Question

1. Because an HRIS integrates numerous individual HR tasks (training records, appraisals, employee personal data, and so on), installing an HRIS boosts HR’s reporting capabilities. Give three examples of report that could potentially be generated using an HRIS.

2.What factors should a business owner consider when selecting a record keeping system?

3. Explain the purpose of a ledger and a journal

4.Which of the following is a characteristic of a PEO?

a. PEOs become co-employers of record for the firm's employees.

b. PEOs usually work for firms with at least 100 employees.

c. Most PEOs charge 8% to 10% of a firm's total payroll

d. PEOs are legally limited to payroll tasks

5.Relate the importance of keeping records.

6.Compare and contrast receipts and invoices.

7.Briefly describe the difference between cash and accrual methods of record keeping

8.Briefly discuss the fundamental purpose of accounting principles in effective recordkeeping.

Answer 1

1) Because an HRIS integrates numerous individual HR tasks (training records, appraisals, employee personal data, and so on), installing an HRIS boosts HR’s reporting capabilities. Give three examples of report that could potentially be generated using an HRIS

A human resource information system (HRIS) can be defined as an intersection of human resources and information technology through HR software. The three examples of report that could potentially be generated using an HRIS are as follows:

-- Vacancy Reports: Having fast access to vacancy reports generated by HRIS allows managers to quickly know which positions are open, how long positions have been vacant and which departments are understaffed.

-- Turnover Reports: HRIS produce turnover ratio that can be helpful in comparing the turnover with similar companies in the industry to know whether there is a problem with higher than average turnover.

-- Compliance reports: These reports generated by HRIS can be helpful in determining whether employees are eligible for benefits, identifying which employees have benefits, and reporting the appropriate information to all the parties.

2) What factors should a business owner consider when selecting a record keeping system?

The factors that a business owner needs to consider when selecting a record keeping system are as follows:

-- nature of information to be stored and retrieved;

-- reliability and validity of the information collected and the system on which it is recorded;

-- security and access of information and files (particularly computer records);

-- resources and training needed; and

-- length of time that the records have to be kept

3) Explain the purpose of a ledger and a journal

The journal and ledger are the starting points in a well-organized accounting system

Journal is prepared to keep a systematic record of financial transactions. It's purpose are
-- To reflect financial transactions in chronological order.
-- To show necessary information about the financial transactions.
-- Acts as a legal evidence of financial transactions.
-- facilitate the preparation of a ledger

The purpose of ledger is as follows:

-- Summarizing transactions for each account at one place

-- To know debit or credit balance for each account

-- Assist in reconciling balances with third parties

-- Knowing business assets and liabilities

4) Solution: PEOs become co-employers of record for the firm's employees.

Explanation: Professional Employer Organization (PEO) is allowed to become co-employers of record for the firm's employees.