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JOB DESCRIPTION AND RESPONSIBILITY
KEY RESULT AREA(KRA) & KEY PERFORMANCE INDICATOR(KPI)

Accounting Sector

Payroll Specialist

Introduction
Skills Ability
job description
Job Roles & Responsibilities
kra & kpi
KRA & KPI Mapped
Best college in India​
Best colleges in mumbai
job opportunities
salary in India
Conclusion
Explore Job opportunities

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Introduction

A payroll specialist typically manages and oversees all aspects of a company’s employee salaries and payables. Payroll specialists handle many tasks, from collecting bank and direct deposit information to handling paper checks for employees, from maintaining accurate records to keeping up on taxation, and much more. 

Do You Want to be a Payroll Specialist job? To build a career as a Payroll Specialist job you need to first understand the Job profile and responsibilities of the job

This blog gives you a detailed idea of what it is like to become a Payroll Specialist job in India.

Soft Skill, Technical Skills and Certification:

Interpersonal and Communication Skills:

They need to have good Interpersonal and Communication Skills in order to talk to people in the organization such as the sales department, accounting department, and other relevant departments. 

Math and Accounting Skills:

Math and Accounting skills are basic requirements for a Payroll Specialist. They need to have good math and accountancy skills in order to analyze the account, call debtors and ask them to return the money.

Time Management skills:

Time management is the ability to complete tasks within a certain time frame and as they have to multitask and complete each day, time management skills can help them meet their deadlines.

Job description

Being a payroll specialist can be a challenging role due to the complexity as the role and the short turnaround time for payroll. Payroll specialists are accounting professionals who manage payroll-related activities within their organization by calculating and distributing employee paychecks, filing tax forms, handling benefits enrollment, etc. yroll accountants must have strong math skills along with an understanding of tax laws in order to do their job effectively.

Job Roles and Responsibilities

Key Result Areas(KRA)
Key Performance Indicator(KPI)

The Key Result Areas (KRAs) refer to a short list of overall goals that guide how the Payroll Specialist does their job. KPIs provide targets for Payroll specialists and help to assess their contribution to their employer.

Sr. No.

KRA

KPI

1

Monthly employee check report generated status

No. of employee check report generated status

2

Monthly overtime, deductions, bonuses report generated in a month

No. of overtime, deductions, bonuses report generated in a month

3

How much approvals from upper management for payments when needed are taken and executed in time

No. of approval from upper management for payments when needed are taken and executed in time

4

How many pay orders through an electronic system or distributed paychecks generated in a month

No. of pay orders through an electronic system or distribute paychecks generated in a month

5

How many taxes and payments of employee benefits are completed in a month

How many taxes and payments of employee benefits are completed in a month

6

How many issues and questions regarding payroll from employees and superiors are resolved

No. of issues and questions regarding payroll from employees and superiors are resolved

7

How many reports for upper management, finance department etc. are generated

No. of reports for upper management, finance department etc. are generated

Example of KRA VS KPI Mapped in Organisation and Reporting

Sr. No.

Reporting by the employee

Reporting by the employee

1

Monthly employee check report generated status

Employee check report generated status =2

2

Monthly overtime, deductions, bonuses report generated in a month

Overtime, deductions, and bonuses report generated in a month =3

3

How much approvals from upper management for payments when needed are taken and executed in time

Approval from upper management for payments when needed are taken and executed in time =5

4

How many pay orders through an electronic system or distributed paychecks generated in a month

Pay orders through an electronic system or distribute paychecks generated in a month

5

How many taxes and payments of employee benefits are completed in a month

Taxes and payment of employee benefits are completed in a month =56

6

How many issues and questions regarding payroll from employees and superiors are resolved

Issues and questions regarding payroll from employees and superiors are resloved =22

7

How many reports for upper management, finance department etc. are generated

Reports for upper management, finance department etc. are generated=6

Requirements

Eligibility 

 

After 10th

After 12th

Graduation

Post-Graduation

The candidate must have appeared in 10 from any recognized educational board.

The Candidate then has to appear for the HSC exam from a recognized board

Interested candidates can undertake a bachelors degree,  which is a 3-year degree program

The candidates can also pursue a master’s degree so that they can have a better career opportunity. 

The candidate should try to gain at least a minimum of 50-60% marks to be eligible to enter the Commerce stream 

The candidate should try to gain at least a minimum of 50-60% marks. Then, only they will become eligible for the bachelor’s course

  • Bachelor of Commerce (B Com)
  • Bachelor of Business Administrationn in Finance 
  • accounting (BBA)
  • Bachelor of Accounting and Finance (BAF)

These are some of the better options for a bachelor’s degree

They can pursue a Master’s Degree such as a Master of Commerce (M. Com) or MBA in Accounting or in Finance, which can be up to 2 years

  

After Graduation, the student can either search for a Job or go for a Master’s Degree

The Candidate must have at least 1 to 2 years of Experience in the sector at a starting position to get a high paying and good position in a reputed organization. 

Best Colleges in India

Colleges

Location

Indian Institute of Management,

Bengaluru

Indian Institute of Management,

Kozhikode

National Institute of Securities Markets,

Navi Mumbai

MICA

Ahmdabadh

Indian School of Business,

Hyderabad

 

Best Colleges in Mumbai

Colleges

Location

Narsee Monjee College of Commerce & Economics, 

Mumbai

K J Somaiya College of Arts and Commerce

Mumbai

Kishinchand Chellaram College

Mumbai

Career Path

Career

Description 

Commercial Accounts Receivable Manager:

The main responsibilities for this role include managing invoices, handling missed payments and supervising Accounts Receivable Clerks.

Credit Manager:

Credit managers are responsible for overseeing the credit granting process for a company. Their job is to optimize company sales and reduce bad debt losses by maintaining the credit policy. 

Budget Analyst:

Budget Analysts are responsible for analyzing budget proposals that determine fund allocations, and determining budgets for various resources.

Billing Analyst:

They are required to ensure that bills are accurate and paid on time and that any invoices received are authorized.

Accounts Payable Clerk:

Accounts Payable Clerks are responsible for receiving, processing, and verifying invoices related to accounts payables.

 

Salary

Payroll Specialist Salary in India ranges between ₹ 1.8 Lakhs to ₹ 12.0 Lakhs with an average annual salary of ₹ 4.0 Lakhs. The Amount may vary through different factors like cities, experience workflow, and workload.

Conclusion

A Payroll Specialist has many responsibilities, such as planning the billing, accounts receivable, and collections operations of a department, and will work with many professionals, such as Accountants, to understand what clients are late with billing and how to approach customers as needed. Having excellent attention to detail and communication skills will help promote you for better aspects with a higher pay scale and excellent attention to detail since you will need to manage several accounts at one time.

To get a Detailed Overview of the Accounting Sector, Click Here. 

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