20 December 2018
What is your business’s most important asset?
Premises? Computers and technology? Clients or customers?
I would suggest something else. Staff.
Most businesses without a number of good quality staff would struggle to survive and thrive. To achieve that balance, you need to ensure that they are looked after. Obviously, a good benefits package is important including; flexible working, paid holiday and good working conditions. But getting the basics right with regular and correct payment of wages or salaries into their bank account is imperative.
It sounds simple, but if your employees are fretting over whether you have taken into account their overtime or correctly deducted student loan repayments, then they are not concentrating on their work and they become inefficient. If you cannot invest the time to get their wage entitlement correct, why should they invest the time in your business?
Employees generally know exactly what they are expecting into their bank accounts each week or month and if what they actually get doesn’t meet their expectations, then they will soon be banging on your door to ask for an explanation and demanding a resolution.
If this is causing your business problems, consider outsourcing your payroll function to a trusted adviser, like our dedicated payroll team at UHY. Get in touch with your local or usual UHY contact.