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System Used by the Organisations to Distribute Salaries Among Employees

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  • Level: Undergraduate/College
  • Pages: 9 / Words 2361
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Organization Selected : DRB-Hicom

INTRODUCTION

An accounting information system is a system of collecting, storing, and processing financial and accounting data that is used by decision-makers. This system is a computer-based method that helps a business organisation to track every activity of an entity. The main aim of this project report is to build an understanding of the process of enterprise resource planning. ERP is a business process management software that helps in managing and automating various operations of an organisation. In this project report, an organisation is selected named DRB-Hicom which uses Ramco Payroll ERP software. An introduction about the company along with a discussion of this software is mentioned in this project report. The role of the accountant in existing software is also discussed in this report in order to make recommendations for software improvement in the payroll processing system (Groot and Selto, 2013).

MAIN BODY

Introduction of The Company

“DRB-HICOM” HICOM was incorporated on 11 March 1990 under The Companies Enactment Act 1897 as New Serendah Rubber Company Ltd. Later, it changed its name again in 1933, to HICOM Holdings Berhad. it was incorporated in 1980 as the Heavy Industries Corporation of Malaysia Berhad(HICOM) and The Diversified Resources Berhad(DRB) was incorporated in 1990 as Peerless Assets Sdn Bhd. It was changed to DRB and listed in Malaysia in 1991.

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However, in 1996 both companies merged to form the biggest cluster in Malaysia, and DRB-HICOM was listed on the main board of KLSE. Now its permanent address is Level 1, Wisma DRB-HICOM U1/8, section U1, 40150, Shah Alam, Selangor, Malaysia. This is Malaysia's leading company, engaged in the business of Automotive manufacturing, assembling, and distributing to industries and its involvement in the passenger car and four-wheel drive vehicle market segment, etc. Also, it has a National Truck project and a National Motorcycle project. It assembles cars in Malaysia for Tata Motors, Honda, Isuzu, Mercedes Benz, and Volkswagen.

This company after its merger up became the most financially sound company in Malaysia, as it maximizes its profit year on year last year's profit was 12.06 billion RM(2017), and in the year 2016 the profit was 11.50 billion so is why it is leading financial company in Malaysia.

Explanation of Payroll Processing System Software

Ramco HCM is a complete cloud HR software that helps to cover all HR needs from hiring to firing. Ramco HCM is a payroll processing system that helps HR and accountant control and monitor all the activities of an organisation. Ramco HCM is considered as one of the best software and is used by DRB Hicom. This software enables an organisation to effectively conduct core HR activities such as talent management, recruitment, planning, and analytics. DRB Hicom is using this software to analyse and interpret its human resource information. Four explanations of Ramco HCM are explained below:

Offerings By Ramco HCM:

Ramco HCM offers their clients a global platform for managing human resources and their payroll system which enables organisations like DRB Hicom to access their information from any part of the world. This software records all the wages, salaries, incentives, compensatory amounts, and bonuses on a cloud-based system so that it can be easily accessible. Another offering by this software which DRB Hicom uses is SMS-based employee service which enables employees to raise queries about their salaries and other issues via SMS. Along with payroll features, this system also helps business firms maintain performance journals in which fine-tun talent assessment is conducted.

These offerings provide an explanation about why an organisation like DRB Hicom should use this software to maintain the payroll of their employees and monitor their performance.

Competitive Advantage of Ramco HCM:

  • Price - The price of this software is comparatively less than other systems which offer multiple types of functions.
  • Demo - When compared to other enterprise resource planning systems, Ramco HCM provides free demos of their software for a few weeks in order to ensure the satisfaction of their clients (Sunarni, 2013).
  • Compatibility - Unlike other payroll software, this software is compatible with all operating systems, including Android, Windows, and iOS.
  • Storage - Another comparative advantage of Ramco HCM is its cloud-unlimited storage. This software offers unlimited storage to their clients which is not provided by any other software of the same price and customer reviews.

Significance of Ramco HCM:

  • Ramco HCM is a payroll software that helps in recording salaries which is required to be paid to all employees which decreases conflicts between employee and employer about wages.
  • Another significance of Ramco HCM is automation. This software allows an organisation like DRB Hicom to automatically credit the salaries of employees.
  • Ramco HCM helps business organisations to support the integration of various business organisations such as finance and HR (Ball, 2013).

Features And Customer Reviews:

  • Ramco HCM provides various features to their clients such as human resource management, payroll management, employee performance management, and deviation in performance management.
  • Customer reviews of Ramco HCM are way better than other software.

From the above four explanations, it has been ascertained that Ramco HCM is the best suitable software that should be used by organisations. This payroll system is used by DRB Ramco in order to ensure that employees are suitably managed and controlled by this business firm.

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Role of Accountant In Existing Software

An accountant is a key personnel who manages all the finance-related issues of an organisation. An accountant manages the payroll of all the employees working in a business firm due to which functions of a human resource manager are linked with the functions of an accountant. DRB Limited is a manufacturing company that has several employees in order to effectively distribute their salaries, this company uses Ramco payroll software. An accountant plays an important role in this software which is mentioned below:

  • Maintenance of software - Every system or software requires to be updated and maintained frequently in order to ensure efficiency. The accountant of DRB Hicom updates all the information of employees on this software in order to gear automation (Papaspyropoulos, 2012).
  • Human hand of this software - Any machinery or software can not work without any human hand. An accountant plays the role of the human hand in this software. All analysing and interpretation activities are performed by this software, but the information which is analysed is recorded by an accountant.
  • Accountability - Software can not answer queries and issues of superiors due to which accountants are made answerable for all the activities performed by this software. Superiors such as supervisors and departmental managers held accountants as responsible persons for any deviations in the payroll system.

Ramco payroll is the fastest-growing cloud enterprise software that helps in the management of the HCM, logistics, and assets management and eases the process of time attendance and collection of MRO. Accountants are responsible for managing the software in a effective manner so that collected data will disclose the actual position of the business. This information helps them ascertain the proper utilization of resources so, that results can be maximised and the company will earn more revenue during an accounting year. This system helps them calculate the paychecks and tax obligations, maintain management reports in effective manner, develop self-service features among other employees, etc. (Scott, 2015).

So it is observed that at the time of implementation, accountants have the proper knowledge about the process of the EPR module. It is important for them to they can provide better suggestions and revise the implementation of the ERP system further results in the improvement of business operations. It is the responsibility of the accountant to have strong communication and coordination with subordinates working in different departments and review the front data procedure for combining information and further analysis (Vikhorev, 2013).

Recommendations For Software Improvement In the Payroll Processing System

Some big organisations follow the principle that if they pay their employees on time then they have an efficient payroll process in the workplace. No doubt that payroll processing is the most difficult task for every organisation. Difficulties in adjustments regarding tax regulations, compliance, and workers' interests or benefits can ruin the accuracy and timing of a company payroll system as in the case of DRB-HICOM of Malaysia. In accordance with the survey of Deloitte Consulting, it was found that three challenges faced by the companies to face payroll processing and the problems are Manual processing, Accuracy and timing of inputs, and Non-standard or complex processes, in the short run these factors can be managed easily but in long run, these factors can affect the overall performance of the organisation. There are some measures or recommendations to improve the Payroll process.

  • Understanding Tax policies: A single miscalculated payroll can result in penalties. Therefore the payroll must be prepared according to the IRS payroll regulations and violation of any regulation leads to high penalties and companies would have to fix their errors while remitting any payments due to the IRS along with penalties. The payroll must comply with the most recent recent tax laws and also comply with the IRS regulations. Not only this it is also essential to provide information about IRS regulations and laws to the employees of the organisation because their awareness is also essential thing.
  • Perform ongoing Audits: Ongoing audits are an essential thing, because if the workers of the organisations are complaining that their payroll is delayed or inaccurate then ongoing or regular audits are essential for the companies like DRB-HICOM. Payroll calculation must start from workflow analysis where the proper record of working durations and days where analysation can be made from start to end. The errors can only occur if the company uses the manual time card system for recording attendance but, mistakes occur commonly in automated payroll systems too.
  • Simple and Transparent payroll policy: It is essential to provide adequate information about the payroll to the employees so that errors and mistakes regarding the payroll system can be minimised. Along with it is essential to provide fair and clear policies regarding the issues of attendance, leave of absence, and expense reimbursement. Payroll policies must include information like how payroll works, employee classifications, determination of salaries, rectification of payroll mistakes, and information regarding the calculation of overtime and promotions, etc. (Puolamäki, 2014).
  • Involvement of Employees: It is essential to have a transparent policy and regulations implementation after the recruitment of an employee. Better communication channels with the employees are important to avoid the problems of mistakes, confusion, and misunderstandings regarding the terms and policy and it is also essential for the em, employees to keep their proper records regarding attendance, working hours, overtime, etc the big manufacturing companies like DRB-HICOM must realize this demerits. so that if there is any mistake by the payroll system, can be identified by another personal fair record of employees. Also, it is also essential to get meetings with employees in order to motivate them properly so, that they work to their full potential and help the organisation in achieving the desired organisational goals.
  • Provide online access: It is helpful to provide online access by using the internet, to the personal portal of the employees but with the security that no one can access another person's portal. So it will helpful to get the performance knowledge online and clear the confusion regarding the working schedule. Online access provides full details regarding the past and present payments made by the organisation, this will help in reducing the amount of time spent by payroll staff in dealing with payroll inquiries and ensures they focus on other important issues of the organisation. (RW Hiebl, 2013)

Summary

This report summarises which system is used by the organisations to distribute salaries among its employees. Ramco Payroll ERP software is used by most manufacturing companies to provide wages to workers. In this report, the software is discussed in detail and all the objectives of the company to use the software are explained. The accountant of an organisation is liable to accountability activities in which all the recorded information is analyzed and determined. Nowadays this software is used by all accountants in order to get appropriate results. There are various errors in this system that are reduced by making modifications or improvements in the software. It is very important for a company to record effective and accurate accounting information in the books of accounting and the software is used for this purpose. If organisation is not able to record transparent information then it is not possible to assess the right and appropriate position and status of the business. The accountants handle all the relevant data which is related to finance and make assumptions on the concept of accuracy. The business entities are using computer software to make the accounting process effective and accurate (Ball, 2014).

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CONCLUSION

From the above project report, it has been analysed that an accounting information system enables an organisation to record all its financial and accounting data using the software. Racom ERP software is used by DRB Hicom in order to monitor and control all the activities related to the payroll system of employees. After discussing an overview of the company and an explanation of ERP software it has been analysed that this software results in an effective payroll system for an organisation. An accountant plays an important role in managing and controlling this software.

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