A review of this system is targeted at enhancing how the company handles its employees’ remuneration and other work packages.

In this report, the chosen system for review is the payroll system, whose investigations are expected to provide a summation of the entire accounting system that is in operation in the organisation. A study of Inkwell’s payroll system shall entail an in-depth examination of the organisational activities such as the tax management, tracking of taxes that have been withheld, analysis of the record of hours employees work, and a record of the paychecks issued to employees (Bragg, 2006.p.125-129).

To assess the payroll system being used by the company with the motive to provide recommendations for its improvement in efficient employee management. The payroll system, being a core accounting system is essential to the management as it streamlines the organisation’s ability to stay on top of its regulatory and legal responsibilities. Therefore, this report shall seek to identify the weaknesses within the organisation’s payroll system, and determine the needs that require improvement. Therefore, the report shall outline the cost-benefits analysis of implementing the payroll system’s improvements in Inkwell Limited (Bragg, 2003.p.85-92).

It is expected that as a result of this review, it would be possible for the payroll system being used to effectively process payroll reports that can be used to make tax withholding summaries. The covering of this system’s evaluation in this report has been achieved as part of an accounting assessment, which is part of the AAT level 4 accounting.

2.1 Inkwell Limited is a Limited Company with a larger section of its operations majored in the private sector. However, its specialisation in the re-manufacturing or re-cycling of used laser toner and printer cartridges.