Careers in accounting offer both job stability and good pay, and are an excellent fit for students with an eye for detail. If you enjoy math, like using new software, and are looking for a rewarding career, then the right payroll training program could help you start your dream job sooner than you think. In fact, focused programs like the one offered at the National Academy of Health and Business (NAHB) are just 44 weeks long. That means that in just nine months, you could be graduating with your diploma and well on your way to a bright new career.
Taking advantage of the lucrative job market in accounting and landing a job after your training is made easy with the resources and support provided by NAHB. Continue reading to discover how our accounting college can help you launch an amazing career after graduation.
1. Accounting and Payroll Diploma Holders Get Guaranteed Co-Op Job Placement
When studying towards your accounting and payroll diploma, you will have a chance to put all the theory you’ve learned to use with a co-op job placement. Cooperative education allows you to take the knowledge you’ve gained in the classroom and use it in the real world, gaining important experience and confidence in the process. A co-op job placement is the opportunity to push yourself—and at NAHB, every single student in accounting and payroll is guaranteed a co-op job placement.
A co-op job placement is a great way to kick-start your career!
2. Accounting Training Prepares Students to Use Important Software Programs
ACCPAC is the accounting software of choice for many of the largest accounting firms in the world. It’s one of the top software programs that students need to know, and NAHB provides comprehensive, hands-on training so that students feel confident using it. With the help of our expert instructors, you’ll learn useful shortcuts and how this program can keep the books balanced. Not only that, but the ACCPAC training comes with a Recognition of Achievement that will greatly assist in finding employment after graduation.
3. Accounting and Payroll Diploma Grads Get Job Search Support
The skills you’ll gain through your accounting training at NAHB will make finding prospective employment an enjoyable and seamless experience after graduation. On top of that, our college makes your transition into the workforce all-the-easier with the help of our resume and cover letter development assistance, interview preparation assistance, and networking advice. Plus, NAHB can refer you to external career resources after graduation, helping you make a smooth transition into your career in accounting.
The sky is the limit with proper accounting training
Attending an accounting college is a wise decision right now because of the hot job market, as well as due to the plethora of services and career development assistance skills provided in accounting training—a rewarding career may be just around the corner.
Processing a company’s payroll requires taking many different factors into consideration. Accounting and payroll professionals have to keep benefits, hours worked, sick days, and taxes in mind—among many other responsibilities. As a result, it’s only normal that a payroll error will happen from time to time. But whether a payroll blunder works out in favor of the employee or the business, they can be costly mistakes that sometimes take extra time to fix. That’s why knowing which mistakes happen often—as well as how to avoid making these mistakes in the first place—can be a huge time saver during your future career.
If you’re planning to pursue accounting and payroll training, read on to learn some of the most common payroll mistakes professionals make in the industry, and how you can avoid making them.
1. Pros with Payroll Training Should Always Record Employee Bonuses
One common error that professionals with payroll training sometimes make is that they forget to record employee bonuses. They might hand out bonus pays, commissions, and gift cards but then forget to record them in the payroll system.
Employee bonuses need to be recorded in the payroll system
These mistakes could throw the system off-balance if you don’t make note of them. That’s why if you hand out bonuses during your career, make sure that they’re recorded in the processing system to ensure that your books stay in balance, and that your tax deposits stay in order.
2. Pros with Payroll Training Should Deposit Taxes on Time
Most companies are required to deposit taxes on a bi-weekly or monthly basis. When taxes reach certain amounts, however, they might need to be deposited on the next business day. Sometimes payroll professionals forget to stay on top of these important dates, which is why this is another common mistake you’ll learn to avoid during your payroll training.
You’ll learn during accounting training that when you miss a tax deposit deadline, you may be subject to late deposit fees and interest. That’s why it’s important to remember tax deposit dates so that you avoid having to pay any penalty rates.
3. Pros with Payroll Training Should Remember Expense Reimbursements
While some companies provide employees with expense accounts to cover costs while they travel, others choose to reimburse employees for any business-related costs instead. Common expenses include hotel costs, meals, and car rental expenses—which can be pricey for employees.
That’s why one mistake that can cause frustration is when these expenses aren’t calculated by and reimbursed on time. Nobody wants to have to continuously ask their employer for money owed, so you can avoid this uncomfortable situation by making sure that you process expense reimbursements in a timely fashion during your career.
4. Pros with Payroll Training Should Always Calculate Overtime Correctly
Every company should have specific guidelines for overtime pay. As you start your career, make sure to become familiar with these guidelines quickly so that employees who have extra hours accrued are always paid what they’re owed. When overtime pay is miscalculated, it can lead to frustration for employees or extra costs for the company. That’s why you’ll want to make sure you’re familiar with both provincial regulations and your employer’s overtime policies when you start your career.
Demand for trained professionals in Canada continues to grow.
Few jobs offer the seamless transition between sectors like positions within the Accounting and Payroll industry. The majority of skills acquired at one organization are transferable to the next and so on – giving you tremendous flexibility when searching for employment. And, some good news if you’d prefer to work from home – Canadian census data shows there is a growing trend among employers to outsource Accounting and Payroll positions in the areas of accounting, tax preparation, bookkeeping and payroll services1.
An Accounting and Payroll Diploma gives you the opportunity to gain knowledge in an area virtually no company can do without. With ever-changing federal and provincial legislative requirements and laws employers are increasingly counting on trained accounting and payroll administrators to handle payroll duties, remittances and benefits. Employees rely on your skills to ensure their payments are made timely and accurately – their livelihood depends on it. The demand for experienced payroll administrators is high and is projected to grow through to 20171.
Payroll training gives you an understanding of tasks relating to employee payroll management. This includes hiring employees, calculating deductions such as the Canada Pension Plan, Employment Insurance Premiums and Income Tax Deductions. You also learn about remitting (sending) these deductions along with the employers share of these deductions by the organization’s remittance due date(s). Additionally, you are responsible for reporting the employees’ income and deductions on the appropriate T4 or T4A slip.2
Accounting training involves some bookkeeping activities such as recording financial transactions, producing invoices and competing payroll. However, the scope of this responsibility goes beyond basic bookkeeping – it includes the action or processes involved in maintaining financial accounts. This encompasses the preparation of financial entries and statements, analyzing costs, completing tax returns and developing reports to help business owners assess the impact of financial decisions.
Salaries and Common Career Paths
Average salary figures in this discipline range from $35,000 to over $100,000 depending on experience, capabilities and tenure within the industry. Individuals who excel in this area have the room to progress into positions with more responsibility and higher salaries.
Common Career Paths in Canada3
Industry Accreditation and Support
Should you choose a career in this field you can easily add credibility to your resume and help build your career by joiningthe Canadian Payroll Association (CPA).
Memberships are available to students, graduates and those employed within this field. Additionally, you will benefit from leading-edge support in your new career including these benefits:
Toll-free hotline to answer your toughest payroll-related questions
Federal & Provincial Legislative Updates
Payroll Best Practices Guidelines,
Forms, Checklists and Reference Material,
Payroll Mall (list of suppliers/vendors)
JobConnect (online job and resume posting service).
As well, your CPA membership provides you with regularly produced publications, professional development and certification program offerings as well as conferences and networking opportunities.