Payroll accountants oversee an organization’s salary plan. To ensure that everyone gets paid on time while ensuring everything is by the company’s labor budget, they keep an eye on employee records and the payroll budget. Payroll accounting is a career you may try to pursue if you like arithmetic and want a job you can do from the office or even from home. Here we will see about What Amount Do Payroll Accountants Get Paid?
What Amount Do Payroll Accountants Get Paid?
Amount that Payroll Accountants get Paid is equal to $4,617 every month or $1,065 per week. Annual salaries can reach as high as $77,000 and as low as $33,000. Also, this depends on the state you are working in and the industry in which you are. Keep reading for more details.
What Do Accountants In Payroll Do?
Accountants in charge of payroll are in charge of monitoring invoices and controlling how payroll workers are paid. These specialists keep payroll records for tax and record-keeping purposes. Their regular job duties consist of:
- Preparing employee payroll
- Taking care of vendor invoices
- Accepting contract workers’ invoices
- Recording pay periods
- Upkeep employee payment records
- Distributing rewards and bonuses to employees
- Assembling payroll data for taxation
- Addressing pay-related queries from employees
- Budgeting for payroll
- A financial report is produced
Demand For Payroll Accountants
Between 2018 and 2028, the BLS predicts a 5% increase in employment for all accountants and auditors. Job growth rates might differ between states and industries, just like salary potential.
Businesses require professionals to handle their payroll responsibilities as they expand.
Furthermore, as tax and employment rules have changed over time, so has the demand for payroll accountants.
What You’ll Earn As A Payroll Accountant And Why
In the US, salaries for payroll accountants range from $55,643 to $88,313, based on experience, geography, skills, and other criteria. Payroll accountants in the US earn an average of $64,743, between $55,643 and $88,313, according to several salary aggregation websites.
Average salary
For accountants who focus on tax preparation, bookkeeping, and payroll services, the BLS combines wage data. This category’s annual median wage is $70,640. The mean annual salary for payroll accountants, including additional incentive pay, is $53,191, according to PayScale, which only collects statistics on this field. The average pay for payroll accountants varies depending on each person’s level of professional experience, as is the case with many other professions.
Factors That Affect Payroll Accountants’ Salary
Education, experience, and the location of the employment all affect the pay of a payroll accountant. Also, the industry in which you work will show how high and how low your salary will be. The industries of the employers affect payroll accountant salary as well.
State Rankings For Payroll Accountants
The need for payroll accountants might vary substantially between states. For instance, within 10 years, the profession might experience a 32% growth rate in Utah. Payroll accountants make ensuring that all workers and contractors are paid on time and correctly
Since the BLS compiles pay information for all accountants and auditors by state, employees can estimate their expected salary by looking at the averages for different cities across the world. We’ve selected cities with Payroll Staff Accountants’ typical pay that is higher than the national average.
Deer Park, California exceeds the national average by $10,154 (18.3%), while Atkinson, Nebraska continues this pattern by exceeding the $55,409 average by an additional $23,347 (42.1%).
With average incomes in these cities above the national average, the chances for a Payroll Staff Accountant to further their career by relocating seem to be incredibly lucrative.
It may be challenging to observe any positive wage advancement, though, as the average salary for these top 10 cities differs just significantly (24% between Atkinson, NE, and Brooklyn, NY). The likelihood of a lower cost of living could influence how location and pay for the position of payroll staff accountant are balanced. We have listed some of these cities and their average salary below:
- AREA OF COLUMBIA, DIST: Average Annual Wage: $98,130
- NEXT YORK: Average Annual Wage: $96,300
- JERSEY, NNE: Average Annual Wage: $90,400
- VIRGINIA: Average Annual Wage: $85,640
- CONNECTICUT: Average Annual Wage: $84,890
Pay Scales By Degree
Better education can aid applicants in earning higher salaries, expertise can influence the payroll accountant’s income. As an example, Georgetown University research on the financial benefits of higher education showed that applicants with bachelor’s degrees in accounting make $69,000 a year.
Payroll Accountants And Other Accounting Professions.
Payroll accountant employment growth statistics are widely available, along with those for all other categories of accountants. Because of this, it might be challenging to say whether payroll accountants have greater compensation and more opportunities for advancement than other types of accountants. Candidates can nevertheless compare payroll accounting to related occupations using data from the Payscale. These figures are used to calculate the mean salary for several other well-known accounting disciplines in the list that follows.
- Accountant for Tax: $56,353
- $65,760 Forensic Accountant
- $55,710 Cost Accountant
- Accountant for Investments: $62,206
- $53,500 Government Accountant
Similar to payroll accounting, the location, experience, and education of these accountants affect their salary.
There are at least five positions in the Payroll Staff Accountant job category that pay more annually than the average Payroll Staff Accountant salary, according to our research. Senior Regulatory Accountant, Principal Accountant, and Group Accountant are three prominent examples of these positions. Importantly, the salaries for all of these positions range from $41,083 (74.1%) to $48,264 (87.1%) higher than the $55,409 average wage for payroll staff accountants.
In Conclusion
Payroll Accountants is a lucrative job with a salary as high as $88,313 as long as you have the appropriate expertise. Also, some states do pay more than others so it will be better to research well on the state to work at to get higher pay.
Frequently Asked Questions:
Question 1
Is Payroll Accounting the field with the highest pay?
No, some other accounting fields have more salaries than payroll accounting
Question 2
What should be known as a payroll accountant?
You must be good at arithmetic and organizational planning and budgeting.
