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Question 1 A budget is an itemized summary of estimated or intended expenditure for a given period of time usually one year along with proposals for financing them. It is a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. For example, you will not be able to buy a jeep this year.As a planning document, a budget enables Dtiefontein to set priorities and monitor progress towards selected goals. To achieve budgetary objectives it may be necessary to set aside saving or to borrow from outside resources. Budgets are used to make efficient use of money and avoid spending more than their earning. Budget also helps to allocate incomes between present and future needs.The goal in budgeting is to achieve a positive end balance on the bottom line of the balance sheet, so that receipts or income exceeds payment or expenses. In case of a negative balance, ways should be found to spend less or increase income.
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Due to the fact that I am not in the position to prepare or control the budget, I met with the Manager of Human Resource and we discussed the budget control and overtime.Numbers neededOn a monthly basis all the departments submits the following to the HR manager to administer and control overtime worked and paid. One of the control measures used is a graph, refer to the attached graph, appendix A·Total costs of overtime paid.·Total number of employees worked overtime·Total number of hours worked per each employee.·Schedule overtime cost.·Unscheduled overtime cost.·Budgeted figures.Once all the information is provided, actual overtime costs is compared with the budgeted figures to determine which department has exceeded or not exceeded the budget.Obstacles·Booking for overtime but not clocking for work.Based on the previous audit reports and management complaints, reconciliation is not performed between the employees clockings and overtime paid. The biggest weakness is that employees are booked for work but they do not report or clock for duty, however they are paid for that overtime.This impact the figures, which must be presented to management, as they are not true reflection overtime, worked. What causes this problem is the negligence and fraudulent activities as employees are aware that reconciliation is not performed.·Excessive overtime workedAccording to Basic conditions of employment act an employee can only work 40 hours of overtime per month or 10 hours per week. However HR manager receives employees worked and paid for 144 overtime hours worked in a month.The major problem is that employees are dissatisfied with their income and they want to increase their income by working overtime.·No control over level of authorizationsThere level of authoring overtime is not restricted. Employees at lower level sometimes authorize the overtime requisitions. Top management delegated the responsibility to lower level management as they said they are not aware of the underground incidents and low-level managers should authorize if there is a need to authorize. However this delegation has increased the overtime costs significantly.·No proper overtime system controlThe system is not programmed to restrict the budgeted overtime from being exceeded; furthermore the system is also not restricted to block the employees from booking overtime once they have reached the monthly hours. This makes the budget hours to escalate every month.·Late submission of overtime costs.During month end when reports should be compiled for the total overtime cost, information is not always readily available. This makes it difficult to compile accurate overtime report. Sometimes the information is received after two or three months.ImprovementThe following recommendations can improve the current system that will improve the overtime budget and control system.·ReconciliationReconciliation should be performed between the overtime requisitions and clockings before overtime can be paid.·System changes The system should be modified to ensure that overtime worked should not exceed monthly budgeted costs. The system should also cater for employees hours worked, which will restrict employees for not working more than ten hours per week or forty hours per month.·Level of authorizationsLevel of authorization should be restricted to top management; system authorization should also be introduced where top management on the system will authorize overtime.·Timely submission of overtime informationDisciplinary actions should be introduced for all late information received.Question Human Resources Overtime budgeting systemTime spent on budgetingBased on the period of the budget, our budget consists of half yearly budget, yearly budget or five-year budget. For financial year budget, which is the most important, the departments are given at least two months to submit the final budget for their overtime budget. A budget often starts with a documented plan for weekly or monthly spending for a definite period of time, usually one year. The main goal in budgeting is to achieve a positive end balance at the bottom so that receipts exceed payments.The barrier in this regard is that the budget are not submitted timely, the Head of Department need to be reminded over and over again to submit the budget.Guideline given in advance by senior managementGuideline given by management with regards to overtime includes one rule Overtime should not be worked at all, but due to unforeseen circumstances, it should be provided.Proper budgeting formsThe budget forms used by HR department and other department shows the following·Amount available·How are we intending to spend it·How are we intending to save it·What are our long and short term objectivesHistorical informationThe following documents are used while preparing budgetsPrevious twelve months overtime costs.Number of overtime hours worked per employee and per department.Increase or decrease in overtime cost and hours is determined.AssistanceAll managers brainstorm on the budget before is approved by top management Budget review proceduresActual overtime costs are compared with budgeted on a monthly basis to determine which department has exceeded its monthly costs.Question We were informed that the budget helps him manage his department in the following·A tool to help you reach your financial objective·Budget ensure that you spent the money wisely·It ensure that money is not spend on any one item alone·To create a yardstick for performance management. ·If you have a budget, you can see if you have over or under spent. If so, on what items. Important analysis can be made about the performance based on this information. ·It ensures that you have sufficient money to pull the organization. ·It set a pattern for efficient spending and saving and help avoid period of severe financial stress.·A budget also helps in setting a saving target and thus allocates income between present and future needs. ·It give detail pictures of how money comes and goes·Organized way to compare expenses and income over a relative short period of time·Allow to forecast your income and expenses·Monitor your progress·Make changes as needed to achieve your goals Please note that this sample paper on overtime is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on overtime, we are here to assist you. 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