Finances are one of the messiest and most confusing parts of running a business. Handling sales, taxes, and payroll requires expert experience. Making crucial errors in this part of the business may contribute to your business's downfall. If you're a small business owner and new to everything in the market, hiring experts is a good move.
Investing in a good payroll administrator is a must. However, as your business grows, it must also adapt to rapid changes to keep cash flowing in and out of your business smoothly. This blog post will highlight some of the important traits you should look for in a payroll administrator. Take note of these key points and lead your business to success.
The Role of Payroll Tax Managers
The primary task of a payroll manager is to ensure all employees get their payments on time, handle their information and taxes, and process all entitled benefits. This department is essential to keep your people's morale and productivity high. So make sure to rest the job of payroll in good hands.
With this, here are some important traits you should consider when looking for payroll admin.
Strong numeracy skills
The payroll department will deal with complex and numerous calculations. It is a must for individuals in this role to be inclined in mathematics and accountancy. Issues in the payroll can create backlash. Furthermore, payroll administrators handle taxes, deductions, and reporting to the tax collection agencies, meaning they have to be timely and accurate.
Any error or misalignment in records can be subject to review. This minimal error can cause you penalties and unnecessary costs, instead of being allotted to different aspects of your business.
Tax compliance knowledge
One of the most important responsibilities of a payroll administrator is to ensure that all employees are on top of their tax compliance requirements. There are different tax rates applied depending on the salary range of your employees. It's the payroll administrator's duty to ensure that their employees remit the correct taxes to the collection agency.
Furthermore, taxation laws are subject to change. Therefore, payroll administrators should always be updated on these changes so they can apply them in real-time payroll processing.
Almost all employees should have problem-solving skills. Every job requires problem solving, especially when it gets tough. But payroll administrators should be able to untangle any mistakes in the payroll. Miscalculations, tax irregularities, and other pay errors are inevitable when running a business, but they need to be dealt with as soon as possible.
Moreover, the ability to anticipate potential problems will help processing run smoothly. Creative thinking is a bonus; if they see a recurring problem in payroll processes and make an initiative to solve the problem for good, then that’s a great sign.
Dependability and discretion
Certified payroll managers should be dependable. Delays in payroll are unacceptable. Employees rely on you to deliver their pay on time, so they have to do their job efficiently and on the clock. It would be ideal if you had a good system in place. Your payroll admin will be dealing with many names, dates, and statements.
Mixing them up will only cause more delay and errors. Overall management of time and process is essential when dealing with payroll.
Furthermore payroll managers are entrusted with confidential information. It is their responsibility to keep that information as secure as possible. There are privacy protocols that they must follow as information breaches can cause serious threats to employees.
Good communication skills
Payroll admin will interact with many people. Better interpersonal interactions will result from having good communication abilities at work. Employees will have many questions; and your managers should be able to answer them all in a polite manner.
Good communication skills also come with patience. When things get heated, they should not fight back with fire. If there are delays and problems, it is understandable that some employees will feel dissatisfied and upset. However, your payroll admin must address their concerns without losing their cool.
Proficient in computer software
We are already in the digital age, and businesses are adapting to it too. Almost every record in a business is encoded using a computer. Computers make record keeping easier, faster, and more secure. Of course, automated software is becoming more and more popular. This software can process payroll faster and is less prone to mistakes.
Your payroll admin must be proficient in basic computer skills and the accounting software that your business uses. Computer literacy in your managers will be a big advantage to your company.
Get Your Payroll Manager Software at Unloop
Getting help from payroll experts will give you more time to focus on other aspects that can lead to your business’s success. If you’re looking for experts to consult with and process your payroll, you can trust Unloop.
Unloop’s services include payroll management so that you won't have to worry about tax compliance and if your employees are paid on time. When you take advantage of of Unloop's payroll service, you can expect:
- Timely and complete payroll services. All you need to do is supply the essential details like personal information, pay schedule, and employee benefits, and our experts can take it from there.
- That your payroll will be linked to cloud-based software that automates all payroll processes, so you won't have to worry during every payroll period.
- Payroll software that can generate reports with a single click. You can use these reports to correctly file your taxes.
- The best tools for managing your payroll. Unloop uses Quickbooks, Paychex, Humi, Gusto, BambooHR, and Wagepoint, among others.
A payroll administrator plays a crucial role in keeping a business running smoothly. Whether you are your business’s payroll admin or are planning to hire someone to attend to your finances, your payroll administrator should have a skill set that can catch up with the ever-changing world of marketing, sales, and business.
Running a business is not a one-person job. Don't forget to check out Unloop’s different services help pave your way to success. We offer services in bookkeeping, taxes, revenue forecasting, and accounts payable. Book a call with us now, and let's talk about what we can do for you.