What a day in the life of a payroll professional looks like?
A Day in the life of a Payroll professional starts with a coffee and ends with coffee. Every Payroll professional knows there’s no such as a thing “typical” day at work. Each pay cycle comes with a unique set of challenges.
Three important aspects to be considered….
Payroll Processing
Typically, the first thing a payroll administrator will do upon arriving at work is data capture employee input such as overtime, leave taken, travel expenses and loan deduction. If you are working at a larger business with hundreds of employees, this important process will require a large portion of your work day. With this task, it is critical to have an eye for detail, as an employee’s salary depends on your calculations.
Communication with employees
A payroll administrator will need to balance paperwork with helping other employees. Payroll professionals are expected to respond to employee queries on a daily basis and assist with any payroll concerns. Their duties are not limited to verify employee timesheets to ensure correct pay, but you will also process new employees and those who are leaving. The payroll administrator may also be responsible for explaining benefits programs and health insurance policies to new employees.
Reports
While report-creation is not always a daily requirement, keeping up to date on files is an ongoing necessity. To properly file taxes, businesses require constant reporting, which typically occurs quarterly per annum. A payroll administrator must keep up-to-date on company records and industry regulations in order to submit important files on time, as failure to do so can result in severe penalties. These reports generally cover all payroll transactions for a specified period of time, and include key components like wages and salaries, gross figures, and the net amount of pay extended to employees. Reports also break down all types of withholding contingencies, such as taxes retained by the employer or voluntary contributions to retirement programs.