Top Things You Can Learn In A Payroll Administration Course
There’s more to accounting and payroll than people might assume. Being repetitive, tedious, and doing the same thing every day are some misconceptions about the career. In both an accounting and payroll administration online program or in-person, students learn a wide variety of concepts and procedures that they can apply to their future careers. This includes:
Financial accounting
Accounting software systems
Income taxation
Microsoft Office, and;
Payroll fundamentals.
With this knowledge, students are prepared to cover many different tasks, keeping their options of work fresh and exciting.
Financial Accounting
Students aren’t only limited to learning about payroll in a payroll administration course. Rather, they are exposed to a variety of accounting topics. Financial accounting includes learning about the fundamentals of accounting such as the daily transaction procedures that a business would undertake. It expands on bookkeeping functions, recording journal entries and engaging with the full accounting process. It also includes accounting information systems, going through the entire accounting cycle (creating, adjusting, and closing entries) as well as receivables, intangible assets, liabilities and more.
Accounting Software Systems
In addition to learning the concepts and procedures of accounting, students in a payroll administration course will learn how to use the programs that maintain financial records. This includes QuickBooks and Sage 50, which are popular accounting softwares that many companies use. It has the full suite of bookkeeping tools to help them manage the business they will be in. These software programs have a multitude of uses, including payroll management, income and expense tracking, and financial reporting.
Income Taxation
In this course, students delve into a bit of law to learn about the Income Tax Act in Canada, and how to apply its rules appropriately and correctly to practical situations. They learn many things about income taxation including federal taxation, capital gains and losses, income and deductions, and tax income and payable for individuals.
If students would like to open up their own business in the future, this is one of the best routes to specialize in because every person, whether they own a business or not, needs to file an income tax report, so this way their services also appeal to a wider audience.
Microsoft Office
While Microsoft Office is commonly used, there’s a lot of interesting features and aspects of the software that are left unused. Office has many components to make your work easier, faster, and more efficient. The average person who uses the Microsoft suite doesn’t engage with every aspect of it, so learning it is helpful. Especially in an accounting and payroll administration online program, understanding this information is important, as when one starts to work in the field there’s less time to understand and engage with the software in a way that you can fully utilize it.
Payroll Fundamentals
This course teaches the main concepts and procedures of payroll, and is also a requirement for the Canadian Payroll Association’s (CPA) certification for Payroll Compliance Practitioner (PCP) that students can pursue after graduation. Students calculate individual net pay, termination pay, record of employment (ROE) and how to communicate these aspects to stakeholders.
Accounting and payroll administration course is one of those programs that once you take it, you’ll know that you’re always going to be in demand. Every company, organization, small business, and even sometimes sole proprietor needs someone who can do their accounting and payroll, in an accurate and timely manner.
