Page 35 - Accountancy for Advanced Secondary Schools Teachers Guide Form Five

(c) Strategies to enhance accuracy in financial reporting
(i) Implement robust internal controls: Establish
comprehensive internal controls to detect and prevent errors
and regularly audit payroll processes and transactions.
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(ii) Enhance software accuracy: Update payroll software
regularly to comply with the latest tax laws and regulations
and configure software settings accurately to reflect company
policies and regulatory requirements.

(iii) Training and development: Provide ongoing training
for payroll staff on the latest software updates and payroll
regulations and conduct workshops to enhance understanding
of proper data entry and reconciliation techniques.

(iv) Regular reconciliation procedures: Implement routine
reconciliation of payroll records with general ledger accounts
and cross-check payroll outputs with employee records and
financial statements.

(v) Detailed record-keeping: Maintain meticulous records of all
payroll transactions, including timesheets, tax withholdings,
and benefits, and ensure documentation is readily accessible
for audits and reviews.
(vi) Regular a audits and reviews: conduct regular internal and
external audits to identify and rectify discrepancies and use
audit findings to continuously improve payroll processes
and controls.

(vii) Improve data accuracy and integrity: Implement
automated data validation checks to minimize manual entry
errors and use secure and reliable data management practices
to protect against data breaches and loss.

Teacher’s Guide Form Five
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