Expert in Calculating Money? Be a Payroll Specialist

December 9, 20192:23 pm2048 views
Expert in Calculating Money? Be a Payroll Specialist
Expert in Calculating Money? Be a Payroll Specialist

Every organisation needs a trusted expert to take care of managing employees salary and company taxation. In other words, each employer needs a payroll professional to help them avoid any consequences from poor legal employment handlings. Are you interested in becoming one? Here is a general guideline to be a payroll professional. 

Note that each employer might have different and each will require unique qualifications when they hire for a payroll specialist position.  

Payroll position 

Being a payroll specialist officer means you should be familiar with taxation and calculation process within an organisation and the country in which the business run. You might also need to conduct training related to the use of financial software and other support services. Payroll specialists work in almost every industry such as finance, insurance, and healthcare. They also work in offices as part of the human resources team or department. 

See also: Step-by-Step Guide to be a Compensation Specialist

Payroll specialist responsibilities  

Here is the list of job desks you will do as a payroll expert in an industry. 

  • Consistently and accurately process payroll for new and old employees 
  • Manage workflow as prescribed to maximise efficiency 
  • Audit timesheets accurately to ensure wages and benefits are properly distributed 
  • Record and document all transactions
  • Research, analyse, and resolve all discrepancies, reporting to management as needed 
  • Monitor all accounts continually for accuracy 
  • Ensure taxation is applied to each account 
  • Participate in end-of-month closing and audits 
  • Conduct year-end reporting for any labour laws such as wage report, taxation report, etc. 
  • Remain in constant communication with teammates and management 
  • Communicate with HR teams to make necessary changes or updates to accounts 
  • Remain in compliance with all legal and institutional requirements 
  • Demonstrate respect for client privacy 
Payroll expert career growth 

For the job outlook of payroll specialist and financial clerks, Labour Statistics reported that it is generally good. The statistics showed that payroll career will grow 5 percent by 2028. However, it should be noted that some payroll specialist positions are being automated. The automation of many payroll officers responsibility via the use of computer software reduces demand. 

Payroll specialist requirements

With all the automation and responsibility in mind, you need the following requirements in order to be in the payroll specialist position. 

  • Industry will commonly require experience working in payroll department, working as payroll clerks, or working in an HR department
  • Holding a post-secondary education, bachelor degree in either HRM or accounting. (higher degree is preferred) 
  • Holding completion of payroll specialist certification (optional but preferred) 
  • Excellent computer skills, including ADP payroll software and Microsoft Office (showing certification in this skill will bring better advantages) 
  • Solid working knowledge of tax code 
  • Strong bookkeeping skills 
  • Exceptional communication skills (verbal and written) 
  • Aptitude for numbers and commitment to accuracy 
  • Team player with interpersonal skills 
  • Problem-solving and analytical thinking skills 
  • Attention to detail and ability to prioritise tasks
The salary  

With all the responsibility, Payscale estimated that you can earn an average salary of S$40,372 annually with a range of S$3,000 to S$77,000 in Singapore. You can also get a bonus range from S$2,000 up to S$12,000. 

If you apply in Malaysia for the position, you can get a yearly average salary of RM51,349 with a range of RM6,000 to RM75,000. Plus a bonus range from RM4,000 to RM7,000. 

In Indonesia, the average salary of payroll specialist is 166,668,891 IDR with a range of 78,334,379 IDR up to 246,669,958 IDR. There is no bonus or profit-sharing information. 

Meanwhile, in the Philippines, you can earn an average salary of ₱293,082 annually with the range salary is ₱222,000 up to 457,000 plus a bonus from ₱6,000 up to ₱88,000. 

In Thailand, the average yearly salary for payroll manager is THB1,125,234 with a range salary between THB796,582 and THB1,406,412. There is no bonus information available. 

In China, the average salary of payroll expert is ¥152,193 per year with a range between ¥112,835 (for entry-level) and ¥187,954 (for senior-level). The hourly salary is estimated up to ¥73 and the average bonus is ¥2,922 per year. For Hong Kong payroll specialist, you can expect an average yearly salary for HK$283,000. 

Note that those salary estimation can be higher or lower depending on your skills, education, and years of experience as a payroll expert. 

Read also: The List of Average Salary of HR Job Roles in MALAYSIA

(Visited 1 times, 1 visits today)