Hi!
Payroll accounting topic 4.
Contemporary payroll practices.
A lot of things have changed in payroll because of technology.
Let's go through a few of these.
Believe it or not, direct deposit is a fairly new process.
In the last 25 years.
I might not see that.
But you know before that.
You get paycheck in the mail.
you go to the bank and have to deposit it.
Chronic filing has sped a lot of things up time keeping methods have become more advanced.
Pay cards, which we'll learn about later, is a form of payment that didn't exist before.
We have international employees.
That was rare in olden times Payroll might be outsourced.
Like Adp or some other payroll company.
Large payroll companies.
Payroll is commonly integrated into an enterprise computer system.
This was not the case when I first started working.
The
computer fraud and Abuse Act.
This was in 1986, by the way, so computers were just barely on the scene, and one of
the obvious ones is the employer identification number or
EIN and so this is a way that companies can have their own separate identification.
Before this everything was an individual on a social security number.
So this whole establish a way for an employer, a business to get an identification number.
Alright, so a handful of things there, let's take a look at we've got.
I have 3 practice questions, 8, 9 and 15.
Again, I would recommend pausing the video and then looking at those and then coming
back, if you need a discussion
about it.