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TECH 50800 Payroll Fund Improve / Control Phase

TECH 50800 Payroll Fund Improve / Control Phase. Date:2 Dec, 2013 Team members: Matt Unger. Brief Review of Project. Business case

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TECH 50800 Payroll Fund Improve / Control Phase

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  1. TECH 50800 Payroll FundImprove / Control Phase Date:2 Dec, 2013 Team members: Matt Unger

  2. Brief Review of Project • Business case • The payroll fund is in a negative status. Funds in Indiana government entities cannot be negative. The town has received several bad audits for this reason. It is threatening to put the town in very bad financial position. • Problem Statement • The payroll fund is used by the town to pay employees using resources from the town and 2 utilities. The fund is a net zero account. What comes in must go out or at least be tracked to know what account owes the fund. This problem has be ongoing for several years. It is currently adding about $20K to $40K of debit a year to this account that is difficult to track to the source. • Goal • Ensure inputs (Payroll amounts) are correctly calculated • Track receivables to the Payroll fund, from Town, Water and Sewage

  3. Solutions being considered • Payroll inputs/outputs not accurate • Use paper forms • Excel spreadsheet • Excel templates • Access DB • Payroll program • Accounts receivable not being paid on time • Change accounting method • Get utilities up to date • Separate forms for entries • Make entries to journal

  4. Impact / Effort matrix The paper forms has too many issues of not being consistent The Access DB requires additional expertise to maintain The Payroll program is not considered due to cost and complexity of learning The Excel options provide the most value and ease of use, the templates will make the excel cleaner.

  5. Pilot Plan • We have developed an excel template for maintaining payroll entries • We will adjust the template as needed • We are working with the Indiana SBOA office to determine the best method to track receivables not paid on time • We will start recording the entries on the lower portion of the journal for the payroll and receivable accounts until further updates from SBOA

  6. Pilot Plan Guide for Success • Excel template entries are accurate • Ledger shows entries for outstanding reciepts

  7. Standard Processes • Develop the Excel template into a tool that is used every year. • Ensure entries are made every month

  8. Control Plan • Monitor books to ensure entries are accurate • Payroll fund reflects the amounts in other accounts • Ensure entries are made every month, even if the are not actually paid that month

  9. Updated ROI • The time to make entries and reports is reduced from 4 hours to 1 hour. • The new process has streamlined entries, bookkeeping and reports. • Even though the accounts may not get money on time, we will know where it should come from • These improvements should lead to improvements in the audits

  10. Success and next steps • We will promote the project in the town meetings • We will leverage the tools to work on other areas • Next is to work on the Water and Wastewater accounts

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