Page 31 - GS240401

Education

Why it's imperative to curate payroll records can access this essential support,
while those with discrepancies or inadequate records may
help merchants avoid be excluded.
Navigating financial opportunities effectively demands
payroll errors meticulous payroll management. When a retail business
demonstrates a commitment to accurate payroll practices,
it safeguards itself against financial discrepancies and po-
sitions itself advantageously for future growth.

Remember, the integrity of a merchant's payroll records
can decide whether the business thrives or misses out on
valuable financial opportunities. Ensuring accuracy in
payroll isn't just about compliance; it's a strategic move
that can significantly influence a business's access to capi-
tal and support.
Finding the right solution

Choosing the right payroll solution is crucial for the suc-
cess of any retail business. You can play a vital role in
By Elie Y. Katz guiding merchants who need to upgrade their payroll so-
National Retail Solutions (NRS) lution. You can advise them to assess the size of their team
and the complexity of their payroll needs, considering
ishandling payroll can have dire conse- whether they have hourly or salaried employees, multiple
quences that lead to severe and lasting prob- locations, and other unique payroll challenges. The choic-
lems for retail businesses. Employees who es they make now will impact their business's efficiency
M receive incorrect paychecks, face delays or and compliance with tax laws going forward.
encounter tax errors lose trust in their employer. This mis-
trust often drives top employees to seek employment with Retail businesses can choose from a range of payroll solu-
more reliable companies. A business experiencing this tions. In-house management, outsourcing to a payroll pro-
problem faces high rehiring costs and loses valuable expe- vider, or utilizing specialized retail payroll software are
rience that departing employees brought to the business. all viable options. Advise your merchants to evaluate each
of these options based on cost, ease of use and the level
Incorrect payroll practices can also attract legal trouble. If of compliance support they offer. Making the right choice
a business violates wage or hour laws or tax regulations, can save time and protect merchants from costly errors.
the owner could face hefty fines from the IRS, Department
of Labor, and state agencies. Such legal issues not only Accuracy and security should be your merchants' top pri-
strain a retailer's finances but also tarnish the business's orities when selecting a payroll solution. They should look
reputation. Moreover, when employees worry about their for features that guarantee correct pay calculations and
pay, their morale and productivity take a hit. This down- protect sensitive employee data. Additionally, their cho-
turn affects every aspect of a merchant's business, from sen systems should be adaptable to regulatory changes.
sales to customer service. A robust payroll system will help ensure compliance and
Missed opportunities build trust among employees.
Merchant empowerment
Accurate payroll records open doors to government pro-
grams designed to support small Smart payroll management is crucial to a retail business's
businesses. If a retail business maintains precise payroll success. Choosing the right system will help prevent fi-
data, it could qualify for tax credits and incentives, such nancial and legal issues, making your merchants' teams
as work opportunity tax credits. These benefits can save a feel valued and secure. A robust payroll system boosts
business thousands of dollars. However, an accurate pay- morale, productivity and a business's ability to grow. En-
roll is typically required to ensure these crucial financial courage your merchant customers to invest in a solid pay-
advantages. roll solution to secure a successful future for their busi-
nesses. Their payroll practices can be the foundation on
Lenders and grant agencies often require proof of pay- which their businesses thrive.
roll to evaluate a business's health. When payroll records
are in order, a merchant stands a better chance of secur-
ing loans and grants that can fuel growth and stability. Elie Y. Katz is founder, president and CEO at National Retail Solutions
Furthermore, during tough times, governments offer aid (NRS), https://nrsplus.com. Contact him by phone at 201-715-5179 or
based on payroll information. Retail businesses with ac- by email at ekatz@nrsplus.com.
31