>> Accounting Basics
Question: "Professional Service Organizations" Please respond to the following:
You have been asked by the CFO of the company where you work or previously worked to evaluate the use of a professional service organization for processing the company's payroll. Identify the top-three issues that should be discussed when considering contracting the services of a payroll service provider. Evaluate the impact, both positive and negative, of each issue on the process in question. Provide specific examples to support your response.
Using the information from the e-Activity, identify the key elements of a plan to outsource your firm's payroll function. For each element of the plan, describe the impact of each element. Be sure that the elements address the necessary controls needed to safeguard your firm's personnel data. Provide specific examples to support your rationale.
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Deciding to outsource any part of work is a serious issue in this growing world because in the present world growth is directly proportional to the quality of service provided by an organization. Expenses are the most important driving factor for any type of business irrespective of nature, size and volume of the business. There are many factors which influence the payroll cost. Some of them are as follows:
1) What is the timing difference between the employee receiving the payment and date of order of the payment?
2) Number of employees in the payroll list
3) Whether employee has an option of receiving direct deposit?
4) Whether proper appraisal system is maintained?