Job Description
Payroll is an essential aspect of any business, and getting it right for both the company and its employees is critical. That’s where the Payroll Specialist comes in.
A Payroll Specialist typically manages and oversees all aspects of a company’s payroll. Payroll Specialists handle myriad tasks, from collecting bank and direct deposit information to handling paper checks for employees, from maintaining accurate records to keeping up on taxation and much more. Payroll Specialists often are called on to do it all, making this position a vital part of a crucial department for all businesses.
If you have the background, plus excellent math and communication skills, an eye for detail, and can balance many different projects and tasks at once, you may have the skills and interests to be a great Payroll Specialist.
Typical Duties and Responsibilities
- Prepare and submit paper payroll checks for employees
- Collect banking information for direct deposit setup and initiate deposits on paydays
- Have a knowledge of and keep current with the taxation of salaries, benefits, and other factors
- Process and monitor garnishment orders and other issues that impact payroll specifications
- Maintain and document all payroll records
- Reconcile the general ledger regarding payroll transactions
- Detect and process issues with uncollected payroll
- Respond to employee inquiries regarding payroll issues or concerns
Education and Background
This position requires a bachelor’s degree in accounting, finance, or a related field.
Skills and Proficiencies
- Several years of experience in payroll
- Strong organizational and mathematical skills
- Ability to maintain confidentiality regarding financial matters
- Excellent knowledge of word processing tools and spreadsheets
- Great attention to detail
- Excellent mathematical skills
Compensation
According to Payscale the median annual salary of a Payroll Specialist with
1 Year of Experience:
- Orlando, Florida: $36,000
- Tampa, Florida: $43,000
- Jacksonville, Florida: $43,000
- Miami, Florida: $43,000
- Atlanta, Georgia: $44,000
- Chicago, Illinois: $44,000
- Houston, Texas: $46,000
- Los Angeles, California: $45,000
- New York City, New York: $50,000
- Seattle, Washington: $47,000
- Overall: $44,000
5 Years of Experience:
- Orlando, Florida: $43,000
- Tampa, Florida: $46,000
- Jacksonville, Florida: $45,000
- Miami, Florida: $49,000
- Atlanta, Georgia: $50,000
- Chicago, Illinois: $55,000
- Houston, Texas: $56,000
- Los Angeles, California: $54,000
- New York City, New York: $60,000
- Seattle, Washington: $56,000
- Overall: $51,000
Similar Job Titles
Career Path
The career path for a Payroll Specialist starts with obtaining a bachelor’s degree in accounting, finance, or a related field. Candidates can further their career prospects and potential by completing classes or earning a certification from the American Payroll Association.
Position Trends
Although some aspects of the payroll process are being automated, jobs in this field are estimated to grow in the next handful of years at a rate that’s about average in comparison to careers across the board. This steady growth helps make the position of Payroll Specialist a stable career for interested and talented candidates.
Job Outlook
According to the U.S. Bureau of Labor Statistics, employment of financial clerks (which typically includes Payroll Specialists), is projected to grow five percent through 2028; this is an average rate of growth.
Typical Hours
The typical work hours for a Payroll Specialist can be from 9 a.m. to 5 p.m. Monday through Friday in an office setting. However, longer or different hours can be necessary.
Where You Can Find Jobs
- 4 Corner Resources
- Career Builder
- Glassdoor
- Indeed
- Monster
Are You Interested in Becoming a Payroll Specialist?
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