About 82 million workers have experienced an error on their paycheck. Many of these errors could have been easily avoided if the business had hired a payroll specialist. If your business has employees, then it’s time to consider hiring a specialist.
This guide will explain what a payroll specialist is, why you need one, and what to look for when hiring someone for your company.
What Is a Payroll Specialist?
A payroll specialist will handle processing payroll and tax reports used for your company’s tax filing. They also provide training on financial software and other financial related supportive services.
You’ll find payroll specialists working in almost all industries. They are typically a part of the human resources department.
What Does a Payroll Specialist Do?
A typical day for a payroll specialist will include processing payroll data and verifying information. This includes confirming attendance records, verifying pay adjustments, and confirming benefit disbursements. They can also do a variety of other payroll-related tasks.
- Income tax returns
- Payroll processing system management
- Customer service
- Data entry
- Manual checking
- ADP management and reporting
Why You Need a Payroll Specialist
Having errors in your employee’s paychecks will lower employee morale. No one wants to work for a company where they have to continually fight for the correct pay and benefits. If the errors remain incorrect or are especially offensive, it could put your business at risk of a lawsuit.
You’ll face similar fines and consequences if you report your income incorrectly to the IRS. A specialist understands the documents and reporting requirements to ensure you don’t get in trouble when paying your taxes.
Finally, if your business is small, you may have yourself or someone else currently handling payroll. You may not know or understand all of the intricacies that go into this task. So why not hand it over to someone more qualified and knowledgeable?
Then you can be more productive at your other tasks, like running the company.
What to Look for When Hiring a Payroll Specialist
To succeed in payroll services, they need to have strong math, communication, and organizational skills. This ensures that they can perform every aspect of the job effectively.
Ask potential hires if they’re certified through the American Payroll Association. There are two types of certification: the Certified Payroll Professional (CPP) and the Fundamental Payroll Certification (FPC).
The FPC certification is ideal for entry and mid-level payroll positions. More complex or managerial positions should require the CPP certification.
Hire a Payroll Specialist for Your Business
As you can see, hiring such professional will ensure that your employees receive correct payment. Your specialist will also ensure that you report the correct financial data to the IRS. If you fail to do either of these things, you put your entire business at risk.
So to reduce your risk and help your business grow, isn’t it time you hired a payroll specialist for your company?
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