MIDTERM

PROJECT(Accounting For Electronic Data Processing)

Submitted to:

Mr. Alvin E. Camacho

Submitted by:

Hannah Grace F. Ferranco

Chassine Andrea F. Faz

I. Company’s Background, Mission, Vision

REFLETECH ENGINEERING ENTERPRISE

REFLETECH was established by a group of seasoned engineers with a heart of techno-

preneurship from across discipline of Engineering (Design, Equipment, Automation,

Process, Material Science, Engineering Development and Services) each one a

technical specialist in his own right. Our collective fields of specialization cover almost

every vital aspect of Engineering, Power Plant, Mining & Mineral, Cement,

Petrochemical, Food & Beverage, Water & Sewerage, Marine & Shipyard,

Pharmaceutical & Biotech, Pulp & Paper, Semiconductor, Industrial and Steel Plant. The

company is dedicated to become a leader in providing the best capability in machineries

through our worldwide reliable partners, Engineering Services and Full Turn-key

Projects.

MISSION

The main objective of REFLETECH is to work with the Industry and its clientele for

Technology realization, Equipment Distribution, Design and Sales. We aim to aid our

client in providing solution in their existing problems.

VISION

Refletech is engaged in Engineering Services, Machining Services and Supply of

Equipment intended to support the growing needs of Industries and Manufacturing.

We Think Global,

We Act Global,

We understand the beat of being on-line

so therefore we are positioning strategically to be on the frontier of technology.

Client Oriented

We assist and encourage our clients to succeed and embrace lifelong learning.

Employee Focus

We care about each other, encourage personal growth and recognize

accomplishments.

Quality

We are a believer of a continuous quality improvement and a crusader of continuous

education.

Integrity

We demonstrate personal mastery and principled leadership.

Teamwork

We achieved our greatest success by working together as a learning organization.

II. Review of the Company’s Existing System

Payroll System

Refletech Engineering Enterprise uses a computerized payroll system. It is the system

that the employer purchases payroll software and uses it as her means to process

payroll. In this company the accounting clerk is responsible for entering all wages to be

paid into the system. The system computes the wages, stores payroll information, and

print checks. The payroll professional can also access payroll reports, which allows him

to check for errors and correct them before the employee receives her paycheck.

Computerized payroll also reduces the amount of paperwork to be filed, as most of the

payroll information can be stored in the system. The system adjusts gross pay by

calculating and subtracting taxes and other withholding amounts. On payday, the

system provides your employees with paper checks or payroll deposits and a summary

of the information you used to calculate their gross and net wages.

A payroll system also processes tax information and helps you comply with your tax

obligations. A payroll processing system can also calculate the amount of payroll tax

you owe and automate your payments to taxing authorities. It processes other payroll

deductions such as wage garnishments and voluntary deductions. It generates a

multitude of reports for hourly and salaried employees. Many systems include reporting

templates so managers can quickly and easily find out what their payroll costs are for

any given period, and can check other important facts such as headcount, vacation

balances, and the employees that are the highest and lowest earners.

Time Card ( Manual )

The company also uses a card that used with a time clock to record an employee’s

starting and quitting times each day or on job as well as employee’s overtime.

III. Proposal of the new Company Electronic System

A biometric system is a technological system that uses information about a person (or

other biological organism) to identify that person. Biometric systems rely on specific

data about unique biological traits in order to work effectively. A biometric system will

involve running data through algorithms for a particular result, usually related to a

positive identification of a user or other individual.

IV. Supporting Documents

V. Conclusion & Recommendation

Since the company have been using the Payroll System, we’re not proposing any

system that they may use because we think that’s the appropriate system for the payroll

process. This method is much quicker than a manual payroll system. Regarding the

time card, we therefore recommend the Biometrics system to replace it to record an

employee’s starting and leaving times each day or on job as well as employee’s

overtime. It will be expensive but the business must finance in the system for the

efficiency of the company. Due to advanced technology of this system, they can’t fake

the fingerprint of a person so it will eliminate falsifying the attendance.