Intern Report Final

Internship report – Pride Technologies, Chennai.
THIAGARAJAR SCHOOL OF MANAGEMENT

MADURAI.
“A Study on Payroll and Allied Accounting Activities in

PRIDE TECHNOLOGIES, Chennai.”
GANESHKUMAR. S
A9410213
II MBA, Thiagarajar School of Management
Faculty guide: Prof. Mr.R.M. Somasundaram,

TSM, Madurai.
Date of submission: 02/07/2010
Page 1 of 28
Page 2 of 28
ACKNOWLEDGEMENT
I take this opportunity to thank Mr. T.V. Karthick, Mrs. Sudha Prakash and Mr. L.S.
Kumar of Pride Technologies Consulting, Chennai, who guided me predominantly in
accomplishment of this endeavor.
I also thank Mr. Mattapalli Nagaraju (the principal), Mrs. Selvalakshmi (coordinator
MBA), Mrs. Vidya Suresh (internship coordinator) and my faculty guide Mr. Somasundaram and
the panel members who facilitated me during the course time.
I bow before the omnipotent and the omnipresent, who made all the above possible.
Page 3 of 28
RESUME OF THE INTERN
Name: Ganeshkumar.S
Date of Birth: 02/04/1989
Educational Qualification:
 Pursuing MBA programme in Thiagarajar School of Management, Madurai.

CGPA 6.38 as per I semester.
 Pursuing PG Diploma in Financial Market Practice (PGDFMP) in IGNOU
 Passed B.Com., in The American College, Madurai with 80.2%
 Passed Higher Secondary Examination in SBOA, Madurai with 95%
 Passed Matriculation Examination in SBOA, Madurai with 83%
Page 4 of 28
EXECUTIVE SUMMARY
Pride Technologies Consulting India (P) Ltd., Chennai, deals with various businesses, of
which the sole purpose of intern deals mainly in obtaining a basic knowledge as well as exposure
to corporate finance and accounting through “A study on Payroll and Allied Accounting
Activities”
The methodology of knowledge enrichment process involved preparation of statements

such as:
 Preparing Payroll Tax Reconciliation Statement for client companies of Pride

Technologies, Chennai. (Dec ‟09 to May ‟10)
 Expense Analysis Report of major clients enabling decision making at management level
The nature of the Internship was practically observing the study oriented business
processes and activities by working as a full time employee from 25th May ‟10 to 25th June ‟10.
The observations during the course period helped in gaining a basic idea about US based
companies and their accounting activities, especially payroll systems. Brief awareness about US
tax rates, voluntary and statutory deductions in employee compensation ensures the host and the
recipient, a generalized exposure to minor areas of foreign accounting practices.
Further study in this field would lead to a detailed analysis in US accounting practices
especially payroll, US taxation, analysis of cause and effect of changing tax rates and
compensations, employee tax planning and economic status etc., which demands an in-depth
educational backup as well.
Page 5 of 28
TABLE OF CONTENTS
1. Business framework 11
2. Understanding of overall business model 15
Theory - practice reflection (summary of observations)
3. Inference from Information Systems in Business environment 17
4. Need for Payroll reconciliation and summary of observations 18
5. About FUTA, SUTA and FPT 19
6. E-Peachtree and accounting methodologies 23
7. Observations from financial statement 24
8. Conclusion 26
9. Reference 27
10. Annexure I 28
Page 6 of 28
LIST OF TABLES
1. Computation of gross and net pay in payroll tax reconciliation 17
2. Prevailing SUTA rates of different states 19
3. Observations from financial statements 22
Page 7 of 28
LIST OF CHARTS
1. Business working model 12
2. Expense report analysis procedure 12
3. Business model of „Operations team‟ 13
4. Payroll process flow chart 14
5. Business flow of Pride BPO 15
6. Work flow in Staffing solutions of Pride Technologies 16
7. Information Systems flow in the business – interpretation 17
8. Working page of E-Peachtree accounting software 22
9. Work sample of „Expense report analysis‟ (Annexure 1) 27
Page 8 of 28
APPENDIX
1. Expense report analysis – preparing a abridged summary of expenses of various clients

for a review of a CEO and other strategic level officials in a graphical presentation.
2. E-Peachtree – an Online accounting software used by Pride Technologies.
3. W 2 forms – wage and tax statements in current period reconciliation (reconciliation done
after every payroll i.e. every month).
4. PGF – Pride Global Finance (sister concern of Pride Technologies)
5. Timesheets – a record containing weekly work timings and other details of employees
6. Pride internals – it is a dialect in the company. It means handling the internal accounts i.e.
the accounts of Pride Technologies, other than its client companies.
7. FUTA – Federal Unemployment Tax. It is a tax levied by the federal government for the
benefit of the unemployed. The rules pertaining to it are governed by the United States
Department of Labor.
8. SUTA – State Unemployment Tax. It is a tax as similar to FUTA, the major difference is
the governing authority is the respective state in which the employees works. The SUTA
rates differ from state to state depending upon the regulations of the state governments.
9. FPT – Federal Payroll Tax. It is a type of income tax imposed by the government upon
the earnings of the employees.
10. Payroll tax reconciliation – it is a statement that ensures, wage and tax records are
accurate and aid in making sure that these are filed error free and on time.
Page 9 of 28
COMPANY PROFILE
Mission statement:
“To be the partner of choice to our clients leveraging talent and resources from around
the world”
Pride Technologies, LLC is a leading information technology and business process

solutions firm that offers highly customized client-centric, cost-effective IT and business process
solutions. Founded by Leo Russell in 1983 and Headquartered in New York, it offers a broad
geographic reach with offices throughout the U.S., India and Brazil. It serves Fortune 1000
clients in the financial services, retail, healthcare, and insurance industries offering contingent
Staff Augmentation of IT professionals, Vendor Management, IT Hardware Procurement
Services and Business Processing Outsourcing.
Over the next 10 years, it became one of the largest minority-owned IT providers in the
country with 25 branches and over 1,000 people nationwide. In 1999, Pride launched an
advanced IT solutions practice, which encompassed sophisticated project management and
contract CIO assignments.
The current strategic level executives are;
 Mr. Leo Russell, CEO and President
 Tim Bradley, MD, is responsible for domestic and international recruitment operation
and internal business development for financial services
 Michael B. Krieger, MD, is responsible for business process refinement and performance
consulting
 Chris Philpott MD, handles Midwest sales and client engagement activities.
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BUSINESS FRAMEWORK
(The work team in which the intern was engaged)
As the company involves diverse businesses, the area of study is limited to payroll and
other minor areas of accounting only. The business framework of that particular team, in which
the intern was engaged, involves:
 Preparation of Payroll statements, Invoicing, financial statements for client companies

that outsource their accounting activities
 Providing BPO and technology related solutions
 Hiring on contract basis and performing Agency operations for recruitment to other
companies on salary and hourly basis. (The dialect for such function is ‘Operations’
team).
 Preparation of financial statements and accounting for Pride internals i.e. accounts of all
branches of Pride Technologies LLC.
The major clients of Pride Technologies (the team in which the intern was engaged);
 Pride Technologies (all branches in US)
 Morgan Stanley
 JP Morgan Chase
 Adecco & Ann Taylor ., Inc.,
 Pride HealthCare
 Goldman Sachets
 Russell Tobin, etc.,
Page 11 of 28
Business flow chart – working model: (Chart 1)
Marketing department gets the business from various companies, called clients
Client companies outsource their accounting activities especially payroll, invoicing, etc.,
The work team gets the weekly detais of employees from the interlinked websites and
softwares, as updated by their clients
Team members in Pride Technologies, process the requested query of their clients
(reviewed by executives, in charge)
Sent back to respective client, the necessary work
Expense report analysis procedure - flow chart: (Chart 2)
The management level officials demands information about the company‟s expense upon
each clients (especially in marketing activities and employee reimbursements upon such
activities). An expense report is a summarized data regarding the expenses incurred in a
graphical form facilitating top level executives for an analysis.
The following flow chart shows the working model or flow of business in preparation of
expense report, which was a part of the internship.
Page 12 of 28
Bills and vouchers of expenses were obtained from the clients through interlinked databases
Expense statements and reports were prepared
A summarized graphical representation of such reports were prepared for officials review
It facilitates the executives to make decisions and refine their strategies
Business model of „Operations team‟: (Chart 3)

(For instance)
Pride technologies Employees hired @ $10 by pride
(Profit for Pride $5)
Client companies hire employees

from pride @ $ 15
 Transaction of employees involves hiring for salary, hourly wages and also for
commission basis.
 The payroll package involves gross pay that includes regular timings of work registered,
commission and over time, if any
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 The contribution of employee towards voluntary deductions such as medical and dental
insurance is deducted
 Arriving at net pay includes deduction of Federal Payroll tax (employer‟s contribution)
that comprises of Social security and Medicare allowances. And the Federal
Unemployment Tax (FUTA) and State Unemployment Tax (SUTA)
Payroll process flow chart: (Chart 4)
Work timings and pay schemes of employees are recorded in time sheets (weekly basis)
Time sheets of all employees are compiled
Details regarding taxation and deductions are obtained from clients
Payroll statedments are prepared
Payroll tax reconciliation statements were prepared
Current period reconciliation Annual reconciliation

(After every payroll on a monthly basis) (At the year end)
All the statements were sent to respective client companies
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UNDERSTANDING OF OVERALL BUSINESS MODEL
 Staff Augmentation Services:

These services help to maximize control and manage the clients‟ own project but need-
experienced people to follow the lead. The Project Management Office services allow our clients
to optimize time, scope, and budget and bring in professionals with quantifiable records of
accomplishment who are skilled in the science of IT project management.
 Pride BPO:
It focuses on the accounting, HR and transaction processing requirements of small and

medium enterprises (SMEs). Services includes bookkeeping, accounts payable and receivables,
reconciliation, full-service finance and accounting, recruiting process outsourcing, insurance
claims processing and desktop presentation development. Pride BPO is part of the Pride Capital
Partners group of companies.
Business process flow chart of Pride BPO: (Chart 5)
Thorough understanding of current process
Incorporating industry best practices
Redesign of current process and infrastructure
Leverage technology and low cost offshore labour resources
Page 15 of 28
 Managed Staffing Solution Services: (Chart 6)
 Financing solution services:
It includes asset-based financing to small and mid-sized companies. PGF's (Pride Global
Finance) main focus is on accounts receivable based financing for companies that provide
information technology and other services to Fortune 100 companies and government agencies.
 Pride At Work (PAW):
It is a non-profit organization that works towards the development of the underprivileged

areas of society. It is committed towards educating and training the less fortunate and 'at risk'
individuals while integrating them into the corporate environment.
Page 16 of 28
THEORY PRACTICE REFLECTION – SUMMARY OF OBSERVATIONS
Inference from Information Systems in Business environment: (Chart 7)
 Managers and team leaders of various

departments in Pride Technologies, deal
ESS
with statements in predefined format,
analyse and interpret the results for ssss
further course of action, thereby assisting
in decision support. Example, Payroll, DSS
expenditure, tax reconciliation and
MIS
financial statements etc.,
 The executives consider the summary of TPS (Operational Level)

those statements in graphical and
pictorial forms that are more precisely
and assist in easy decision-making.
 Operational level team members and accountants facilitate the management level process
by preparing various statements and abridged summaries through graphs and charts.
 The period of internship mainly involved „Operational Level‟ tasks such as preparing
Payroll statements, Payroll Tax Reconciliation Statements, Expense report analysis
(preparing a graphical report on expense of the client companies referring the source
files).
 Other observations include invoicing, preparation of receivables and payables etc.,
Need for payroll, payroll tax reconciliation and summary of observations:
Payroll is one among the predominant area in corporate accounting and outsourcing
accounting activities. Payroll procedure forms help principal accountants and payroll
departments to ensure, wage and tax records are accurate and aid in making sure that these are
Page 17 of 28
filed error free and on time. Reconciling payroll information means that all the financial
information from these reports agrees. Payroll tax reporting is of high priority and one of the
most scrutinized activities of every business.
 In the United States, employers are required to withhold federal income tax, plus one-half
of the Social Security tax, and one-half of the Medicare tax.
 FICA tax includes the employer and employee's shares of the Social Security and
Medicare taxes..
 In some places, employers may be required to withhold state income tax, or even county
or city income tax.
 In addition to all the above, the employer is required to pay State and Federal
unemployment tax.
As Pride Technologies is a LLC (limited liability Company), the tax treatment is similar
to partnership firm. In other words, the tax return allocates income and deductions among the
LLC members.
 In spite of various payroll softwares, the payroll tax reconciliation statements are done
manually in Pride Technologies, Chennai. In other words, statements are done in excel
files manually.
 The company uses current period reconciliation and annual reconciliation is done at the
year-end. The focus of the intern encompassed only current period.
 Current period reconciliation is performed after each payroll is processed, i.e. monthly.
Vital information such as quarterly returns and W-2 forms (wage and tax statements) are
generated from this information.
 Major information is gross pay and the net pay.
The following table shows the ascertainment of the gross pay and the net pay in the payroll tax
reconciliation statement,
Page 18 of 28
Computation of gross pay and the net pay in payroll: (Table 1)
Salary/ wages ***

Commission (if any) ***
Overtime (if any) ***
Gross Pay/ total compensation ****
Less:
Medical ***
Dental *** ****
Net compensation for FPT, FUTA and SUTA ****
Federal Payroll Tax (FPT) ***
Federal Unemployment Tax (FUTA) ***
State Unemployment Tax (SUTA) *** ***
Net compensation ****
 Federal Payroll Tax includes Social security and Medicare deductions.
 Social security and Medicare taxes (FICA taxes) must be withheld from the employee's
wages. The employer must also pay a matching amount of FICA taxes for employees.
About FPT, FUTA and SUTA:
FPT (federal payroll tax) is a type of income tax levied upon the payroll (compensation)
of the employees. Payroll tax generally refers to two different kinds of similar taxes. The first
kind is a tax that employers are required to withhold from employees' pay, also known as
withholding tax, pay-as-you-earn tax (PAYE), or pay-as-you-go tax (PAYG). The second kind is
a tax that is paid from the employer's own funds and that is directly related to employing a
worker, which can consist of a fixed charge or be proportionally linked to an employee's pay. It
includes social security tax and medicare tax.
Page 19 of 28
In social security tax, the employer must withhold a certain percent (6.2% as per the year
2008) of employees‟ wages and pay a matching amount in social security taxes until the
employee reaches the wage base for the year. After earning that level, neither employer nor
employee owes any additional social security tax for that year. The wage base for the year 2008,
2009 and 2010 are $102000, $106800 and $106800 respectively.
In Medicare Tax, the employer must withhold certain percent (1.45% as per the year
2008) of employees‟ wages and pay a matching amount for Medicare tax. There is no maximum
base level for medicare portion of the tax.
Unemployment taxes – FUTA and SUTA:
Unemployment benefits were first instituted in 1911. Over 2 million people were relying
on the payments by 1921. Unemployment compensation is money received from the United
States and a state by a worker who has become unemployed through no fault of his own. In the
United States, this compensation is classified as a type of social welfare benefit. According to the
Internal Revenue Code, these types of benefits are to be included in a taxpayer's gross income.
Each employer also must pay State and Federal Unemployment Taxes if;
 They pay wages to employees totaling $1,500 or more in any quarter of a calendar year
or
 They had at least one employee during any day of a week during 20 weeks in a calendar
year, regardless of whether the weeks were consecutive. However, some state laws differ
from the federal law.
Unemployment benefits are generally given only to those registering as unemployed, and
often on conditions ensuring that they seek work and do not currently have a job. In some
countries, a significant proportion of unemployment benefits are distributed by trade/labor
unions, an arrangement known as the Ghent system.
The FUTA rate is equal to 6.2% of gross compensation, but normally nets to 0.8%
because the employer is allowed to take a credit of up to 5.4% of compensation. The wage base
Page 20 of 28
for FUTA is $7,000 (i.e., the employer is liable for FUTA only on the first $7,000 of
compensation paid to each employee per calendar year).
In the case of SUTA, each state has a different rate, so that employers must consult the
state requirements for each applicable state regarding tax rates and maximum wage base. The
individual states and territories raise their own contributions and run their own programs. The
federal government sets broad guidelines for coverage and eligibility, but states vary in how they
determine benefits and eligibility. Many states require new business to have an average starting
rate until an employment history is created. For example, Indiana requires new employers to pay
2.7% for the first 3 years. The rate is adjusted afterwards, depending on various factors, such as
whether an ex-employee files a request for unemployment benefits etc.
Unemployment Benefits
 Regular benefits are paid for a maximum of 26 weeks in most states.

 Additional weeks of benefits are be available during times of high unemployment.
 In many states, the compensation will be half of the earnings, up to a maximum amount.
For example, in New York State, the amount entitled to collect up to a maximum of
$405, which is half the state's average weekly wage. While in Arizona, the highest benefit
rate is $205.
Disqualification from Unemployment
The following circumstances may disqualify you from collecting unemployment benefits,
depending on state law:
 Quit without good cause, fired for misconduct

 Resigned because of illness
 Left to get married
 Self-employed
 Involved in a labor dispute
 Attending School etc.,
Page 21 of 28
Table showing prevailing SUTA rates (Table 2)
YEAR 2009 YEAR 2010

NOV'09 DEC'09 JAN FEB MARCH
TAX TAX TAX TAX TAX

STATE RATES STATE RATES STATE RATES STATE RATES STATE RATES
AL 2.7 AL 2.7 AL 2.7 AL 2.70 AL 2.70
CA 3.4 CA 3.4 CA 6.2 CA 6.20 CA 6.20
DE 3.7 DE 3.7 DE 7.8 DE 7.80 DE 7.80
FL 2.7 FL 2.7 FL 2.7 FL 2.70 FL 2.70
IL 5 IL 5 IL 5 IL 7.25 IL 7.25
MA 3.15 MA 2.11 MA 2.11 MA 2.11 MA 2.11
MI 2.7 MI 2.7 MI 2.7 MI 2.70 MI 2.70
MO 3.51 MO 3.51 MO 3.46 MO 3.46 MO 3.46
NJ 3.1 NJ 3.1 NJ 3.1 NJ 3.10 NJ 3.10
NY 6.7 NY 6.7 NY 6.7 NY 6.70 NY 8.80
OH 2.7 OH 2.7 OH 2.7 OH 2.70 OH 2.70
TX 3.56 TX 3.56 TX 4.9 TX 4.90 TX 4.90
VA 2.58 VA 2.58 VA 2.98 VA 2.98 VA 2.98
WA 2.08 WA 2.08 WA 3.37 WA 3.35 WA 3.37
WI 3.25 WI 3.25 WI 3.25 WI 3.60 WI 3.60
PA 3.703 PA 2.1544 PA 7.32 PA 7.32 PA 7.32
(In the above table, all the highlighted rows shows a change over a period in the rates)
The wage base i.e. slab rates, for SUTA will differ among different states depending
upon the legal and statutory obligations of every state.
Page 22 of 28
E-Peachtree and accounting methodologies:
Pride technologies use „E-Peachtree’ as its accounting software. It is

online software in which all entries are passed online facilitating officials in
any part of the world for an instant review.
E-Peachtree software working page: (Chart 8)
Page 23 of 28
Invoicing process:
 Time sheets are sent by candidates and timesheet team sends it to accounting every day.
 Working hours are updated in current hours spread sheet
 Invoice is raised only when the time sheets are approved by the Managers
 Normal working hours is 40hrs per week and extra hours are considered as Overtime
 Rates are periodically checked in Bull Horn and the same is updated in hours spread
sheet
 Billing is on the basis of Bill Rate & Overtime Rate
 When the week has two different months, then two different invoices are raised (for e.g.
week ending 3rd Sept. has two different months involved –August and September that is
the week was from 28th Aug. to 3rd Sept. Hence two different invoices need to be raised
for August and September and so invoice was raised for 28th to 31st of August and 1st to
3rd of September).
 When raising the invoice 3% Discount is allowed only for Bank of New York.
 Billing period differs for different clients such as monthly, fortnightly, weekly.
Observations from the financial statement - as of April 30, 2007:

 The receivables and payables constitute a major portion of the balance sheet figures.
 The fixed assets contain furniture fixture, tools, equipments etc., Neither land and
building nor plant and machinery was present.
 Marketing expenses ($ 4260) dominate the total expenses at 0.04%
Page 24 of 28
Balance sheet as of Apr 30, 2007 - (Table 3)

(Key points – major contributors)
Assets Amount (in $) percentage (%)

Client fees receivables 1,218,818.87 90.48
Other receivables 93,721.18 6.95
_____________ _________
Total 1,346,916.95 100.00
Liabilities
Accrued payments to
Subcontractors 813,269.91 60.38
Wages outstanding 237,114.21 17.60
Total 1,346,916.95 100.00
Income statement snapshot:

Amount (in $) percentage (%)
Cost of sales 7,831,530.03 79.14
Gross profit 2,063,779.36 20.85
_____________ _________
Total 9,895,309.39 100.00
Amount (in $) percentage (%)

Expenses 1,601,696.82 16.19
Net income 462,082.54 4.67
_____________ _________
Gross profit total 2,063,779.36 100.00
Page 25 of 28
CONCLUSION
As a matter of fact, an internship gains knowledge on the part of an intern, not so specific
but a generalized overview about the subject matter.
This internship exposed, being a fresher, to an office environment. It demonstrated the

difference between theoretical and practical application preparation of accounting, a general idea
about payroll, its reconciliation and other accounting activities, which the intern observed during
the process.
The intern strongly recommends this methodology of learning to successors of TSM,

especially for a longer duration than that of the present.
Page 26 of 28
REFERENCES
1. Observation from the internship training in Pride Technologies from 25th May to 25th
June 2010.
2. www.payroll-taxes.com
3. business.lovetoknow.com
4. www.llcsexplained.com/llcsexplained-taxation.htm
5. www.irs.gov/pub.pdf
Page 27 of 28
Work sample from expense report analysis: (Annexure 1) – Chart 9

EXPENSES REPORT ANALYSIS 2010 - Mr. X (Morgan Stanley)
Month Feb 10 Mar 10 Apr 10

Total Amount Reimbursed 3195.37 6320.94 1470.72
Date Ref No. Description Qty Feb-10 Mar-10 Apr-10

of
Payment (Expenses for the Period) Rate Total Rate Total Rate Total
2/28/2010 022810EXP Exp 2/14 - 2/20 1.00 1,653.59 1653.59
2/28/2010 022810EXP Exp 2/21 - 2/27 1.00 1,541.78 1541.78
3/27/2010 032710EXP Exp 2/28 - 3/6 1.00 1,691.67 1691.67
3/27/2010 032710EXP Exp 3/14 - 3/20 1.00 1,578.92 1578.92
3/27/2010 032710EXP Exp 3/21 - 3/27 1.00 1,644.20 1644.2
3/27/2010 032710EXP Exp 3/7 - 3/13 1.00 1406.15 1406.15
4/3/2010 040310EXP Exp 3/28 - 4/3 1.00 1470.72 1470.72
Total 3195.37 6320.94 1470.72
Page 28 of 28

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Internship report – Pride Technologies, Chennai.

THIAGARAJAR SCHOOL OF MANAGEMENT

“A Study on Payroll and Allied Accounting Activities in

II MBA, Thiagarajar School of Management

Faculty guide: Prof. Mr.R.M. Somasundaram,

Date of submission: 02/07/2010

RESUME OF THE INTERN

Date of Birth: 02/04/1989

 Pursuing MBA programme in Thiagarajar School of Management, Madurai.

 Pursuing PG Diploma in Financial Market Practice (PGDFMP) in IGNOU

 Passed B.Com., in The American College, Madurai with 80.2%

 Passed Higher Secondary Examination in SBOA, Madurai with 95%

 Passed Matriculation Examination in SBOA, Madurai with 83%

The methodology of knowledge enrichment process involved preparation of statements

 Preparing Payroll Tax Reconciliation Statement for client companies of Pride

2. Understanding of overall business model 15

Theory - practice reflection (summary of observations)

3. Inference from Information Systems in Business environment 17

4. Need for Payroll reconciliation and summary of observations 18

5. About FUTA, SUTA and FPT 19

6. E-Peachtree and accounting methodologies 23

7. Observations from financial statement 24

1. Computation of gross and net pay in payroll tax reconciliation 17

2. Prevailing SUTA rates of different states 19

3. Observations from financial statements 22

1. Business working model 12

2. Expense report analysis procedure 12

3. Business model of „Operations team‟ 13

4. Payroll process flow chart 14

5. Business flow of Pride BPO 15

6. Work flow in Staffing solutions of Pride Technologies 16

7. Information Systems flow in the business – interpretation 17

8. Working page of E-Peachtree accounting software 22

9. Work sample of „Expense report analysis‟ (Annexure 1) 27

1. Expense report analysis – preparing a abridged summary of expenses of various clients

2. E-Peachtree – an Online accounting software used by Pride Technologies.

4. PGF – Pride Global Finance (sister concern of Pride Technologies)

Pride Technologies, LLC is a leading information technology and business process

The current strategic level executives are;

 Mr. Leo Russell, CEO and President

 Preparation of Payroll statements, Invoicing, financial statements for client companies

 Providing BPO and technology related solutions

 Pride Technologies (all branches in US)

 Adecco & Ann Taylor ., Inc.,

 Russell Tobin, etc.,

Business flow chart – working model: (Chart 1)

Sent back to respective client, the necessary work

Expense report analysis procedure - flow chart: (Chart 2)

Expense statements and reports were prepared

It facilitates the executives to make decisions and refine their strategies

Business model of „Operations team‟: (Chart 3)

Pride technologies Employees hired @ $10 by pride

(Profit for Pride $5)

Client companies hire employees

Payroll process flow chart: (Chart 4)

Time sheets of all employees are compiled

Details regarding taxation and deductions are obtained from clients

Payroll statedments are prepared

Payroll tax reconciliation statements were prepared

Current period reconciliation Annual reconciliation

All the statements were sent to respective client companies

UNDERSTANDING OF OVERALL BUSINESS MODEL

 Staff Augmentation Services: