Payroll Administration Schools
Employees like to get paid for their work, and rightly so; they then depend on accurate payroll administration in order to receive their fair share. In other words, payroll administration is the management of the process by which employees get paid. This includes maintaining timesheets, tracking hours, calculating salaries and commissions as well as overtime and bonuses, classifying a worker's exempt or non-exempt status, and calculating tax, Social Security, and Medicare deductions for a company's employees and sometimes their outside contractors.
These days employees usually get paid via direct deposit to their bank account, which means that payroll administrators must liaison with banks, but payroll administrators may also be responsible for issuing and distributing checks.
Employees are paid twice a month, or at the frequency established by the company, which means that payroll is an ongoing task for any business. Payroll administrators must keep accurate records for each employee and keep on top of current deduction requirements.
Payroll Administrator Career Outlook
Would you like to find a career that is experiencing unprecedented job growth even in these economically troubling times? Would you like to find a career where you work on your own as well as with a team, and typically have a department that you manage every day? Would you like to choose a career where you are called on to solve problems, come up with fresh ideas and suggestions, and where you are always valued in your company?
If so, then you may want to consider a position as a payroll administrator. This job involves so much more than just shuffling papers and administering payroll checks; a payroll administer may work on other teams to solve financial problems within a company or suggest new ideas that affect its overall bottom line.
All of this means that the outlook for careers in payroll administration are very strong. As a matter of fact, most statistics show that payroll should see a 10%-20% growth in the next decade and beyond. There are a few reasons for this, and a few things you might consider in order to increase your chances of landing such a job.
The payroll administrator brings vital experience and expertise to the payroll department and the company overall. No doubt this is why the area of payroll will continue to see solid growth over the next few years.
Auditing is a process where facts and figures are checked against one another to find errors or discrepancies. Today auditing is regularly done with the payroll process, and it is a need that will continue to grow. This is because there has been much new legislation put on the books that is meant to curb cases of financial and accounting fraud. These new laws in some cases hold business owners and executives personally responsible for these practices.
This means that more and more companies are hiring in-house auditors or having audits done more frequently, especially in the payroll departments. A payroll administrator may be called on to perform audits of the department on a regular basis, even several times per year.
The payroll administrator may also be audited by someone else, and he or she is often expected to work with the auditor through this process. Rarely does an audit mean just checking paperwork but it means meeting with individuals to get questions answered for clarification. The payroll administrator may be the only one that can assist an auditor through the process of auditing the payroll department, making their job more important than ever.
New Legislation and Laws
Along with new legislation that is meant to curb financial and accounting fraud, there is always new legislation passed that deals with a company's payroll and finances overall. State tax laws may change, laws regarding minimum wage may change, and things like this make the job of the payroll administrator that critical.
This means that a good payroll administrator should always be keeping with these laws and may want to further their education in this regard. If you're new to applying for the job of a payroll administrator, be sure that you've taken classes on the latest legislation and mention this on your resume and during your interview.
Some may assume that because more and more jobs are becoming computerized that a payroll administrator's job may also be replaced by a software program. This typically isn't the case; a payroll administrator is not like a payroll clerk. They do much more than just enter numbers and cut checks. The payroll administrator brings vital experience and expertise to the payroll department and the company overall. No doubt this is why the area of payroll will continue to see solid growth over the next few years. If you're looking for a career path with real potential, then of course the path of a payroll administrator is one that you should consider.