A payroll manager ensures that wages and salaries are paid accurately to employees. She guarantees that the appropriate deductions from the gross amount of the payment have been made to comply with local and regional regulations, benefits funds, and garnishment requests. Her job responsibilities often include managing and supervising payroll support personnel.
When new employees are hired, the human resources department usually assigns a payroll manager to assist with their orientation. She usually double-checks their pay rate and frequency, as well as the deductions that should be made from their paychecks. She is in charge of adjusting current employees’ pay rates or issuing final checks when they are promoted, transferred, or terminated.
If a company provides benefits to its employees, the payroll manager is usually in charge of administering them. She’s in charge of retirement funds, stock options, and the distribution of awards and bonuses on a regular basis. Employees frequently come to her for answers to their benefits-related questions. She is frequently consulted, along with the human resources manager, when management considers changes to their salary or benefit structure.
A payroll manager typically communicates with accounting and human resources managers on salary, benefits, and payroll procedures and policies to ensure efficiency throughout the company’s financial operations. These executives frequently collaborate to develop and implement changes that will benefit the entire organization. If employee contracts are part of the company structure, these managers may review them on a regular basis and make changes if necessary.
Payroll managers are frequently asked to prepare and submit reports to management on a regular basis. These usually reflect the amount of money the company spends on benefits, taxes, and vacation accruals. The manager may make suggestions to improve operations or save money in these areas.
A good communicator is usually a requirement for a successful payroll manager. On a regular basis, she interacts with other company managers as well as staff employees. Her discretion is crucial because she frequently discusses personal matters like salaries, bonuses, and benefits. It is preferred that you have good math skills. Being well organized allows the manager to deal with multiple issues at the same time and achieve the desired results.
A bachelor’s degree in finance or accounting is typically required for this position. A master’s degree in the same concentrations is preferred some employers. The educational requirements may be waived or reduced if an applicant has more than five years of successful payroll administration or management experience.