Profit creates growth opportunities, pay raises and promotions. When team members understand this, they work hard to do their part to contribute to the company’s profit.
Tag Archive for Payroll
Hot Business News Today
How to Solve 5 of The Biggest Global Payroll Challenges
by James Peters • • 0 Comments
Hot Business News Today
National Payroll Week: How HR professionals can adapt for the future
by Dan Matthews • • 0 Comments
By Dan Matthews on Small Business – Advice and Ideas for UK Small Businesses and SMEs
It’s National Payroll Week, a chance to celebrate the unsung heroes who ensure the workforce gets paid the correct amount, on time. Most employees only give thought to the processes behind their payslips when there’s a mistake, here’s a chance to show them there’s more to payroll than that.
It’s a particularly appropriate time, given the great return to work as organisations continue to adjust in light of the pandemic and the many changes taking place, not just in payroll departments, but across the HR function.
A brave new world of business
In smaller businesses, the pressures of workplace transformation will be particularly acute, according to Joanne Pringle, payroll product manager at Sage.
“As we return to the new normal, managers may struggle to pack everything into their working day with the many tasks required. We might be accustomed to change management, but there has been an awful lot of change in the last 18 months.
“As with any large changes but even more so in Payroll; you sometimes ask yourself have I got it right, have I understood and checked everything correctly? So it’s important to manage changes in
Hot Business News Today
National Payroll Week: How HR professionals can adapt for the future
by Dan Matthews • • 0 Comments
By Dan Matthews on Small Business – Advice and Ideas for UK Small Businesses and SMEs
It’s National Payroll Week, a chance to celebrate the unsung heroes who ensure the workforce gets paid the correct amount, on time. Most employees only give thought to the processes behind their payslips when there’s a mistake, here’s a chance to show them there’s more to payroll than that.
It’s a particularly appropriate time, given the great return to work as organisations continue to adjust in light of the pandemic and the many changes taking place, not just in payroll departments, but across the HR function.
A brave new world of business
In smaller businesses, the pressures of workplace transformation will be particularly acute, according to Joanne Pringle, payroll product manager at Sage.
“As we return to the new normal, managers may struggle to pack everything into their working day with the many tasks required. We might be accustomed to change management, but there has been an awful lot of change in the last 18 months.
“As with any large changes but even more so in Payroll; you sometimes ask yourself have I got it right, have I understood and checked everything correctly? So it’s important to manage changes in
Hot Business News Today
Payroll: how UK small businesses can get it right
by Dan Matthews • • 0 Comments
Originally written by Dan Matthews on Small Business
This year, like 2020, is one of change. Alterations to the legislative environment affecting payroll practitioners have come on top of seismic shifts in the way people work and, often, how they are paid.
For a small business, the difficulties might feel particularly acute, with a changing workforce potentially leading to reduced headcount and new recruits, as well as cover for temporary absences. Fewer people are available to handle a growing number of tasks and keep on top of fluid working practices.
Yet businesses must strategise beyond the shock of 2020 and push for future opportunities. In doing so, you need to understand how you’ll pay for accrued holidays, handle a workforce returning from furlough, employees in multiple locations and how this will impact expenses payments.
It’s a tricky situation, but with some preparation and the right software, growing businesses can navigate payroll problems with ease. Joanne Pringle, payroll product manager at Sage, believes the solution is to create a solid platform of information and processes from which you can work.
“When you have all the set processes mapped out, it allows you to have a laser-focus on changes when they come in,” she explains. “If you
Hot Business News Today
Payroll: how UK small businesses can get it right
by Dan Matthews • • 0 Comments
Originally written by Dan Matthews on Small Business
This year, like 2020, is one of change. Alterations to the legislative environment affecting payroll practitioners have come on top of seismic shifts in the way people work and, often, how they are paid.
For a small business, the difficulties might feel particularly acute, with a changing workforce potentially leading to reduced headcount and new recruits, as well as cover for temporary absences. Fewer people are available to handle a growing number of tasks and keep on top of fluid working practices.
Yet businesses must strategise beyond the shock of 2020 and push for future opportunities. In doing so, you need to understand how you’ll pay for accrued holidays, handle a workforce returning from furlough, employees in multiple locations and how this will impact expenses payments.
It’s a tricky situation, but with some preparation and the right software, growing businesses can navigate payroll problems with ease. Joanne Pringle, payroll product manager at Sage, believes the solution is to create a solid platform of information and processes from which you can work.
“When you have all the set processes mapped out, it allows you to have a laser-focus on changes when they come in,” she explains. “If you
Hot Business News Today
Should small businesses outsource their payroll management?
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
Today, several businesses are receiving services from other companies on topics that are not in their area of expertise. In this case, which we define as an outsource service, it is possible to receive the most professional service for your specific needs if you cannot perform on your own or prefer to assign it to a more experienced party. That is why many corporations choose to outsource some of their operations. Payroll is one of them.
In fact, a company may start receiving outsource payroll services for several reasons. For example, there are many significant benefits of outsourcing payroll systems for large companies. The more employees working in the business, the more complicated the payroll becomes and the higher the burden falls to HR employees. If you outsource the payroll service, you are not just outsourcing payroll preparation. The service also provides you with resources such as leave and absence monitoring, entrances, and exit transactions. For this purpose, payroll services provide large-scale companies with savings of time and effort.
For small companies and start-ups, outsourcing payroll services has numerous benefits. Imagine a business that was founded a year or two ago and employing around ten people.
Hot Business News Today
Should small businesses outsource their payroll management?
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
Today, several businesses are receiving services from other companies on topics that are not in their area of expertise. In this case, which we define as an outsource service, it is possible to receive the most professional service for your specific needs if you cannot perform on your own or prefer to assign it to a more experienced party. That is why many corporations choose to outsource some of their operations. Payroll is one of them.
In fact, a company may start receiving outsource payroll services for several reasons. For example, there are many significant benefits of outsourcing payroll systems for large companies. The more employees working in the business, the more complicated the payroll becomes and the higher the burden falls to HR employees. If you outsource the payroll service, you are not just outsourcing payroll preparation. The service also provides you with resources such as leave and absence monitoring, entrances, and exit transactions. For this purpose, payroll services provide large-scale companies with savings of time and effort.
For small companies and start-ups, outsourcing payroll services has numerous benefits. Imagine a business that was founded a year or two ago and employing around ten people.
Hot Business News Today
How to Instantly Improve Your Small Business Payroll Management
by Entrepreneur Deals • • 0 Comments
Hot Business News Today
Bank of England eyes Working Capital Jobs Retention Scheme
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
EXCLUSIVE: The Bank of England is eyeing payroll finance technology as a possible successor to the furlough scheme, which ends in October.
The coronavirus jobs retention scheme will cost the government £60bn in total but industry is braced for millions being made redundant when the scheme closes on October 31.
PwC estimates that without any extension one in five of those now on furlough will be made redundant. The Bank of England itself estimates that unemployment will almost double to 7.5 per cent by the end of the year, as things stand.
>See also: What do SMEs think is the best business bank account? – survey
Called the Working Capital Jobs Retention Scheme, the ground-breaking payroll technology is the brainchild of David Brown, fintech entrepreneur and chief executive of Hi55. The WCJRS would enable the banks to fund up at least £4,300 per employee risk free, throwing businesses another working capital lifebelt.
This is because EU law stipulates that all European governments must still cover payroll for a fixed period should their employer go bust. The Employment Rights Act has been law since 1996.
In the UK the government must step in and pay each employee £538 for each