Question

Describe three challenges you think payroll accountants face in their job responsibilities. Also, if you were a payroll accountant, what would you do to ensure accurate and timely payroll processing?

Answer 1

answer-

Payroll accounting involves a company's recording of its employees' compensation including: gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees .

the three challenges i think payroll accountants face in their job responsibilities are-

Non compliance is the first challenge in which Payroll tax problems remain a major challenge for companies and payroll accountants. Whatever the reason is for not filing taxes accurately and on time, whether it’s because of negligence or lack of knowledge, great penalties and even legal action await.

Payroll fraud which pose great challenge on payroll accountant. According to the Association of Certified Fraud Examiners, payroll fraud happens in 27% of all businesses. It can be committed in several forms such as falsified wages and commissions, faking injuries for insurance claims, or having ghost employees.

challenege of being Keeping up-to-date.Not all employees in charge of doing payroll get the chance to be updated on the latest taxes and legislations or the latest payroll software. This could once again result to erroneous calculations and inaccurate tax filing.

if i were the payroll accountant then i would make sure that i have proper knowledge of accounting principles like GAAP, tax knowledge and use that in payroll accounting.

I would also make sure that there is proper documents and records of all employees are available to me and i would not consider any request of senior manager or any other person to misrepresent the accounts because it would come on me at the end of the day.