What does a Payroll Specialist do?
Payroll Specialists work as part of a company’s accounting and human resources departments to ensure that employees get paid and employers make the appropriate deductions when processing payroll. They serve in an administrative role to calculate and send out paychecks for employees with different employment classifications. They are responsible for balancing the payroll budget and documenting all transactions related to an employee’s wages, including any payments or credits for commission, bonuses, tips and hourly pay. They also record how much each employee earns and make updates when they receive raises.
Payroll Specialists produce payroll reports for management and confirm approval for overtime or paid time off. They also communicate with other employees about any discrepancies in their pay. They may use multiple systems and payroll software features to pay full-time employees, contractors and other workers.
Payroll Specialist skills and qualifications
Below is a list of several skills and qualifications that almost any Payroll Specialist needs in order to succeed:
- Excellent attention to detail
- Exceptional mathematical and calculation skills
- Verbal and written communication
- Ability to work with a team
- Knowledge of different types of payroll software
- Knowledge of payroll, garnishments and benefits distribution
- Multitasking abilities
- Good research and analysis skills
Payroll Specialist salary expectations
A Payroll Specialist makes an average of $32,723 per year. Salary may depend on level of experience, education and the geographical location.
Payroll Specialist education and training requirements
Payroll Specialists don’t necessarily need a degree. At a minimum, they should have a high school diploma or GED. A certification or associate or bachelor’s degree in finance or accounting is required by most employers. Advanced Payroll Specialists, who process complicated tax regulations, may need a minimum of a bachelor’s degree. Most Payroll Specialists go through on-the-job training, allowing them to learn about the company and its unique processes. On-the-job training usually lasts at least three months.
Payroll Specialist experience requirements
Payroll Specialists usually need at least five years of experience in a payroll or accounting role. Experience as a Payroll Coordinator, Accounts Receivable/Accounts Payable Representative or Payroll Clerk. This experience prepares them for the intricate details involved with being a Payroll Specialist. Senior roles usually require at least seven or eight years of experience. Payroll Specialists overseeing a team may also need at least seven or eight years of experience.
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