The payroll department is a crucial engine room of any business but is often underestimated.
When it comes to payroll as most employers expect a high level of technical expertise, which is why the learning never stops regardless of whether you are new to payroll or an industry veteran.
The start of year is always an opportune time to take stock of goals and how to best plan for the coming year. So why not make learning a top priority?
An entry into Payroll
Perform a job search on payroll and you will find that pre-existing experience and knowledge of payroll processes is often a prerequisite.
Ironically, there was never an accredited or nationally recognised payroll qualification until a few years ago, making it quite difficult to chart a career path in payroll when you’re first starting out.
That is why we developed the nationally accredited Certificate IV in Payroll Administration – to help people with an interest in payroll lay the foundations for a solid career in the industry.
Payroll training will empower you to not just handle day-to-day payroll operations, but also add value to your organisation.
At the heart of payroll lies compliance.
Over the years, I have found that majority of payroll mistakes arise due to a lack of training and understanding of industrial rules and legislation. Payroll mistakes, often ranging from award interpretation errors to incorrect reporting, can end up being costly.
In fact, the Fair Work Ombudsman issued 573 infringement notices in the 2015-2016 financial year to employers who breached record keeping or payslip obligations. . This was a notable 39.3% increase from the previous financial year.
Indeed, payroll just so happens to be a profession where ambiguity is problematic. With the right training, such breaches can be easily avoided.
If you have been in the payroll industry for years but find yourself back in the job market, having a formal qualification can give you a competitive edge.
Qualifications also give employers a greater impetus to take payroll staff seriously, in terms of providing more opportunities for career progression like promotions and pay raises.
The Diploma of Payroll Management was devised for people who are already working in payroll looking to take on greater managerial responsibilities.
This accredited diploma focuses on running payroll as a strategic business function, from managing a payroll team and budgets to reviewing current administration system effectiveness.
Keeping up with digitisation
The payroll industry is changing thanks to the breakneck pace of digital development, especially in the areas of with cloud mobile technologies and artificial intelligence.
With the growing automation of standard payroll processes, it is now more necessary than ever for payroll professionals to add value to their organisation. Having a firm grasp of the fundamentals of payroll can provide you with firm footing to navigate this transitional time.
Are you getting paid what your worth?
Salary guide for payroll professionals
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From traditional bookkeeping to cloud-enabled automation, payroll has come a long way.
Who you put on your payroll team can have a direct impact on your operations and is certainly not a decision to snooze on.