenient for businesses and employees. Your paychecks will consistently get to the bank on time. Fill out the forms.

Fixed vs. variable-rate mortgages: Which is right for you?

by bmoney @

Buying a home is likely the biggest purchase you’ll ever make. But before you can pack up and move in, you’ll need to secure a mortgage. This is often a long-term commitment. The average Canadian expects to pay off their … Read more

The post Fixed vs. variable-rate mortgages: Which is right for you? appeared first on Your Financial Life.

Payroll records

by Steven Bragg @ Articles - AccountingTools

Payroll records contain information about the compensation paid to employees and any deductions from their pay. These records are needed by the payroll staff to calculate gross pay and net pay for employees. Payroll records typically include information about the following items:

  • Bereavement pay
  • Bonuses
  • Commissions
  • Deductions for pensions, benefits, charitable contributions, stock purchase plans, and so forth
  • Direct deposit information
  • Gross wages
  • Hours worked
  • Manual check payments
  • Net wages paid
  • Salary rates
  • Vacation and/or sick pay

The information in payroll records have traditionally been stored on paper documents, but can also be recorded as electronic documents.

Payroll records can be considered a subset of the information stored in human resources records, which can contain considerably more information than items pertaining to just employee pay and deductions.

The time period over which payroll records must be retained will depend upon government requirements. The Internal Revenue Service typically states a required retention period in each document it issues dealing with payroll issues. In general, wage calculations should be retained for two years, while collective bargaining agreements should be retained for three years.

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Payroll Management 

How to Setup Direct Deposit

How to Setup Direct Deposit


Bank of America

Bank of America direct deposit makes it easy for you to deposit checks into your account automatically. Learn about setting up direct deposit today.

Routing Number On Check - How It Works | Bankrate.com

Routing Number On Check - How It Works | Bankrate.com


Bankrate

That string of numbers at the bottom of your check is really important. Find out why.

Direct Deposit Information and Forms | SunTrust Personal Banking

Direct Deposit Information and Forms | SunTrust Personal Banking


SunTrust

Set up direct deposit with SunTrust and get faster access to your paychecks, social security benefits, and any other payments.

FSU Credit Union Names New President/CEO

by Jessie Watson @ FSUCU.org

The FSU Credit Union board of directors is pleased to announce Charles E. “Chuck” Adcock III will become the new FSU Credit Union President/Chief Executive Officer (CEO) effective April 2, 2018. Mr. Adcock has served as FSU Credit Union Executive Vice President (EVP) for the past 14 years. “We are excited to bring Chuck’s vision and […]

Small Business Mythbusters: Direct Deposit vs. Paper Paychecks - GoSmallBiz

Small Business Mythbusters: Direct Deposit vs. Paper Paychecks - GoSmallBiz


GoSmallBiz

Myth: Paper paychecks are for small businesses; direct deposits are for big companies. Your business may be small, with just a few employees, but that doesn’t mean you can’t mimic big companies when it comes to issuing paychecks. If you’re still distributing paper checks to your employees, you may want to consider the advantages of …

How to Turn a Tax Refund Into a Fatter Paycheck

by Tina Orem @ NerdWallet

Getting a tax refund may seem great, but tax pros say it’s also a sign two things could be happening: You may not be doing enough tax planning, and you…

FSU Credit Union Leadership Nominees

by Jessie Watson @ FSUCU.org

FSU Credit Union, a member-owned financial institution, is managed and lead by its Board of Directors. In addition, a volunteer Supervisory Committee is responsible for ensuring that the credit union’s Board of Directors and leadership engage in practices and procedures to properly safeguard members’ assets. The FSU Credit Union Nominating Committee has officially nominated Frank […]

Evaluation of internal controls

by Steven Bragg @ Articles - AccountingTools

An evaluation of internal control involves an examination of the effectiveness of an organization's system of internal controls. By engaging in this evaluation, an auditor can determine the extent of other tests that must be performed in order to arrive at an opinion regarding the fairness of the entity's financial statements. A robust system of internal controls reduces the risk of fraudulent activity, which moderates the need for additional audit procedures. The examination concentrates on such issues as:

The steps involved in this evaluation process include the following:

  1. Determine the extent and types of controls being used by the client.
  2. Determine which of these controls the auditor intends to rely upon.
  3. Based on the first two steps, determine which audit procedures should be expanded or reduced.
  4. Make recommendations to the client regarding how to improve its system of internal controls.

The last of the preceding steps is useful for improving the control environment for the auditor in the following year's audit.

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Accounting Controls Guidebook 

How to Set Up Direct Deposit - NerdWallet

How to Set Up Direct Deposit - NerdWallet


NerdWallet

Direct deposit is a free service that electronically sends your paychecks or benefit checks to a bank account or prepaid debit card of your choosing. Electronic payments have a number…

Learn How Direct Deposit Automates Payments and Saves Everybody Money

Learn How Direct Deposit Automates Payments and Saves Everybody Money


The Balance

Direct deposit automates payments and saves everybody money. See why it's popular and how you can use electronic payments.

Why use direct payroll deposit | Your Financial Life | BMO

Why use direct payroll deposit | Your Financial Life | BMO


Your Financial Life

Using direct deposit for your payroll can save time and money, while also helping protect your data, employee information and the environment. Read on.

Why are direct deposit and Venmo better options than a check?

Why are direct deposit and Venmo better options than a check?


Splash Help Center

First, let’s be clear: all of our payout methods are good options. That said, we do indicate that Direct Deposit and Venmo are the preferred options because they’re both faster and safer. Checks c...

FSU Credit Union supports Tyler Biggins Foundation with donation

by Roger Luke @ FSUCU.org

FSU Credit Union showed its support for the Tyler Biggins Foundation and their mission with a donation of $2,940 on March 24 at their annual basketball tournament. Members who took out an auto loan in February made a direct impact on the Tyler Biggins Foundation with a $10 donation toward our Borrow 4 Less – […]

Direct Deposit Paycheck into Savings or Checking?

Direct Deposit Paycheck into Savings or Checking?


money-rates.com

Savings accounts and checking accounts each have their own advantages as a destination for direct deposits or paychecks. Read which bank account is best.

The Benefits of Direct Deposit for Salary Checks | NFIB

The Benefits of Direct Deposit for Salary Checks | NFIB


NFIB

The majority of employees in the United States are paid with direct deposit because of cost and convenience benefits to both employers and employees.

Direct Deposit

Direct Deposit


Investopedia

Direct deposit is the deposit of electronic funds directly into a bank account rather than through a physical paper check.

Change your employee to check for one payroll

Change your employee to check for one payroll


Gusto

If your employee is typically set to pay through direct deposit, you can choose to pay them with a check instead for a particular payroll.Click the Run Payroll tab.Click Run Regular Payroll....

Benefits of Direct Deposit to Employers and Employees

Benefits of Direct Deposit to Employers and Employees


Paychex

Over 60 percent of U.S. employees are paid by direct deposit. In this article, you'll learn why it's such a popular benefit, with details on how it saves money, adds convenience, and reduces your reliance on paper checks.

Get FREE Checking, Get $50!

by Jan @ Linn Area Credit Union

We know, we know! No one really wants to move their checking account. It’s such a chore! But let’s weigh the short-term pain against the long-term gain. If you don’t have a Linn Area checking account, take a good hard look what you DO have. Are you paying a monthly maintenance fee? Are you paying […]

The post Get FREE Checking, Get $50! appeared first on Linn Area Credit Union.

Adding Direct Deposit Accounts to Employees

Adding Direct Deposit Accounts to Employees


Knowledge Center

Direct deposit* can save you time and headaches when it comes to getting your employees paid. OnPay gives you two convenient ways to pay your employees. The first is to manually produce checks by e...

Direct Deposit vs. Payroll Prepaid Cards: What’s the Difference?

Direct Deposit vs. Payroll Prepaid Cards: What’s the Difference?


DCR Strategies Inc. | TruCash Payment Solutions

We explore the differences between direct deposit and payroll prepaid cards and the potential benefits of choosing prepaid.

For employees: How to check the status of your direct deposit funds transfer

For employees: How to check the status of your direct deposit funds transfer


Help Center

Are you an employee of a business owner who uses Payroll by Wave? If you're paid by direct deposit, follow these instructions if you'd like to check the status of the transfer of your pay.You can ...

Should You Pay Employees by Check or Direct Deposit?

Should You Pay Employees by Check or Direct Deposit?


Service Business Blog with Resources, News, and Tips | Jobber Academy

Planning on hiring? Welcome to the world of payroll decisions. We’re going over the pros and cons of paying employees by check or direct deposit.

Throughput definition

by Steven Bragg @ Articles - AccountingTools

Throughput is the number of units that pass through a process during a period of time. This general definition can be refined into the following two variations, which are:

  • Operational perspective. Throughput is the number of units that can be produced by a production process within a certain period of time. For example, if 800 units can be produced during an eight-hour shift, then the production process generates throughput of 100 units per hour.
  • Financial perspective. Throughput is the revenues generated by a production process, minus all completely variable expenses incurred by that process. In most cases, the only completely variable expenses are direct materials and sales commissions. Given the small number of expenses, throughput tends to be quite high, except for those situations in which prices are set only slightly higher than variable expenses.

For operations, throughput can be increased by enhancing the productivity of the bottleneck operation that is constraining production. For example, an additional machine can be purchased, or overtime can be authorized in order to run a machine for an extra shift. The key point is to focus attention on the productivity of the bottleneck operation. If other operations are improved, the overall throughput of the system will not increase, since the bottleneck operation has not been enhanced. This means that the key focus of investment in the production area should be on the bottleneck, not other operations.

For financial analysis, throughput can be increased by altering the mix of products being produced, to increase the priority on those products that have the highest throughput per minute of time required at the constrained resource. If a product has a smaller amount of throughput per minute, it can instead be routed to a third party for processing, rather than interfering with the bottleneck operation. As long as some positive throughput is gained by outsourcing, the result is an increased overall level of the throughput for the company as a whole.

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Can you unplug? Take the Timeout Challenge!

by Roger Luke @ FSUCU.org

We’re so attached to our technology, it often seems like we’ve grown a third arm! Phones are incredibly addictive, and so are Facebook, Twitter and other social media. When we’re busy checking out the latest post or tweet, we miss out on real-life moments that can never be recaptured. Take the “Timeout Challenge” for the […]

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