How to do payroll for retail

Managing your retail store’s payroll is vital to accurately processing, calculating and paying employee wages on time.  It’s also important to maintain accurate payroll records to manage your retail business’ tax affairs.

An efficient payroll system in your retail store helps you file your taxes promptly, pay your employees on time and gain a positive reputation for your business. Managing payroll for retail is especially important during busy retail periods such as the Christmas and end-of-financial-year (EOFY) seasons.

Why is it important to maintain payroll records for your retail business?

1. Your business stays legally compliant

Efficiently maintaining the payroll records in your retail business is important to ensure that your business complies with Australian business laws including single touch payroll (STP). A great payroll system is important for keeping payroll reports and records so that you can then file your taxes on time.

2. Helps you track employee wage expenses easily

Your retail store payroll records contain valuable and essential information about your employees’ taxes and wages. As wage expenses are one of your largest expenses as a retailer,  it’s important to track employee pay expenses to for your retail store’s budgeting. Your  budgets are essential to forecast your retail shop’s future expenses and profitability.

3. Eliminates unnecessary errors in employee pay

Detailed payroll records help prevent discrepancies and duplicate work that may get your retail business into legal trouble. In the event of a tax audit, you can quickly retrieve your payroll records.  

Benefits of using online payroll software for retailers

1. Improves the morale of your retail staff

One of the key benefits of using an online software system for retail is efficiently managing staff and employees during busy retail periods such as Christmas and EOFY.  Reliable payroll software like Payroller ensures that your business makes accurate and timely payments to your employees. This helps positively impact employee satisfaction and morale especially during busy retail periods. Timely payments help the staff members to feel appreciated and valued for their work.

As a retail store manager, you can also generate payslips straight from pay runs with Payroller.  Your retail staff can also view payslips, request leave and more from anywhere using their own Payroller employee mobile app.

2. Preserves your retail business’ reputation

Comply with Australian employment legislation and tax laws when you use single touch payroll (STP) software like Payroller. Handling your payroll records and operations using Payroller software helps establish your business’ credibility in the retail industry.

How to get on top of your retail store’s payroll

Businesses in the retail industry can use Payroller in their daily operations and especially during busy periods such as the Christmas season.  Your business can keep accurate records, pay staff wages and superannuation on time, create timesheets and rosters for casual staff, and more.  With Payroller, you can manage payroll on any device including web app and mobile app.

Try out our online payroll software for retail stores and shops

Payroller is STP-compliant software that you can access anytime, anywhere.  Try Payroller  for free and see why thousands of Australian retail businesses, love using Payroller for simple and functional payroll software.