“Time and motion study for various task in

U.S Tax Documentation”

Name :- Mohammad Ammar Siddiqui

Roll number :- 23202220
Name of school :- KALINGA SCHOOL OF
MANAGEMENT.
Corporate guide :- Dr. Shikta Singh
Faculty guide :- Prof. Sugato Tripathy

Declaration
I, Mohammad Ammar Siddiqui, hereby declare that the internship report titled "
“Time and
is a result ofmotion
my ownstudy for various
work and research carried out during the period of my internship at Bank of New York.

This report is submitted in partial fulfilment of the requirements for my MBA

Programme at KIIT School Of Management. I affirm that the work presented in
this report is original and has not been submitted previously, in whole or in part,
for any other degree or diploma at any academic institution.

I also declare that all information, data, and insights presented in this report are
based on my personal experience during the internship, any work or assistance
received from colleagues, supervisors, or other individuals has been duly
acknowledged.

Mohammad Ammar Siddiqui

Kiit School Of Management

30/06/2024
 Acknowledgements
I would like to express my sincere gratitude to everyone who made this internship experience
at Bank of New York possible and rewarding.

First, I would like to thank my corporate guide Dr. Shikta Singh for his invaluable guidance,
support and encouragement during my time at BNY. His expertise and knowledge helped
shape my understanding of the financial services industry and the intricacies of what the
AMO team does.

I am also deeply grateful to the entire AMO team who welcomed me and provided a
collaborative and engaging environment, their patience and willingness to share their
knowledge, which greatly contributed to my learning experience.

I would also like to thank my corporate buddy Ajinkya Deshpande for his constant support
and constructive feedback that helped me develop both professionally and personally.

My sincere thanks to my academic mentor Dr. Shikta Singh for guiding me and facilitating
this internship opportunity. Their support and advice were valuable throughout this process.

Finally, I thank my family and friends for their constant support and encouragement
throughout this journey. Their belief in me gave me the motivation to succeed in this training.

Thank you all for your participation and support.

Certificate
This is to certify that Mohammad Ammar Siddiqui, a student of MBA Program at Kiit School
of Management, has successfully completed an internship at Bank of New York under my
guidance. The internship report titled
“Time and motion study for various task in U.S Tax Documentation”
is the result of Mohammad Ammar Siddiqui's dedicated efforts during the
period from 7Th May 2024 to 28th June 2024.

During this internship, Mohammad Ammar Siddiqui demonstrated a keen understanding of

the financial services industry, particularly in the areas of custody banking and asset services.
The project undertaken provided significant insights into various financial markets, the trade
life cycle, and the critical processes involved in account setup.

Mohammad Ammar Siddiqui has shown commendable dedication, professionalism, and a

strong ability to learn and apply new concepts. The work carried out during this internship
reflects Mohammad Ammar Siddiqui’s competence and potential in the field of financial
services.

I wish Mohammad Ammar Siddiqui all the best in future endeavours and believe that the
knowledge and experience gained during this internship will contribute significantly to his
professional growth.

Signature: _______________________

Name:

Designation:

Bank of New York

Date: _______________________

Table of content
S.N TITLE PAGE NO.
O
1 Declaration 1
2 Acknowledgement 2
3 Certificate 3
4 Executive summary 6
5 Industry analysis 6-10
6 Company analysis 11-12
7 Objective 13
8 Research Methodology 14-15
9 Presentation of result 16-24
10 Summary of finding 25
11 Contribution and limitation of the study 26
 Executive summary
Assignment of daily tasks became challenging for the team leader due to the addition of
several forms, such as W-9, W-8 BEN-E, and W-9 IMY. In order to solve this, I perform a
time and motion analysis to ascertain the typical handling duration for every kind of
form. With the accurate average handling times that the research will offer, team leaders
will be able to assign work more effectively, guaranteeing balanced workloads and
increased productivity.

Industry Analysis: Banking and Financial Services

An Overview of the sector
The worldwide banking and financial services industry includes a diverse spectrum of
enterprises, including commercial and investment banks, insurance companies, asset
management firms, and fintech startups. This industry, which offers necessities like credit
cards, loans, savings and checking accounts, wealth management, and investment goods, is
crucial to the operation of world economies.

Technological innovations, shifting customer expectations, and developing regulatory

frameworks are all driving substantial transformations in the sector. The delivery and
consumption of financial services are being transformed by digital banking, mobile
payments, blockchain technology, and artificial intelligence. Furthermore, the emergence of
fintech businesses is posing a threat to established banks by providing creative, client-focused
solutions.

Competitive Landscape Analysis

Porter's Five Forces Analysis:

1. Danger of New Entrants: -

High: As fintech businesses proliferate and use technology to offer financial services,
entrance barriers are being lowered. New entrants still face difficulties, nevertheless, because
of legal constraints and the demand for a sizable financial commitment.

[Link] negotiating leverage of suppliers: -

Moderate: Financial markets, regulatory agencies, and technological companies are among
the industry's suppliers. The reliance on cutting-edge technology and data analytics services
provides certain vendor’s tremendous leverage.

[Link] negotiating power of purchasers: -

High: Due to their numerous options, which include fintech companies as well as
conventional banks, customers have a great deal of leverage to demand affordable prices and
better services.

4. Danger of Substitutes: -

Moderate to High: Main threats to traditional banking services come from non-bank financial
organisations and alternative lending platforms (such peer-to-peer lending).

5 Industry rivals: -

High - The industry is very competitive, with traditional banks, non-bank financial
institutions, and fintech businesses facing off against one other. This competition is fuelled by
an emphasis on acquiring new clients, providing creative services, and cutting costs.

SWOT Analysis of the sector:

[Link]:
- a solid clientele and reputation for traditional banks.
- extensive knowledge of regulations and compliance standards.
- a wide selection of financial services and goods

2. Weaknesses:
- Traditional banks use antiquated technology and legacy systems.
- High costs of operating.
- Slower than fintech businesses in terms of digital transformation adaptability.
3. Opportunities:
- expansion of mobile financial services and online banking.
- expansion in developing economies.
- use of artificial intelligence and blockchain technology to improve customer service and
security.

[Link]:
- Costs associated with compliance and changes in regulations.
- Risks to cybersecurity and data breaches.
- Vigorous rivalry from non-traditional and fintech financial services.

PESTEL ANALYSIS: -

1. Political:
 Regulation and Deregulatory Action: To maintain stability and safeguard the interests
of customers, governments worldwide strictly regulate the banking industry.
Operations are greatly impacted by regulations such as GDPR in Europe and Dodd-
Frank in the US. Banks may take more risks during deregulated periods, as was the
case before to the 2008 financial crisis.

 Government Stability: The trust of investors and the reliability of the financial sector
are impacted by a nation's political stability. Political unrest has the potential to cause
economic instability and have an impact on bank operations.

 Tax Laws: Modifications may have an effect on revenue. Corporate tax cuts, for
instance, can raise after-tax earnings, while tax increases might decrease discretionary
income and have an impact on the demand for loans.

 Trade Policies: The performance of the banking industry can be impacted by

economic conditions brought about by international trade agreements and tariffs.
2. Economic:
 Economic Growth: The state of the banking industry is directly related to the state of
the economy as a whole. Strong economic expansion usually increases consumer
appetite for financial services and loans, but recessions can result in increased default
rates and decreased profitability.

 Interest Rates: The monetary policy decisions of central banks have a direct impact on
interest rates, which in turn affect the lending rates and net interest margins of banks.
 Higher rates of interest can make lending more expensive, while lower rates might put
pressure on margins.

 Inflation: Since it promotes borrowing and investment, inflation that is moderate

might be advantageous. On the other hand, significant inflation can make loans less
affordable by devaluing money, raising unpredictability, and raising the cost of
borrowing.

 Employment Levels: Improved economic circumstances are typically correlated with

higher employment stages, which raises the need for financial services. On the other
hand, high rates of unemployment may increase the rate of defaults on loans.

3. Social:
 Demographic Shifts: Although young people could fuel interest in digital banking and
creative ideas investments, older individuals may drive interest for planning for
retirement and retirement benefits programmes.
 Changing Consumer Behaviour: Due to improvements in technology and
accessibility, customers are becoming more and more accustomed to using online and
smartphone banking; banks must adjust to these tastes to remain profitable.
 Financial Literacy: Clients interactions with banking services are influenced by their
level of financial literacy, which can make them more informed decision-makers and
influence the kinds of offerings and amenities that are in demand.
 Trust and Reputation: Financial services providers must maintain a high level of trust.

[Link]:
 Digital Transformation: The emergence of technology has completely changed the
way banks operate, allowing for more streamlined operations and individualised client
care thanks to developments in large-scale data mining, blockchain technology, and
artificial intelligence.

 Cybersecurity: With the shift to internet banking, there are more risks to
cybersecurity. To safeguard client information and uphold confidence, banks need to
make significant investments in security measures.

 Mobile financial: As smartphones become more widely used, there is a greater need
for mobile financial services. In order to satisfy customers, banks must have strong,
intuitive mobile applications.
  Payment Technologies: New developments in wireless payments, virtual wallets, and
cryptocurrencies are changing the way people make purchases. In order to remain
relevant, banks must include these technologies.

5. Environmental:
 Initiatives for Environment Sustainability: Banks are under growing pressure to
embrace sustainable financial methods and promote ecologically friendly enterprises.
This include lessening their personal carbon impact and funding renewable energy
initiatives.

 Weather Change: The operations and loan portfolios of banks may be impacted by
climate hazards. For example, homes in natural disaster-prone locations may pose
greater risks to banks with large property loans.

 Governments and international organizations are putting pressure on regulators to

impose stricter environmental laws, which will impact when banks evaluate risks and
choose which investments to undertake.
 Investor Preferences: Banks are being influenced to match their strategies with the
rising trend of investors selecting firms that have strong governance, social, and
environmental (ESG) policies.

6. Legal:
 Adherence to global mandates including Basel III, the General Data Protection
Regulation and anti-money laundering legislation.
 Legal issues pertaining to cyberattacks and electronic money
 Compliance needs: Tight legislative guidelines governing everything from capital
needs to safeguarding customers apply to banks. Fines and sanctions may be severe
for violation.
 Protection of Customers Laws: In the United States, laws like the Consumers Finance
Safety Act are designed to shield customers from unfair sales tactics & loan sharking.
These laws have an impact on how banks develop and market their goods.
 Private information laws: In the European Union, laws such as the General Data
Protection Regulation (GDPR) mandate that banks store, process, and manage client
data without the utmost care.
 The Anti-Money Laundering Laws: To identify and prevent money laundering
operations, banks are required to deploy strict AML safeguards, which necessitate an
enormous expenditure in security architecture.
Company Analysis
Background
BNY Mellon has established itself as a leading worldwide expertise in the financial centre
one, propelling the sector ahead and demonstrating resilience in the face of transformation.
Over 90% of the Top 100 firms are among our clientele. We collaborate with him to support
them in realizing their goals. This entails utilizing our systems and knowledge in all facets of
the business lifespan.
With its headquarters located in New York City, the Bank of New York Mellon company, or
BNY Mellon, is an American financial services and banking organization. The bank provides
wealth administration, managing investments, and services related to investments. In 2007,
The Bank of New York and Mellon Financial Corporation merged to establish BNY Mellon.
It is the biggest depository bank and securities service provider in the world. as of 2023, $1.8
trillion of assets were under administration and $45.7 trillion were under custody. The
Financial Stability Board ranks this bank as systemically significant.
We achieved $17.5 billion in revenue, up 7% from the previous year, $3.87 in earnings per
share; $13.3 billion in costs, up 2% from the previous year; and a 9% return on common
equity.
BNY Mellon manage, relocate, and safeguard assets worth close to $50 trillion1 on behalf of
our clients. They have been developing innovative solutions for companies, neighbourhoods,
and individuals worldwide for almost 240 years.

History
history - The Bank of North America in Philadelphia was the first bank in the U.S., chartered
by the Continental Congress in 1781. The Massachusetts Bank in Boston was chartered in
February 1784. The shipping industry in New York City was struggling due to the lack of a
bank, and investors envied the 14% dividends offered by the Bank of North America. A June
1784 meeting led to the formation of the Bank of New York company. The bank operated
without a charter for seven years, initially planning to capitalize with $750,000, a third in
cash, and the rest in mortgages. The bank opened on June 9, 1784, with 723 shares held by
192 people. It provided the U.S. government its first loan in 1789 and was the first company
to be traded on the New York Stock Exchange.

SWOT analysis of BNY Mellon

BNY Mellon's strengths
 Include being present in over 36 different nations, its service in over 100 marketplaces
globally, and it’s about 47800 workers globally.
 BNY Mellon is both the biggest saving bank and a major custodial bank globally
 According to a survey by the Financial Times Magazine, the safest US bank is a
prominent US financial management company.

BNY Mellon's weaknesses

 In comparison to sector ratings, both the payout ratio (TTM) and the yield on
dividends are low.
 As custody and investment administration services account for the majority of
income, a significant reliance on them poses a serious danger because foreign
exchange income makes up a smaller portion of the total.

BNY Mellon opportunity

 Growth in Latin American nations will increase the bank's earnings.
 The investment management and financial advisory industries will increase as a result
of Mentor Holdings' operational expansion.
 There is a lot of potential in the banking sector since growth will enable the bank to
compete with other leading US banks, such as Citi, Wells Fargo & Company, BOA,
JPMC, and US Bank.

BNY Mellon Threat

 US regulation developments that impact the bank
 The financial institution will be impacted by modifications to US pensions schemes'
or programmes' standing.
 An important effect of the US G.D.P receding
Objective of the SIP
Objective: Time and Motion Study of Reviewing and Approval of
Tax Forms
This activity's primary goal is to appropriately estimate the team's workload by performing a
time and motion analysis on the various forms for taxes that are reviewed and approved. The
purpose of this study is to:

 Compute Workload: The research attempts to measure the true workload of the
department by closely monitoring the amount of time spent on various duties related
to the inspection and approval of tax forms.

 Assess the Needs for Staffing: The team may determine if it is currently understaffed,
overstaffed, or correctly staffed by using detailed data on how long each task takes.
Making well-informed judgements on the hiring or reallocation of assets is aided by
this.

 Find bottlenecks: The research will assist in locating any workflow inefficiency or
blockages. Determining the source of delays enables focused enhancements.

 Process optimisation may be achieved by cutting out pointless stages, streamlining

procedures, and increasing overall effectiveness using the time & motion research's
insights.

 Boost Productivity: The department may boost efficiency by making sure that tax
forms are examined and authorised on time by matching personnel numbers to the
real burden and streamlining procedures.

 Help with Resource Allocation: Precise workload data facilitates more effective
utilisation of resources and distribution, guaranteeing that the team runs efficiently
during busy periods and has a balanced workload every year long.
RESEARCH METHODOLOGY
1. Scope of the study:
The study assesses the effectiveness of the team in examining and approving forms related to
U.S. tax documents, as well as the workload and manpower requirements in this line of
business or any other line of business is added to this department. It also pinpoints areas that
require improvement through training and development.
This study focusses on analysing the time each employee takes to review and approve U.S tax
documentation forms such as W-9, W-8 BEN-E & W8-IMY.
Main aim of this study is to find Average Handling Time of each form so that productivity
and work load of the department could be calculated.

2. Sampling techniques used:

Convenience sampling was used in this investigation. I chose participants who were easily
accessible (members of your staff) for observation and interviews. Convenience sampling is a
useful method in research contexts such as exploratory studies, pilot projects, and time-,
cost-, and practicality-sensitive scenarios, despite certain biases and generalizability
difficulties. It lowers errors by pointing out areas that need more explanation or training. In-
depth interviews and observation of employees reviewing and approving forms were also
conducted to understand the process and perform accurate study.

3. Data Collection Procedures and timeline:

Observation:
Employees were extensively observed as they reviewed and approved documents, noting the
procedures and looking for any potential delays or problems. Information was kept on file,
including the quantity of forms completed by each employee, whether they were completed
in a controlled setting or as part of routine business, and how complicated some forms were.

Interviews:

Twenty employees participated in in-depth interviews to learn more about their knowledge of
the W-9, W-8BEN-E, and W-8IMY forms, their experience with the review and approval
process, questions about the specifics of the forms, any difficulties they had processing the
forms accurately and quickly, and their recommendations for improvement.

Time measurement:
The use of a stopwatch to track employee processing time on a form yielded 170 data points,
aiding in calculating average processing time and identifying potential variations. The
accuracy of stopwatch measurements and accounting for interruptions or distractions during
the measurement process was considered.
Time line/duration:
The study was conducted for a time duration of 4 weeks from Monday to Friday (2:00 AM to
10:00 AM)

PRESENTATION OF RESULTS

QUANTITATIVE AND QUALITATIVE RESULT

U.S TAX DOCUMENTATION

A. W-9 FORM

1. The W-9 Form: What is it?

Officially known as "An Application for Taxpayer Identification Number and Being
certified," the W-9 form is an IRS document that is utilised in US.

2. Why is the W-9 Form Used?

The W-9 form is primarily used to give a Taxpayer Identification Number (TIN) to the
individual or company that has to submit details return to the IRS. Reporting payments to
independent contractors, freelancers, and other non-employees falls under this category.

[Link] needs to Fills the W-9 Form?

Generally, partnerships, corporations, firms, organisations, and U.S. individuals (including
resident aliens) that conduct business in the country fill out the W-9 form.
To make sure the customer gets the information needed for tax reporting, contract workers,
self-employed individuals, and suppliers frequently fill out this form when they start working
with a new client or company.
4. What are the implications of Inaccurate W-9 Form Filling?
a). Inaccurate TIN: If the TIN is provided incorrectly, backup withholding may occur,
requiring the payer to retain a portion of the payment (often 24%) and send it to the IRS.
Payment Delays: Inaccuracies on the W-9 form may cause payments to be delayed because
the person who pays may need to confirm the details or request a revised copy.

b). fines: Failure to provide the right TIN may result in fines from the IRS.

c). Risks associated with audits: An IRS audit or probe into the tax matters of both the payer
and the recipient may be initiated by inaccurate or false information.

d). Reputational Damage: Businesses may suffer from a loss of confidence with suppliers and
contractors as well as reputational harm if they often make mistakes on W-9 forms.
5. What are the importance of Reviewing the W-9 Form?
a). Information Accuracy: To prevent problems with the Internal Revenue Service reporting
and possible fines, be sure the TIN, name, and address are accurate.

b). Compliance: Confirming that the form complies with IRS laws helps to avoid problems
with backup reporting and withholding.

c). Preventing Fraud: By thoroughly reviewing the data, one may identify and stop fraudulent
activity, shielding the payer and payee from any legal and monetary issues.

6. What Process is followed for Reviewing W-9 Forms?

a). Verification of TIN: To make sure the submitted TIN is legitimate, cross-check it against
the IRS database or use the TIN matching tool.

b). Verify Accuracy: Make sure all essential fields have been properly and entirely filled out.

c). Check for Consistency: Look for any differences between the data on the W-9 form and
the information already in the files.

d). Verify the signature and date on the form to make sure it comes from the rightful owner of
the Tax Identification Number (TIN and other details).
 REVIEW

5 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9

Fig.1

APPROVAL

3.2 3.3 3.4 3.5 3.6 3.7 3.8

Fig.2

Interpretation of results:

A normal distribution with a mean (average handling time) of about 5.48 in reviewing(fig.1)
of W-9 FORM & 3.48 in approval (fig.2) of W-9 FORM is seen in this graph. The bell-
shaped curve shows that as you move in either direction away from the mean, fewer values
occur, and the majority of the data values are concentrated around the mean. Given that the
distribution is symmetric, the data are thought to follow a conventional normal distribution
pattern.
B. W-8 BEN-E FORM
[Link] W-8BEN-E Form: What is it?
Foreign organisations that wish to prove their status for U.S. tax withholding and reporting
reasons utilise the IRS form W-8BEN-E (Certificate of Status of Beneficial Owner for United
States Tax Withholding and Reporting). It belongs to the W-8 set of forms, that is utilised to
attest to the fact that an individual or organisation is a foreign business or individual and is,
thus, eligible for advantageous tax treaty advantages or exemption from some types of U.S.
taxes.

[Link] Does It Have Everything?

 To determine the entity’s foreign status

 To assert your standing as a beneficial owner of money received from US sources

 To assert a reduction in or exemption from U.S. withholding of taxes in accordance

with a relevant income tax agreement.

 To supply the data required in order to comply with the Foreign Account Tax
Compliance Act (FATCA).

[Link] needs to Fills the W-9 Form?

 foreign organisations that get revenue from American sources, such as businesses,
partnerships, and trusts.

 International financial institutions to verify their FATCA status.

4. What are the implications of Inaccurate W-9 Form Filling?

 Increased Withholding: On transactions made to the foreign entity, the U.S. payer
may withhold taxation at a greater rate (usually 30%).

 fines: For non-compliance or underreporting, the IRS may impose fines on both the
foreign corporation and the U.S. withholding agency

 Loss of Tax Treaty Benefits: Under relevant tax treaties, the foreign firm may no
longer be eligible for lower withholding tax rates.

 FATCA Compliance Problems: Inaccuracies may give rise to FATCA compliance

concerns, which may result in further fines and reporting challenges.

6. What Process is followed for Reviewing W-9 Forms?

 Initial check
The first check entails making sure all required fields have been filled out and that the
form is the right version and date.
 Entity classification
Verify that the entity type and classification comply with IRS standards, as well as the
 FATCA status and, if relevant, the Global Intermediary Identification Number
(GIIN).

 Claim on treaty benefits

The entity should check that the required documentation is connected to the part
where it claims advantages from tax treaties.

 Signature and validity

Authorization and the validity term (usually three years after the date of signature)
should be confirmed on the form.

 Consistency check
Make that the information on the W-8BEN-E form is consistent by cross-referencing
it with other records and papers. You may also confirm that the form's content is
supported by the linked paperwork, such as financial statements or articles of
incorporation.
 REVIEW

5.9 6 6.1 6.2 6.3 6.4 6.5 6.6 6.7

Fig.3

APPROVAL

4.6 4.8 5 5.2 5.4 5.6 5.8

fig.4

Interpretation of results:

A normal distribution with a mean (average handling time) of about 6.29 in reviewing(fig.3)
of W-8 BEN-E FORM & 5.24 in approval (fig.4) of W-8 BEN-E FORM is seen in this graph.
The bell-shaped curve shows that as you move in either direction away from the mean, fewer
values occur, and the majority of the data values are concentrated around the mean. Given
that the distribution is symmetric, the data are thought to follow a conventional normal
distribution pattern
C. W-8 IMY FORM

1. The W-8IMY Form: What Is It?

For the purpose of US tax withholding and reporting, foreign intermediaries, foreign
flow-through organisations, or specific U.S. branches may submit the W-8IMY form.
It is mostly used by flow-through companies and brokers that accept transactions on
behalf of various other companies or people in order to verify their identity and
provide supporting documents for withholding taxes in the United States.

2. WHY IT IS FILLED?
 Testify that there is no withholding of US taxes on behalf of the middleman or flow-
through business.

For the objective of the Foreign Account Tax Compliance Act (FATCA), record the
entity's status.

Inform the beneficial owners of the withholding tax status as well as earnings
distributions.

Make sure you are in line with US tax regulations and steer clear of needless payment
withholding.

3. By Whom is it Filled?
 Foreign intermediaries (for example, foreign financial institutions or brokers).

 Foreign flow-through entities (for example, grantor trusts, partnerships, or simple

trusts).

 Foreign bank or insurance company branches in the United States that are recognised
as U.S. persons for withholding purposes.

4. Consequences of Incorrect Filling?

 Inaccurate Withholding: If the withholding agency applies the incorrect withholding
tax rate due to incomplete or inaccurate information, the result might be either an
over- or under-withholding of taxes.

 fines: If you give false information or neglect to comply with your withholding tax
responsibilities, the IRS may impose fines.

 Reputational Damage: If an entity is discovered to be in violation of tax laws, their

reputation may be damaged.

 Legal Repercussions: Failure to comply with regulations or giving false information

may result in legal action.

 rejection of perks: Filing out forms incorrectly or incompletely may result in the
rejection of additional tax-related perks or tax treaty benefits.
5. Process of Review.
 It is necessary to confirm that all relevant areas have been filled out on the form and
that the date is correct and within its validity period.

 Verifying the identification and status of the intermediary or flow-through entity,

confirming the authenticity of the documents attached to the application and
beneficial owner information, and confirming the entity's FATCA status are all part of
the procedure.

 The work include going over the supporting statements or records that are attached to
the form and making sure that all required certifications and signatures are there.

 Verify that the W-8IMY form is consistent with other relevant documents and forms.
 REVIEW

100.0000 105.0000 110.0000 115.0000 120.0000 125.0000 130.0000 135.0000

Fig.5
APPROVAL

25 26 27 28 29 30 31 32 33 34

Fig.6

Interpretation of results:

A normal distribution with a mean (average handling time) of about 117 min (1hr 57min) in
reviewing(fig.5) of W-9 IMY FORM & 29.54 min in approval (fig.6) of W-9 IMY FORM is
seen in this graph. The bell-shaped curve shows that as you move in either direction away
from the mean, fewer values occur, and the majority of the data values are concentrated
around the mean. Given that the distribution is symmetric, the data are thought to follow a
conventional normal distribution pattern
 Summary of findings:

COUNT

47

21

23 43
26
7
W-9 W-8 BEN-E W-9 IMY

REVIEW APPROVAL
In the above figure it can be seen that a total of 167 data set were collected through
convenience sampling, In-depth interview and observation. Out of which 90 (47 for approval
and 43 for review) sample were of W-8 BEN-E form, 47 (21 for approval and 26 for review)
sample were of W-9 IMY form and 30 (23 for approval and 7 for review) sample were of W-9
form.

AVERAGE
REVIEW APPROVAL
2:09:36
1:55:12
1:40:48
1:26:24
1:12:00
0:57:36
0:43:12
0:28:48
0:14:24
0:00:00
W-9 W-8 BEN-E W-9 IMY

The above figure is a graphical representation of AVERAGE HANDLING TIME calculates

by this study. Which is as following: -

REVIEW APPROVAL
W-9 00:05:47 00:03:48
W-8 BEN-E 00:06:29 00:05:24
W-9 IMY 01:57:27 00:29:54
Contribution of the study:
This study sheds light on how effectively a team reviews and approves documents pertaining
to U.S. tax documentation. It implies that by examining motion and time data, bottlenecks
and potential improvement areas can be found, resulting in quicker response times.
Comprehending the mean handling duration and workload distribution across staff members
can guarantee equitable and effective task distribution, averting burnout and enhancing team
spirit. Interviews might highlight areas in which workers might be unclear about form
requirements or run into difficulties; this information can then be used to target training
programmes and increase accuracy. The study can also help with personnel decisions by
indicating whether more resources are required or whether the current team structure can be
modified.

Limitation of the study:

Although the study has some limitations, including convenience sampling, a small
sample size of 20 employees and 170 data points, a short duration of 4 weeks, and an
emphasis on time measurement, it nonetheless offers insightful information. The
study may not have captured cognitive parts of the review process, such as problem-
solving or decision-making, and the results may not be indicative of the total
population processing identical forms in an organisation.