Whether you’re taking on new long-term staff or temporary ones to cover your inventory period, you should always notify your payroll provider. It doesn’t matter how long or short they end up working for, your payroll system will need to be kept up to date.
Inventory Background
Most retailers carry out an annual inventory (stock take) to calculate what stock they have. This is required to work out what loss they might have suffered (through damage, theft etc.). So they can calculate their true profits and make better-informed buying decisions.
Inventory in practical terms
To be able to carry out this inventory, retailers will normally get as many staff as possible in, as they could be counting thousands of products using old-school paper and pen or electronic methods.
This can be a combination of full-time, part-time, temporary and seasonal staff and they will all need to be paid different amounts depending on their contract.
Your payroll provider will need to be notified of any changes to the standard monthly payroll numbers, including extension of temporary contracts, issue of overtime pay if the staff is on set contract hours and addition to payroll for people working a single shift to help with inventory.
Don’t forget that staff going through any training that’s required for carrying out the inventory check must be paid for this time.
Get in touch with Cintra Payroll
If this is all sounding a bit complicated and over the top, then don’t fear! You’re not alone in thinking this and Cintra Payroll is on hand to help with any questions you may have. By outsourcing your payroll services to us, we can save you time, money and stress, allowing you to focus on what you do best – running your business.
Get in touch with us by filling out a contact form, or find out more details below.