How to become a payroll clerk

How to become a payroll clerk If you’re a stickler for details and get a warm glow of satisfaction from the idea of people getting their paychecks on time, then you might want to consider becoming a payroll clerk. These financial professionals are responsible for maintaining and processing large amounts of financial data and payment information for companies.What does a payroll clerk do?Payroll clerks are employed by just about every kind of company (large or small, corporate or nonprofit, etc.) that has employees. These professionals manage employees’ financial data and are typically responsible for processing paychecks and other payments, keeping time records, and handling any pay-related information for employees (like tax information, insurance deductions, or other factors that can affect an employee’s pay).A payroll clerk’s duties may include:Calculating pay for employeesUsing payroll software to manage employee pay and financial informationCalculating taxes and deductionsProducin g and processing employee paychecksTracking employee work time and keeping accurate recordsInitiating direct deposit paymentsCalculating unemployment or severance payVerifying and resolving discrepancies in employee financial data or payKeeping detailed digital or paper financial records to be reportedIssuing pay statements and invoicesProcess and distribute financial documents like W-2 tax formsFollowing financial reporting procedures and legal best practicesThis is typically a 9-to-5 kind of job, with a standard 40-hour work week. Payroll clerks can be found across industries, as their skills are needed by just about any company that handles employee pay.What skills do payroll clerks need?This is a highly specialized role, so there are specific skill sets that will be an asset to you in this field.Math Skills:Â  Although this is a highly administrative position, it also calls for very strong math skills. The payroll clerk is responsible for money going in and out to employees, so they really must be able to do financial math effectively and accurately.Attention to Detail:Â  Because of the emphasis on accuracy, a payroll clerk needs to be able to spot discrepancies or problems in financial documents or paychecks. Mistakes can have significant impacts on employees or the company, so an eagle eye is essential, whether the clerk is using advanced accounting software or good old-fashioned paper and calculators.Problem Solving Skills:Â  Part of the job is resolving issues that inevitably come up when money, math, and humans are involved. If there are discrepancies in amounts paid versus amounts owed, the clerk needs to be able to resolve the issue quickly and accurately.What do you need to become a payroll clerk?The baseline minimum combination is a high school degree and a stellar set of math skills, but many companies prefer their payroll clerk to have at least an associate’s degree in business, accounting, or finance.How much do payroll clerks get pai d?According to the U.S. Bureau of Labor Statistics, payroll clerks earn a median annual salary of $43,580, or $20.95 per hour.What’s the outlook for payroll clerks?Because these professionals have a strong and versatile set of skills and can work in any industry that has need of payroll processing, it’s a solid career choice in the financial services and administration field. The U.S. Bureau of Labor Statistics expects that the demand for payroll clerks will continue to grow by about 6% through 2024.

How to Use RAND and RANDBETWEEN Functions in Excel

How to Use RAND and RANDBETWEEN Functions in Excel There are times when we wish to simulate randomness without actually performing a random process. For example, suppose we wanted to analyze a specific instance of 1,000,000 tosses of a fair coin. We could toss the coin one million times and record the results, but this would take awhile. One alternative is to use the random number functions in Microsoft’s Excel. The functions RAND and RANDBETWEEN both provide ways to simulate random behavior. The RAND Function We will begin by considering the RAND function. This function is utilized by typing the following into a cell in Excel: RAND() The function takes no arguments in the parentheses. It returns a random real number between 0 and 1. Here this interval of real numbers is considered a uniform sample space, so any number from 0 to 1 is equally likely to be returned when using this function. The RAND function can be used to simulate a random process. For example, if we wished to use this to simulate the tossing of a coin, we would only need to use the IF function. When our random number is less than 0.5, then we could have the function return H for heads. When the number is greater than or equal to 0.5, then we could have the function return T for tails. The RANDBETWEEN Function A second Excel function that deals with randomness is called RANDBETWEEN. This function is utilized by typing the following into an empty cell in Excel. RANDBETWEEN([lower bound], [upper bound]) Here the bracketed text is to be replaced by two different numbers. The function will return an integer that has been randomly chosen between the two arguments of the function. Again, a uniform sample space is assumed, meaning that each integer is equally likely to be chosen. For example, evaluating RANDBETWEEN(1,3) five times could result in 2, 1, 3, 3, 3. This example reveals an important use of the word â€Å"between† in Excel. This is to be interpreted in an inclusive sense to include the upper and lower bounds as well (as long as they are integers). Again, with the use of the IF function we could very easy simulate the tossing of any number of coins. All we would need to do is use the function RANDBETWEEN(1, 2) down a column of cells. In another column, we could use an IF function that returns H if a 1 has been returned from our RANDBETWEEN function, and a T otherwise. Of course, there are other possibilities of ways to use the RANDBETWEEN function. It would be a straightforward application to simulate the rolling of a die. Here we would need RANDBETWEEN(1, 6). Each number from 1 to 6 inclusive represents one of the six sides of a die. Recalculation Cautions These functions dealing with randomness will return a different value upon each recalculation. This means that every time that a function is evaluated in a different cell, the random numbers will be replaced by updated random numbers. For this reason, if a particular set of random numbers is to be studied later, it would be worthwhile to copy these values, and then paste these values into another part of the worksheet. Truly Random We must be careful when using these functions because they are black boxes. We do not know the process Excel is using to generate its random numbers. For this reason, it is difficult to know for certain that we are obtaining random numbers.