As a retail store owner, you have many responsibilities. In addition to maintaining store inventory, ordering products, and managing your employees, you may also be handling your own payroll. While you may not be able to outsource many of your other responsibilities, you can hire a payroll service to take over this one important task.
Accurate Employee Payments
One of the best ways to ensure you keep your employees happy is to always pay them on time. When you use a payroll service, they ensure your employees are paid correctly, based on the information you provide from your employee time sheets.
The payroll service can also calculate overtime, based on your company rules. They can also issue bonuses to employees, at your request. Payroll services can issue payments by direct deposit, payment card or check.
Payment of Employer and Employee Taxes
As a retailer, you may have to deal with various taxing agencies. A payroll service can manage your employee taxes, which can make your life a little easier. These taxes include both the employer, and the employee, portion of federal, state, and possibly local taxes.
The payroll service will also manage deductions. This can get complicated since some deductions like retirements, health insurance, and other benefit plans. At the end of the year, they will also create the tax forms needed to send to your employees.
Management of Employee Pay Records
As a retailer, you may have a high employee turnover rate, especially during the holiday season. That means you may have a large number of employee pay records to manage. If an employee that worked for you for one day, three years ago, came back to get a copy of their tax form, would you be able to find it?
A payroll service will keep a record of your employee payments. Many companies provide this information through their website. An employee can access their pay records online and their tax forms. This can help reduce the amount of time you and your office staff have to spend looking for payroll information for your employees.
Payroll services can help free up your time so that you can use it for tasks that help to make you money. If you calculate the amount of time you or your office staff spend on payroll, you will see how this type of service can be a bargain.