Job role: Payroll Manager
The payroll manager is in charge of managing the dispensation of the company’s payroll. They guarantee the correct calculation of salaries, tax withholding, and company payment. They design statistical reports on salary, commissions, and benefits like vacation, sick leave, infirmity and other paid leave, and taxes etc. and make certain to prepare proper governmental reports and agreements. The payroll manager also oversees the undertakings of a small staff of experts and support other financial staffs. The payroll manager is sometimes, not only responsible for finance but also the human resource office. Frequently answers to a financial controller or Human Resources Manager. They supervise lower ranked staff in the daily performance of their jobs.
The Payroll Manager is in charge of the management of all sides of the company’s payroll data in general. They draw monthly payrolls for all units of the company, shepherding reconciliation audits, and connecting with the business’s third-party payroll merchants. The duties of the Payroll Manager entails the manager has the skills to keep the strictest of privacy safe in respect to the business and its staffs.
The Payroll Manager is liable for the organising and carrying out of payroll procedures and systems so as to make certain that the payroll dispensation will be accurate and well-timed. The Payroll Manager is also accountable for the growth and management of business procedures for payroll management.
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AIMS AND OBLIGATION OF THE PAYROLL MANAGER
- Management and Strategy: The Payroll Manager has both decision-making and tactical responsibility. He sets goals, arranges workload, improves and recommends these changes in policies, measures, and techniques. These measures guarantee proper control, improvement, and effectiveness of the business’s payroll job. In this situation, the Payroll Manager allocates, manages, and analyses the jobs of the rest payroll support staff by contracting, promoting, implementing salary approvals, and crying out performance assessments. The Payroll officer also has to resolve the payroll overall record book and organises statements or reports brief payroll accounts.
- In addition, the payroll manager oversees workflows and make certain that all payroll dealings are handled in an appropriate and correct manner. The Payroll Manager also tries to ensure that all obligatory control actions are achieved before disbursing is begins. It is also the duty of the payroll manager to supervise all outsourced payroll workers and to make sure they regularly document and bring up to date all of the business’s payroll actions. The Payroll Manager also functions as a vital member of the finance team who makes sure that any discovery received are either settled or proceeding to a quick resolve. The Manager also oversees seller interactions for payroll structure and employees’ reimbursement.
- Financial and Analytical Role: They are given the role to prepare and verify various company’s payroll information to ensure an accurate yet timed payment procedures for staffs. In this payroll seat, the occupant has the duty of examining, arranging, and entering payroll information of all staffs into the automatic systems. It is also the duty of the payroll manager to analyse and thereafter, support all payroll journal entries as well as reconcile payroll general ledger accounts and regular bank statements. The Payroll Manager also structure and settles deliberate payroll deductions, makes reports, and recognises research allowances. It is the job of the manager to make sure that he delivers an accurate financial report for senior executives and major investors. Without the availability of the tax manager, the Payroll Manager also makes inquiries on the compliance of tax rules for the company and organises and submits local tax reports.
- Awareness: The Payroll Manager also performs the function of keeping an informed and updated environment in the sector. He tries to keep up with the best practices, trends, and he works with his team and tries to keep them abreast with the latest tools, legislation, practices, and trends by creating workshops and seminars.
- Teamwork: the duties of a Payroll officer is not totally independent because, he acts as a member of a unit in conjunction with bank officials to coordinate the organising and delivery of cheques, and in ensuring the accuracy of tax report with proper tax agencies in the state. He also teams up with the information technology department in improving ways that are connected to automatic payroll systems and also in the upkeep of payroll digital systems. He will also partner with the human resource manager and the finance executives to work out areas which determine employees benefit packages and compensations. In this level of collaboration, he must ensure to always keep the level of confidentiality, transparency, and communication in financial related matters very high.
- Other financial and managerial Duties: The Payroll Manager can also execute some other functions as required for the smooth execution of his duties and some other duties can be assigned to him by the head of administration or the HR.
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REQUIRED SKILLS FOR A PAYROLL MANAGER
To be at the peak of your career, there are some required set of skills which you must have.
- Strong mathematical skills: a person going for the role of payroll manager must be comfortable working with numbers. It is one of the most important skills a payroll manager must have. It shouldn’t only entail just calculating huge figures. It also comprises the ability to look at a spreadsheet and spot out any errors or discrepancies. Even though the manager will be equipped with payroll software that will help in accomplishing difficult tasks, it is very dangerous to trust and rely on them. A payroll manager should be able to conduct fast and accurate arithmetic on his own.
- Attention to detail oriented: A payroll manager must have an affinity detail. Financial risks come with the job, even a minute error can cause a colossal damage to his/her reputation. For example, the use of a comma and full stop in your digits can be a little confusing. Take for instance 99,999 and 99.999. They may look alike when you are busy and tired and this may cause problems for you
- Communication: having a good communication skill will be necessary for this role, in both writing and speaking. He will be needed to clearly write messages, to avoid misinterpretation and aid understanding which will then positively impact the performance and productivity of assisting staffs in his division. In addition, He will also be asked to regularly organise several financial reports for senior executives, major investors, and collaborating staffs. The information should be accurate, clear, compelling, and easy to understand. The payroll officer should also be able to interpret difficult messages in a way that every person under his unit will be able to understand and successfully carry out the message’s order.
- Computer knowledge: all companies in this era prefer their candidate to have the basic computer knowledge. Even computer skills as simple as the MS word office such as MS Excel, MS PowerPoint, and MS word are important for carrying out simple tasks. Computer knowledge will be necessary for creating engaging materials and reports for executives. Major stakeholders and other personnel in their team.
- Analytical Abilities: A payroll manager must exhibit an appetite for carrying out research and conducting analyses based on raw data, and providing lasting solutions for payroll guidelines and procedures in the firm.
- Trustworthiness: The Payroll Manager needs to also exhibit certain qualities that make him the best man for the job. For that reason, an aspirant that wants to go for the position of the payroll manager must, handle delicate and confidential material, and also preserve a high level of honesty. In addition, He will also have to demonstrate self-motivation because most jobs, he will be working under unlimited restrictions. He will have to be very active going beyond his jurisdiction, have an affinity for multitasking, accomplish everyday jobs in a timely manner, have outstanding solution-providing skills, have the skills to work in a team and show composure in times of stress and pressure.
- People Person: The payroll manager should also exhibit an ability to create and preserve strong and important connections. He will also be sociable, instil trust in other personnel, which will make senior executives and investors free to share sensitive information with you because they have found favour in your judgement.
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EDUCATION & TRAINING
To be qualified for the role of payroll manager, you must have a bachelor’s degree in finance or economics or human resource or other finance related field. Currently, most firms prefer that their payroll manager should be a certified payroll professional.
A candidate aiming for the position of payroll manager must have a least 10 years of experience working as a subordinate in the payroll field. He must have experience in payroll preparing and processing. The candidate should have worked as a junior payroll officer of a support personnel. He should be experienced in ledger reconciliations, researches, providing the perfect solution to any inconsistencies. He must have a strong knowledge of payroll policies and procedures within the office of the payroll manager. The perfect person for the job should have a successful experience in payroll processes. And in addition, because the person is going for a sensitive position, a background check will be required.
The mean wage of a payroll manager is about $101,000 per annual in May 2011 according to the bureau of labour statistics. With the highest earners earning a sum of $160,000 and the lowest paid payroll manager receiving about $53,000 or less.
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