Pennymac

Maureen Tyler

In an interview with CIOReview, Maureen Tyler, VP of Payroll at Pennymac discusses her contributions in mitigating the prevalent and emerging hurdles in the payroll funding space. She also highlights the role of technology and new-age banking systems in the transformation of payroll processes.

What are your key roles and responsibilities?

Embarking on a career in payroll isn't usually a conscious choice; it's more like the career finds you. Most individuals stumble into payroll after gaining experience in accounting or accounts payable. My journey into payroll followed a similar path. Initially involved in manual payroll processes for small businesses alongside a college friend, I gradually found myself delving deeper into the intricacies of this field.

In the early days, calculations were done by hand, taxes meticulously worked out, and checks personally written and distributed. Transitioning from small businesses, I took on a role managing payroll for a hotel, and from there, my career took an unexpected yet transformative turn.

My pivotal experience came during my seven-year tenure at ADP, a period that provided unparalleled training and exposure. Starting with client services, I later transitioned into implementation, handling a diverse range of clients spanning unions, hotels, restaurants, manufacturing, and private businesses. This multifaceted experience broadened my expertise across various payroll domains.

Fast forward to my role at realtor.com for nearly 17 years, and currently at Pennymac for six years, my payroll journey has been both dynamic and rewarding. Daily, I confront various challenges inherent in the payroll landscape.

Navigating through the intricacies of payroll wasn't a predetermined path, but rather a series of opportunities that shaped my expertise. My journey has evolved from manual calculations to managing diverse payroll needs across industries, offering insights and skills that have proven invaluable in my current role at Pennymac.

"We're constantly on the lookout for ways to automate, always seeking the next wave of efficiency"

What would you say are some of the major challenges and trends that are impacting the funding industry today?

We rely on a third-party payroll company, UKG, which has become a standard in the industry. Our tax payments are seamlessly debited from our accounts for direct deposit processing. Checks are cut in-house, drawn from our bank account, requiring precise and immediate funding.

 Efficiency is paramount in our payroll operations. We strive to complete payroll tasks as swiftly as possible, ensuring early-day processing for timely transfers. This proactive approach ensures that our payroll account is adequately funded to cover tax debits and facilitate direct deposits. Any potential issues for those receiving live checks would typically be related to the banking system.

Fortunately, major problems with funding have been rare, and I’ve not encountered significant challenges. In the unlikely event of a system crash, companies have contingency plans, to ensure their employees get paid. However, the speed of today's processes, including same-day direct deposits, has significantly transformed payroll operations.

The landscape has evolved from the traditional 72-hour guarantee for direct deposit to more rapid transactions. In fact, during a recent payroll cycle, funds were made available to employees two days earlier than expected. This rapidity has advantages but can occasionally prompt employee questions, as banks now populate direct deposits up to 24 hours in advance. Despite the evolving landscape, our commitment remains steadfast, and we continue to adapt to the fast-paced dynamics of modern payroll processing.

What advice would you impart to someone who just got into a position like yours?

A valuable piece of advice for those aspiring to excel in payroll is to become adept at understanding payroll systems. The key to success lies in transcending transactional tasks and delving into the intricacies of system operations. While day-to-day responsibilities like editing time cards and processing termination checks are essential, elevating your career requires a deeper understanding of payroll systems.

Shifting your focus from mundane tasks to comprehending the entire system is pivotal. This involves learning how to configure setups, manage tax earnings, handle pre-tax deductions, and navigate the complexities of system testing. It's about understanding the nuances of compliance, especially in areas like SOC (Service Organization Control) requirements. Running a payroll department entails a significant responsibility beyond just issuing paychecks.

To truly ascend the career ladder, one must learn the ins and outs of payroll systems. This knowledge not only streamlines processes but positions you as a valuable asset in ensuring the accuracy, compliance, and efficiency of payroll operations. So, while cutting checks is a fundamental task, mastering the intricacies of payroll systems is the key to long-term professional growth.