Tesco Payroll Accounting Essay Examples & Outline
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Tesco Payroll Accounting
Tesco is a multinational retail giant with operations spread across the globe. The company deals in numerous retail products that cater for the needs of the diverse market. Tesco originally started out as a retail store that dealt in common retail goods. Its main source of competitive advantage arose from the principle of bulk buying and the ensuring competitive advantage.
However, in 1990s the company shifted its focus from buying in bulk to diversification of the products and geographical areas of operation. Owing to this the company witnessed a sharp rise in the number of employees. To maintain the bloated workforce of over 574000, the company has been forced to come up with adept payroll management strategies that it has been operating on (Bragg, 2003).
Tesco needs an integrated payroll management system that is also linked to the internet. To facilitate follow up activities by the head office in the United Kingdom. The best enterprise resource planning software ought to link the business process that comprise the payroll. Automation of the payroll is also important such that the employees have access to their personal data at any time (Bragg, 2013). The system ought to simplify the routine requests (Green & Hay, 2001). The use of an e-payment system also leads to the reduction of the amount spent by the company on the payroll related activities hence leading to huge savings for the organization.
In conclusion, the company ought to embrace an electronic based payroll management platform based on the international nature of its operations. It should adopt the system that will reduce the cost of access to payroll related information. The system should also facilitate quick access by the management and employees to the payroll information. Integration of the business processes is also important.
Bragg, S. (2003). Essentials of payroll. Hoboken, N.J.: J. Wiley.
Bragg, S. (2013). Payroll management. Centennial, Colo.: Accounting Tools.
Green, P., & Hay, E. (2001). Payroll management. Canberra: Australian National Audit Office.