What is a payroll specialist?
A payroll specialists main responsibility is to process payroll for a company. However, the payroll specialist role also includes additional accounting tasks like paying taxes, managing employee payment preferences, and maintaining a yearly roster of employees and their earnings.
A payroll specialist job description for a smaller company may include some human resources duties as well, like overseeing employee benefits.
Education requirements for this role can vary, but most ask for [at least] an associate degree in accounting or a related field. Most companies expect a few years of experience in the industry as well.
How is this position monitored?
In large companies, the payroll specialist often reports to a payroll director. In smaller companies, the payroll specialist may report to an owner or an operations manager.
Performance goals for a payroll specialist include the accurate execution of an on-time payroll, coordination with human resources, and effective communication with employees and supervisors.
How much does a payroll specialist make?
A payroll specialist salary hovers around $47,300 per year. While the average salary for payroll specialists is about $27 per hour, there is a potential to earn up to $32 per hour or $66,000 per year.
Payroll specialist job duties & responsibilities
A payroll specialist processes payroll for all company employees, which comes with a variety of duties and responsibilities, including:
- Collecting payroll preferences and documentation from employees
- Adjusting compensation to account for taxes, commissions, and company benefits
- Utilizing a company payroll system that provides easy tracking for recordkeeping purposes
- Handling employee questions
- Monitoring and reconciling accounts
- Preparing reports for managers or tax audits
- Introducing new employees to the payroll process