Payroll Specialist

Job Summary: The Payroll Management Specialist is responsible for managing and executing the payroll process for employees and consultants, ensuring accuracy, compliance, and timely disbursements. The role also involves preparing detailed MIS reports to provide insights into payroll, compliance, and cost management for leadership decision-making. Key Responsibilities: Payroll Execution: Ensure accurate and timely processing of employee and consultant payrolls. Verify and calculate salaries, bonuses, commissions, incentives, and statutory deductions. Manage payroll adjustments for leaves, reimbursements, or corrections. Compliance Management: Ensure adherence to statutory laws and regulations (e.g., TDS, PF, ESI, Gratuity). File monthly, quarterly, and annual statutory returns within prescribed timelines. Maintain accurate records of tax computations and ensure compliance during audits. Consultant Payments: Process monthly payments for consultants, ensuring contract adherence. Deduct applicable TDS and ensure timely filing of TDS certificates. MIS Reporting: Prepare and maintain detailed MIS reports on payroll expenses, headcount analysis, and compliance status. Provide periodic dashboards and analytics for leadership review. Track payroll trends and highlight any anomalies or issues. Reconciliations and Audits: Perform monthly payroll reconciliations to ensure accuracy. Support internal and external audits by providing required payroll data and reports. System Management: Maintain and update payroll software with accurate employee records. Ensure data security and confidentiality. Employee Support: Address employee queries related to salary, tax deductions, and payslips. Educate employees about compliance regulations and payroll processes. Qualifications: Education: Bachelors degree in Finance, Accounting, Business Administration, or a related field. Experience: 7-12 years of experience in payroll processing and compliance management. Skills: Strong knowledge of payroll systems and statutory compliance. Proficiency in MS Excel and payroll software. Excellent analytical and communication skills. Key Performance Indicators (KPIs): Accuracy and timeliness of payroll processing. Compliance adherence and audit readiness. Quality and depth of MIS reporting. Responsiveness to employee and consultant queries