Understanding functions of a potent Payroll Management

Payroll is one of the most prominent functions performed by an HR within an organization. Hence it’s imperative for an organization to understand the activities associated with payroll and the functions and duties exercised by a payroll manager.  

Payroll Processing: payroll processing is supposed to be the most critical work, since it puts a great deal of pressure on payroll operations to be efficient and to deliver and detriment of customer services. This assessment helps payroll managers to identify and track the needs of the employees and to take appropriate step to satisfy them.  

Whether he/she manages a payroll of 20 or 20,000 employees, the basic fundamentals remain the same, large or small the payroll function always performs the same integral functions. For a payroll manager there is a demand for certain personal qualities, attributes, skills, experience requirements and abilities.

Roles and duties exercised by a Payroll Manager:

•  Payroll manager are demanded to adapt the present payroll functions as per to sustain legislatively complaints.

• It’s payroll manager’s duty to lead, motivate and manage the payroll team.

• Payroll managers must develop and implement effective policies and procedures for an effective functional business system.

• Payroll manager’s prime duties involve identifying and eliminating the risks associated with payroll production.

• Payroll managers are also demanded to report and assist in managing employee relations issues that arises in the organization.

• Payroll manager must understand the basics of accounting and general ledger concepts and to complete monthly general ledger reconciliations on time.

• Payroll manager are to assist with and manage salary packaging system in order for it to function smoothly and effectively.

• Payroll manager ought to maintain a liaison with internal as well as external customers.

• Payroll manager’s responsibility is to complete all the companies statutory reporting including Payroll Tax, FBT, etc

•  Payroll Manager’s are supposed to manage organizations’ superannuation funds.

• Payroll manager’s are to manage workers compensation claims and associated policy renewals of the employees on time.

• Payroll managers must morally support the senior management team.

For the above duties a payroll manager must inherit the typical personal skills and attributes:

• He/she must be a professional at conducts and presentations.
• He/she must uphold exceptional communication both written as well as verbally
•  He/she must know to pay high attention to every minute detail. 
•  He/she must be an active problem solver. 
•  He/she must have a proven supervisory experience as a plus point. 
•  He/she must know the rules and technique of handling a management.
• He/she must have a clear and high exposure with the ability to manipulate relevant payroll system. 
• He/she must have knowledge in advanced computer skills; this usually requires a perfect idea about how to effectively and efficiently use Excel and other computer advanced abilities.
• He/she must inherit tenacity and analytical skills.

In order to have a good payroll function all of the above mentioned aspects are important. A payroll manager must consist all of the above listed attributes and qualities, then only he or she proves to be a perfect candidate for the position. 

A professional payroll manager consistently identifies risks in advance and reports those risks to management and addresses them within the scope of the time.  Risks in payroll management are ever-present, far-reaching and potentially damaging to cash flow, the share price & public perception yet can be easily managed. A properly managed payroll system helps to deliver a zero error system that ensures a systemized organization which is more time and cost efficient. 

Today senior management views a professional payroll function with respect and hires such applicants that prove to be a valuable asset for their organization. They further seek information from payroll manager and value of what he/she provides. Hence its necessity of a professional payroll manager to invest time to understand what management requires and how the utilized information could profitably use for future.

About NetHr:

Net HR offers organized recruiting services. Over the years, they have been the most preferred recruiting partner for many multinational companies and major businesses to appear as the top recruiting brand globally. This combined with our role as reliable professionals has resulted in our core capability in developing organizations.

MNCs worldwide use NetHr payroll services. The companies ensure compliance with all the applicable laws. It makes sure to make the challenges simpler and offers highly extensive and best payroll handling alternatives. 

The team consists of experts for legal conformity, accounts professionals to ensure accurate monthly pay-roll pattern. NetHr offers versatile assistance that will consider your choices, systems and methods of working. Net HR offers a wide range of pay-roll alternatives built on years of experience to help employer provide with proper assistance. For Payroll assistance and further information, click here