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KRA & KPI Accounting Sector Introduction...
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JOB DESCRIPTION AND RESPONSIBILITY
KEY RESULT AREA(KRA) & KEY PERFORMANCE INDICATOR(KPI)
Accounting Sector
Payroll Specialist
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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
- identify trends or issues with accounting practices
- Adjust payroll for all employees by calculating withholdings for taxes, garnishing wages for delinquent debts
- Understand labor laws and regulations related to payroll administration
- They Calculating wages, deductions, and other data for payroll
- Create reports on employee wages, hours worked, deductions, and other information related to payroll
- Reviewing and approving invoices
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 |
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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