A payroll analyst is a professional who has essential administrative and financial tasks within your company, and there are at least five reasons to incorporate him/her into your work team. Get to know the key tasks of a payroll analyst in detail, so that once inside, you know what to expect from his/her performance.
Must-have skills for your Payroll Analyst
The professional skills of a payroll analyst are linked to the functions he/she performs. As a starter, we can tell you that your analyst should know in:
- Payroll (of course)
- Customer service (internal and external)
- Human resources (because it complements their work and participates in the collaborators’ experience).
- Process security and accuracy
- Project management
- Auditing skills
- Data management
- Legal framework
- Setup and management of world-class tools
- Assurance of compliance obligations
- Journal entries
- Company Policies
- HR soft skills management
It’s time: key tasks of a Payroll Analyst in 2022-2023
1. Manage the payroll database as well as the HR and payroll department and system
This professional oversees and audits daily operations to ensure that there are no problems or discrepancies, and if there are, to resolve them timely and effectively.
The updating of the databases is in his hands.
2. Participates in and audit registration forms and payroll documents
This work is carried out in conjunction with the HR department.
3. Receive, process, and audit collaborators’ information and documents
This includes their time, timesheets, benefits, salaries, wages, leaves, taxes, deductions, payroll payments, changes in health benefits, related financial and statistical records and reports, penalties, and all other valuable information to which both the payroll department and Human Resources have access.
4. Collaborate with the IT vendor/Payroll Software provider to correct errors for accurate payroll processing
Correct errors for payroll processing and update information stored in the software when necessary.
5. Provide technical training, assistance, and information to staff and suppliers
Answer questions, resolve problems, and provide information on invoices, equities, calculations and deductions, taxes, benefits, data, laws, regulations, policies, and procedures.
6. Participate in complex functions in support of the payroll structure
The payroll analyst verifies, calculates, and reviews complex payroll data, such as gross salary, retirement, contractual adjustments, retroactive payments, hours, tax information, and leaves.
In addition, he/she reconciles and submits payrolls for check processing, enters new hires, separates retirees, etc.
7. Coordinate work assignments with responsiveness
This professional participates in collaborator evaluations.
He/she contributes his/her vision from the investment, to verify the accuracy, integrity, and compliance with the objectives set for each role. This work is done in coordination with the HR department.
8. Participates in compliance with the law and payment of taxes
A payroll analyst will coordinate the processing of payroll deductions for health and welfare benefits, disability and workers’ compensation, transfers to retirement funds, social security, and all official payments that a company must make under the legal framework of the country in which it is located.
This is done with the support of world-class software tools that facilitate this work.
9. Reports on departmental operations and contributes to the optimization of activities
All the information handled by this professional is recorded in reports, which you can then evaluate as a company leader.
10. The main function is to settle all necessary payments
The payroll analyst not only manages the information, reports, and assists the company’s compliance, but also makes transfers or settles payments with employees, the State, suppliers, etc.
Did you know the key tasks of a Payroll Analyst? And now that you have read them, are you aware of the importance of having a Payroll Analyst in your company? We recommend our champion team to reach the top. Schedule a free discovery session.