Partner / AG Associates
Why Outsourcing Payroll is Crucial for Retailers Your wage bill is probably the biggest bill in your company, not to mention the most complex. Founder and Partner Accountant CPA CTAX Angela O’Leary of AG Associates highlights five key benefits to outsourcing yours
Angela O’Leary, AG Associates
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n today’s dynamic retail landscape, achieving success hinges on optimising every aspect of your retail business operations. One popular key performance indicator (KPI) that can make a significant difference is payroll. Outsourcing payroll can seem like an expense that you don’t need, but it’s so important to get it right. Here’s why doing so can hugely benefit your company: It streamlines your Payroll Costs There is no doubt that managing payroll can be a timeconsuming task. From gathering employee information to running the payroll, it can eat into your valuable hours. By outsourcing this responsibility to professionals, you can free up time and resources for more critical tasks. Think about how much time you spend on payroll-related tasks like tax filing, wage slips, and answering employee questions. You might be surprised at how much you could save by letting professionals handle it. It boosts your Team’s Efficiency Imagine what you or your staff members could accomplish if they didn’t have to worry about payroll processing. By outsourcing this time-consuming task, you free up valuable time for more important work. Your in-house accountant or accounts clerk could focus on analysing your financials, preparing reports and identifying ways to improve your bottom line. It ensures Pinpoint Accuracy Nobody wants an unexpected visit from the Revenue! One of the main areas they look at is payroll. Payroll errors can lead to serious problems, especially when it comes to tax deductions and deadlines. Experts in payroll services can navigate the complexities of tax regulations and ensure your business stays compliant. The onus is on you - the employer - to ensure the correct amount of taxes are deducted, in terms of PAYE, PRSI, USC, LPT etc and returned to the Revenue on time. Getting it wrong opens you up to trouble with Revenue. It means Sick Pay and Disability Pay are Managed In the retail industry, managing sick and disability pay is crucial. Changes in statutory sick pay and other regulations can be challenging to keep up with.
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And Holiday Pay Entitlements are taken Care Of Holiday pay calculations and entitlements can be confusing. Mistakes in this area can lead to unhappy employees and legal issues. Everyone is entitled to holiday pay and days off; it just depends on how much work is done in the leave year and how it is calculated. Bank holiday entitlements are another area of confusion which isn’t often calculated correctly. Using an outsourced payroll company will help you manage your payroll so there will be no disruptions. Your employees rely on getting paid on time, every time. Don’t let payroll be an overlooked KPI – make it a cornerstone of your retail success. Contact AG Associates to get started.
Retail Times / Autumn 2023
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18/10/2023 09:17