Payroll Specialist

Job Description:

The Payroll Specialist is responsible for processing payroll accurately and timely, ensuring compliance with policies and regulations. This role plays a crucial part in maintaining employee satisfaction by providing timely and accurate payment of wages and benefits.

Tasks and Responsibilities: 

• Ensure timely and accurate processing of payroll transactions, including salaries, benefits, taxes, and other deductions.
• Review and approve payroll calculations, deductions, and adjustments.
• Stay updated on payroll best practices, trends, and regulatory changes.
• Collaborate with HR and finance teams to ensure seamless payroll operations.
• Review wages, deductions, and overtime based on time-sheets and other records.
• Maintain accurate payroll records and employee information in the payroll system.
• Ensure compliance with local payroll regulations and tax laws.
• Schedule bank payments to employees by 27th of each month.
• Perform monthly payroll reconciliation and reconcile salary accounting with General ledger.
• Review medical insurance invoices, employee claims ( BTA)  as per company policy.
• Perform monthly Account reconciliation related to employees (Medical Insurance, Employee Housing) 
• Review full and final settlements for employees as per labor law.
• Distribute salary payment statements on monthly basis (digital or paper).
• Respond to any queries related to compensation, benefits, taxes, and insurance deductions.
• Facilitates audits by providing records and documentation to auditors.
• Performs other duties as assigned.

Minimum Qualifications: 

• Bachelor's degree in Accounting, Business Administration, Human Resources, or a related field is required.
• 5 -10 years of related experience is required.
• Extensive knowledge of the payroll function, including preparation, balancing, internal control, and payroll taxes.
• Excellent organizational skills and attention to detail.
• Strong analytical and problem-solving skills.
• Proficient with Microsoft Office Suite or related software.
• Proficient with payroll software.

Preferred Qualifications:

• Experience in a supervisory or leadership role.
• Knowledge of regulatory requirements and compliance issues.