BSBFIM502 Task 1

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Assessment Task 1 BSBFIM502 Manage payroll Establish the payroll system Submission details Student's name Student no. Assessor's name Assessment site Assessment date/s The assessment task is due on the date as told to you by your assessor. Any changes to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence/proofs attached. See specifications/details below for details. Performance objective In this task, you will demonstrate the ability to establish procedures for the management of payroll (i.e staff salary and wages) Assessment description In response to the scenario provided, you will develop a step-by-step plan to establish a payroll system, develop security procedures, establish control measures (i.e to ensure matters of private information is controlled and secure) and ensure procedures guarantee substantiation/proof of claims for allowances/additional payments. Procedure 1. Consider the scenario and task provided. Answer: Pitstop is a personally owned retail and fuel service company that until recently operated four independent service stations/stores in Melbourne's north. The company has freshly expanded to 13 service stations across Victoria. The owner, chairman, and CEO, Jim Murphy, has run the company for the past five years. He has performed service stations for most of the last 25 years and relies on his hands-on approach to operations. Pitstop stores trade 6 am-11 pm daily. They typically involve a vehicle access forecourt with at least six pump stations, a local shop, a food bar, © 2015 Innovation and Business Industry Skills Council Ltd | Modified 23Aug16 1 st edition version: 2 Page 1 of 13
Assessment Task 1 BSBFIM502 Manage payroll store manager's building and stockroom. They sell fuel, gas, oil, supermarket goods, hot pies (heated from frozen on the premises) and cold drinks. For the financial year 2015,2016, Pitstop is projected to have a yearly turnover of $9,000,000 and generate a gain of $3,000,000. Payroll expense is projected to be $3,000,000. The organization uses a computerized accounting system: MYOB AccountRight. 2. Consider the design of a payroll system to cover organisational and legislative requirements (i.e governmental rules) Answer: The flagship Pitstop store in Brunswick, Victoria has an attached building space that accommodates head office (senior management staff, the directors and clerical employees). 3. Prepare a planning document in which you outline steps you would take to establish the payroll system. Your plan must include a step-by-step description of review, design, development and implementation. Include: a. a survey of legal environment (i.e what are the legal requirements - by law) Answer: Implementing good environmental and social practices is good business it can give you a competitive advantage and help foster goodwill toward your business. In this section you should discuss ways in which your business honours ethical values and respects people, your community, and the environment. You may want to include information about: © 2015 Innovation and Business Industry Skills Council Ltd | Modified 23Aug16 1 st edition version: 2 Page 2 of 13 Board of Directors and CEO Executive Assistant Finance and Operations Manager Senior Accountant Records Clerk General Manager - Stores
Assessment Task 1 BSBFIM502 Manage payroll - Your environmental policies and initiatives - Your business' contributions to your community - Relevant certifications such as fair-trade certification, organic certification, or Leadership in Energy and Environmental Design (LEED) certification Environment and business Find environmental programs and resources that could help improve your business. Corporate social responsibility In order to stay competitive in today's market, you might want to consider where corporate social responsibility fits into your operations. b. the development of policies and procedures (refer specifically to those three to be developed in steps 4-6 of this procedure. Answer: Policy Effective policies should: - relate to organizational goals and objectives - state the overall approach, principle or rule, but not deal with implementation - define and explain specific or specialist terms. Procedure Effective procedures should: - relate directly to policies - outline the implementation and application of the related policy - Communicate instructions in sufficient detail to be easily followed c. communication/consultation. Answer: Good communication and consultation are central to efficient management processes and are essential when dealing with changes in working practices and procedures. Consulting with employees allows them to show at their best as they know their duties, obligations, and rights, and have the opportunity to make their views known on issues that affect them. Effective employee information can: - Improve organizational effectiveness - time spent communicating at the outset of a new project or development can minimise misunderstandings. - Develop management performance and decision making - by allowing employees to express their views allows the Council to arrive at sound judgments which are more likely to be accepted. © 2015 Innovation and Business Industry Skills Council Ltd | Modified 23Aug16 1 st edition version: 2 Page 3 of 13
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