Payroll & Benefits Accountant

Benefits and payroll accountants oversee employees' salaries, benefits contributions, and distributions. The benefits typically monitored are 401K and Cobra, dental insurance, maternity leave short-term disability medical insurance, as well as life insurance.

They must manage employee payroll in a precise and timely manner, while also considering other factors like vacation days and overtime. They are usually responsible for recording the hours of work performed by employees and producing reports on the actions carried out by the department. Internal and external audits can be required. Benefits and payroll accountants collaborate with HR department to manage benefits. (HR) department to manage benefits, although a lot of their duties are carried out in a separate manner, such as the creation of payroll deductions when needed.

Computer skills are essential for this job to operate a computerized payroll system. Good typing, ten-key proficiency and math skills are essential. Benefits and payroll accountants need to be attentive to every specifics to ensure the accuracy of their work, and using Microsoft Excel may also be necessary. It is crucial that information is protected in the event an accidental loss. Also, understanding of the tax policy, payroll and benefit procedures and rules is crucial. They could also be charged with the preparation of payroll taxes as well as W2s for the year. High school diplomas are usually a requirement for this job, but certain employers require a bachelor's degree or a course in accounting or bookkeeping.

As a Payroll & Benefits Accountant with 9+ years of experience in the United States, your main responsibilities include:

• Manage payroll processing, ensuring accurate and timely calculation of employee salaries, deductions, and bonuses while complying with federal and state regulations.You are responsible for overseeing the entire payroll process, from calculating salaries to deducting taxes and other deductions, all while adhering to legal requirements.
• Administer employee benefits programs, including health insurance, retirement plans, and other benefit plans, ensuring accurate enrollment, deductions, and handling of claims.You handle the administration of employee benefits, ensuring employees are enrolled correctly, deductions are accurate, and claims are processed efficiently.
• Conduct periodic audits and reconciliations of payroll and benefits records to maintain data accuracy and identify discrepancies.You are responsible for conducting regular audits and reconciliations of payroll and benefits records to ensure data accuracy and pinpoint any discrepancies that may arise.
• Collaborate with HR, finance, and external vendors to ensure seamless payroll and benefits administration, resolve inquiries, and implement process improvements.

For a Payroll & Benefits Accountant job role, the following qualifications are required:

• In-depth knowledge of payroll processes and regulations to accurately process and manage employee payroll, including tax withholdings, benefits deductions, and timekeeping systems.
• Strong attention to detail and accuracy in calculating and recording payroll data, ensuring compliance with company policies, labor laws, and internal controls.
• Proficiency in using payroll software and systems to efficiently handle payroll processing, generate reports, and analyze data for accuracy and discrepancies.
• Excellent problem-solving skills to address payroll-related issues, such as resolving discrepancies, answering employee inquiries, and providing support during audits or compliance reviews.

The Payroll & Benefits Accountant plays a crucial role in managing payroll processes and employee benefits. With over 9 years of experience in the United States, professionals can explore alternative roles that align with their expertise. Here are following enticing options:

• Senior Financial Analyst: This role entails analyzing financial data, creating forecasts, and providing strategic insights to drive decision-making.
• Human Resources Manager: With extensive knowledge of payroll and benefits, HR management allows professionals to oversee employee relations, training, and recruitment processes.
• Compensation and Benefits Manager: This role focuses specifically on designing and implementing compensation packages, managing employee benefits programs, and ensuring compliance.
• Tax Manager: Professionals can leverage their experience to handle complex tax matters, including tax planning, compliance, and ensuring adherence to regulations.

The role of Payroll & Benefits Accountant in the United States has experienced steady growth in the market over the past 10 years. According to recent data, this role is projected to continue growing in the coming years, with an average growth rate of approximately 6% annually. This growth is driven by increasing complexities in payroll and benefits regulations, as well as the need for accurate financial reporting and compliance. As a result, numerous employment opportunities are expected to become available in the future, providing a promising outlook for individuals pursuing a career in this field.