Dec 28, 2020 10:33 AM EST
5 Practical way to improve your Payroll Processing skills
Payroll is a demanding profession in recent years. To take the next leap in your payroll career, you have to ensure to update yourself with the latest payroll practices, payroll software knowledge, and compliance requirements.
Generally, when a company is hiring for payroll management roles, they look for a relevant degree, a minimum of one year of experience.
Industrial credentials like Fundamental Payroll Certifications (FPC) and Certified Payroll Professionals (CPP) are often additional bonuses.
Apart from these credibilities, here are five payroll processing skills employers are looking for in professionals like you.
Knowledge of Compliance
Compliance is a crucial part of payroll management. Most companies struggle to manage it.
Even though a vendor offers an updated version of taxes and benefits in their payroll software, payroll supervisors and managers' responsibility is to ensure their company is compliant with all the legislation.
The easiest way to stay updated on compliance is to search and subscribe to payroll related blogs and compliance newsletters and make it a habit to read them regularly.
Even enrolling and attending webinars organized by renowned payroll organizations will throw valuable insights into compliance and payroll.
Payroll System & Software Processing
If any problem arises, they look for a senior professional to sort it out in any company.
Likewise, every high profile payroll job tests you on the knowledge of popular payroll software.
Some of this software include Gusto, Paycom, Zenefits, ADP Workforce, and Sage.
Besides, some firms will look for payroll managers to help them with advanced payroll software features like building custom templates, managing W2, and 1099 employee preparation.
So, be the expert they search for payroll.
No matter what your profession is, strengthening your core skills won't go in vain.
For payroll jobs, you can upskill yourself with Enterprise Resource Planning (ERP) systems like Oracle, Netsuite, and general accounting software.
Additionally, they foresee necessary Microsoft Office and Google Sheets operating skills.
It will be interesting to update on the fastly emerging Artificial Intelligence and process automation too.
Interestingly, some payroll vendors offer online tutorials and paid courses for hands-on training on the payroll industry's recent developments.
You can showcase all these efforts to the employers and prove your curiosity to learn.
The Business Acumen
It is well and good to be a generalist and specialist at the same time. What do you mean? The thin thread between payroll and other functions are slowly disappearing.
Other than payroll, you can learn about data analysis, Human Resources, and Accounting too.
Fortunately, you might have a degree in one of these, which sum up to the experience as well.
If not, it's no harm in learning them from elearning platforms offering the basics and advanced modules at your convenience.
The more knowledge you have on the complicated business structure, the better your position as a payroll processing professional.
Leadership & Soft Skills
A high profile position in payrolls like a payroll manager or supervisor requires management skills other than your core knowledge.
How does one acquire these skills? You can ask for the responsibility to take charge of a particular assignment to manage a team.
There is a window of possibility outside the workspace, like professional associations with other payroll companies on a contract basis.
It also opens the way for networking with other fellow payroll professionals.
Before you go
Like any other demanding position, the payroll manager role takes immense hard work and time. As a benefit of taking up challenging tasks and responsibilities, you can earn a ransom salary. We hope our insights will help you to work on leveling up your game in payroll.
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