You have been asked by the CFO of the company where you work or previously worke
ID: 2421002 • Letter: Y
Question
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.
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.
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.
Explanation / Answer
While discussing with the CEo of the company regarding the use of the professional service organisation for processing the company`s payroll, the following issues must have been discussed.
1. The cost or fees that will be incurred in hiring the professional service organisation for the payroll. If the cost of contracting is not feasible the professional should not be hired.,
2. The security that we will have in outsourcing the service.
3. The confidentiality of the information. i.e. the issue regarding the information of the company- the chances of misutilisation of this. Whether the information can be leaked etc.
2. The key elements of a plan to outsource the firm`s payroll function are resources, infrastructure, Government compliances and the cost
Cost- If the cost to outsource is not feasible the payroll should not be outsource.
Government Compliances:- The tax deductions etc should also be taken into concern while outsourcing the service.
Resources- The resources of the company, confidentiality of the information are the most important in outsourcing.
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