Thursday, October 31, 2013

Get a Hold on principles of Payroll with Holistic Payroll Management Program

Widen your career prospects in business within the fields of Accounting and Human Resources. These two professions are connected through payroll management, an area of Human Resources, dealing with compensation, pensions and benefits, and payroll systems. Start your career with positions like Human Resource Generalist, Payroll Administrator, and Payroll Accountant, and move to managerial positions and become eligible for certification in your industry.

Payroll Management is the distribution of employee compensation, involving all levels of compensation and dealing with payroll taxes. The Canadian Payroll Association, the governing body of payroll practices in Canada, states that payroll professionals are accountable for 190 regulatory requirements as they administer $830 billion in wages and taxable benefits per year along with other stipends and benefits. According to the 2012 Salary Guide of staffing service, Robert Half, Canadian payroll professionals are in demand, with employers raising entry-level salaries and offering other incentives to attract and retain skilled workers.

A good education will provide the fundamentals in accounting and principles in payroll, as well as knowledge in payroll compliance and governing laws, related to payroll administration. Canada’s community college in Toronto, Centennial College, offers a two-semester program called Payroll Management (2725). It is comprised of the required courses needed to start a career in the payroll industry, as well as business fundamentals in project management and creating engaging presentations. This is a graduate certificate program which students of any discipline can enter and finish with a rewarding start in the payroll industry.

Centennial’s program courses familiarize students with payroll functions using SAP R/3 applications, Simply Accounting, and ACCPAC accounting software. Students will learn the features and functions of these enterprise resource planning (ERP) systems which will enable them to analyze issues in the payroll system. Throughout the program, students will prepare and calculate operating budgets and develop a balanced scorecard to assess an organization's performance. Students will gain essential employability skills which they can apply on the jobs. Effective communication skills, critical thinking, problem solving techniques, teamwork, and project management are amongst those employability measures developed in the Payroll Management program.

Students with any diploma or university degree can enrol in the Payroll Management program. This would be a particular interest for Accounting and Human Resources majors who wish to specialize in their field and gain a wider set of skills which can open their job prospects. Graduates are equipped with the knowledge and technical skills related to payroll management. The program provides up-to-date technologies and information on changing legislative requirements for graduates to remain learned and competitive in the job market. An Ontario College Graduate Certificate is bestowed upon successful completion of the curriculum along with promising careers as officers, coordinators and administrators in Human Resources, Payroll, and Accounting.

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