Payroll and Accounting Specialist

The Payroll and Accounting Specialist is responsible for managing the company's payroll operations, maintaining accurate financial records, processing accounting transactions, and supporting daily financial activities.

This position plays an important role in ensuring employees are paid accurately and on time while maintaining compliance with applicable federal, state, and local payroll regulations.

The ideal candidate is highly organized, detail-oriented, trustworthy, and knowledgeable in payroll processing, accounts payable, accounts receivable, general ledger maintenance, bank reconciliations, and financial reporting.

The Payroll and Accounting Specialist will work closely with Human Resources, management, and the finance department to ensure accurate payroll administration, efficient accounting operations, proper documentation, and timely financial reporting.

3. Key Responsibilities and Duties

A. Payroll Processing and Administration

• Process weekly, biweekly, semi-monthly, or monthly payroll accurately and on schedule.
• Calculate employee wages, salaries, overtime, bonuses, commissions, and other compensation.
• Maintain accurate employee payroll records, including new hires, terminations, salary changes, and deductions.
• Process payroll adjustments, reimbursements, garnishments, and employee deductions.
• Calculate and process federal, state, and local payroll tax withholdings.
• Administer employee benefits deductions, including health insurance, retirement contributions, and other applicable benefits.
• Review employee timesheets, attendance records, PTO, vacation, and sick leave balances.
• Investigate and resolve payroll discrepancies and employee payroll inquiries.
• Prepare and distribute payroll reports and earnings statements.
• Maintain confidentiality of employee compensation and personal information.
• Coordinate with HR to ensure accurate employee onboarding and offboarding payroll information.
• Assist with quarterly and annual payroll tax filings and year-end reporting, including W-2s and applicable 1099s.
• Maintain compliance with applicable payroll laws, tax regulations, and company policies.

B. General Accounting Responsibilities

• Maintain accurate and up-to-date financial records.
• Record daily financial transactions in the accounting system.
• Prepare and post journal entries.
• Maintain and reconcile general ledger accounts.
• Assist with monthly, quarterly, and annual financial closing activities.
• Prepare and maintain supporting schedules for financial statements.
• Review financial transactions for accuracy and proper classification.
• Monitor company expenses and assist with budget tracking.
• Maintain organized financial documentation and accounting records.
• Assist with internal and external financial audits.
• Identify accounting discrepancies and recommend corrective actions.

C. Accounts Payable (AP)

• Process vendor invoices and verify supporting documentation.
• Review invoices for accuracy, approvals, and proper expense coding.
• Schedule and process vendor payments.
• Maintain vendor records and payment information.
• Reconcile vendor statements and resolve billing discrepancies.
• Track outstanding invoices and payment deadlines.
• Ensure expenses are recorded in the appropriate general ledger accounts.
• Maintain accurate accounts payable aging reports.

D. Accounts Receivable (AR)

• Prepare and issue customer invoices.
• Record incoming payments and apply payments to customer accounts.
• Monitor outstanding customer balances.
• Follow up on overdue invoices and assist with collections.
• Reconcile customer accounts and investigate discrepancies.
• Maintain accurate accounts receivable records.
• Prepare accounts receivable aging reports.
• Communicate professionally with customers regarding billing and payment questions.

E. Bank Reconciliation and Financial Reporting

• Reconcile bank and credit card statements monthly.
• Investigate discrepancies between bank statements and accounting records.
• Monitor cash receipts, cash disbursements, and account balances.
• Prepare monthly financial reports.
• Assist in preparing profit and loss statements and balance sheets.
• Support cash flow monitoring and expense analysis.
• Prepare payroll expense reports and labor cost summaries.
• Provide financial information and reports to management as requested.

F. Compliance and Recordkeeping

• Maintain accurate payroll and accounting documentation.
• Ensure compliance with applicable accounting standards and tax requirements.
• Maintain confidentiality of sensitive financial and employee information.
• Assist with tax preparation and regulatory reporting.
• Maintain organized records for audits and financial reviews.
• Follow internal financial controls and company accounting procedures.
• Identify potential payroll or accounting errors and report concerns to management.

4. Qualifications and Requirements

Education:

• Associate's or Bachelor's degree in Accounting, Finance, Business Administration, or a related field preferred.
• Relevant accounting or payroll certifications are an advantage.

Work Experience:

• 2–5 years of experience in payroll processing and accounting.
• Experience handling payroll tax calculations and deductions.
• Knowledge of accounts payable and accounts receivable.
• Experience with general ledger maintenance and bank reconciliations.
• Experience preparing financial reports and accounting documentation.
• Familiarity with payroll compliance and accounting procedures.

Technical Skills:

• Proficiency in Microsoft Excel, Word, and Outlook.
• Experience with QuickBooks, Sage, NetSuite, ADP, Paychex, Gusto, or other payroll and accounting software.
• Knowledge of payroll processing systems.
• Ability to prepare financial reports and analyze accounting data.
• Strong data entry and recordkeeping skills.

5. Required Skills and Competencies

• Excellent attention to detail and accuracy.
• Strong organizational and time-management skills.
• Good analytical and problem-solving abilities.
• Strong knowledge of payroll and accounting procedures.
• Excellent communication and interpersonal skills.
• Ability to manage multiple deadlines.
• High level of integrity and confidentiality.
• Ability to work independently and collaboratively.
• Strong mathematical and numerical skills.
• Ability to identify errors and resolve discrepancies.
• Ability to adapt to changing priorities and business needs.