A payroll coordinator usually works under the HR Director or Finance Director. His or her main job is to perform a number of professional tasks mostly related to payroll and preparation of payroll activities. His other jobs may also include preparation of financial statements, reports, and perform various financial and other analysis as and when required by his department head. It is a responsible and vital job because he will be dealing with employees, their salaries and benefits. Hence he should understand the importance of his key deliverable areas where he cannot afford to make compromises or adjustments.
Payroll Coordinator Job Description
- Coordinates and monitors the entire payroll system of the organizations on a daily basis. His job is to look for any additions, deletions, and modifications which could impact the employees’ salary, perks retirement benefits and so on.
- Has to monitor and ensure that all payroll information is accurate and updated at all points in time.
- He is the custodian of all payroll related records and should also ensure that all compliance related matters (both internal and statutory) are taken care of.
- If there is any requirement of wage garnishments under the law, he should ensure that the same is carried out properly and accurately.
- He should keep a record of overtime put in employees, bonuses, and various other claims that could come from employees.
- Should have an organized and well structured filing and information retrieval system.
- Should ensure compliance in respect of tax deductions, deductions made towards retirement benefits. Should send periodical reports to the Financial Manager, employees and the statutory state or city authorities ensuring full compliance at all points in time.
- He has to prepare regular and periodical reports on payroll activities from various angles such as CTC, apart from maintaining leave records of all employees in the organization.
- Must have reasonably good knowledge of all procedures, rules, practices pertaining to payroll system.
- Must have some basic knowledge about Employee Rules and Laws applicable in the respective states.
- Must be good at number crunching and must be reasonably well versed in using various modern tools and applications such as MS Excel, MS Access, and Power Point et.
- He should be able to absorb and learn new technologies and should be willing to change with times as far as acceptance of new technologies and procedures are concerned.
- He should be able to liaison with various financial departments, both inside and also with external agencies
- Must have a reasonable knowledge of accounting systems and must be able to pass accounting entries as and when required.
- Should be able to churn out periodical reports that are accurate and are of relevance and help to the management.
- Should assist and aid Auditing and other departments and ensure that standard procedures and practices are followed.
- Though he would be required to work mostly in the office, there could be the need to visit external statutory and other agencies as and when required.
- May be asked to visit factories and other branches of the organization should there be a need for it.
- There could be some days in the month, especially during the month end where the work pressure could be very stressful because all his jobs and functions are time bound.
- He should be trained and experienced enough to avoid making mistakes to the extent possible.
- Apart from a basic undergraduate degree, he would be also required to have a postgraduate degree in accounting and HR.
Tips for Jobs
- Accuracy in computation of information and believing in doing it right the first time will distinguish an excellent Payroll Coordinator from a good one.