You are not alone.
Did you know that 48% of businesses introduced changes to their payroll processes due to COVID-19?
A YouGov study in November 2020, conducted by IRIS Software Group, has looked at the impact the pandemic has had on small businesses and how they have managed their payroll.
According to the survey, 29% of business owners agreed that managing payroll takes up too much time. A quarter of leaders are unable to keep up with staff demands due to the time constraints of payroll, whilst 25% acknowledge that it has an impact on how their business performs.
Are payroll obstacles getting in the way of growing your business?
Managing payroll is also preventing 25% of business owners from carrying out business development activities. These figures vary across the UK, with over half of business leaders (54%) in London and 33% in Scotland struggling to dedicate time to both payroll processes and finding new opportunities.
Two in five business owners have stated that they have found payroll more stressful now than before the pandemic. Therefore, over the past 10 months, many businesses are making changes to their payroll management to free up time so that they can focus on business growth. One in five business owners have changed their entire payroll systems and, 17% are now outsourcing payroll. Surprisingly, only 17% are using cloud-based or digital software to streamline their payroll processes.
Are you aware that payroll is a key driver for employee happiness?
Payroll professionals (81%) acknowledge the correlation between accurate payroll and a content workforce. With payroll becoming increasingly complex, there are solutions available for leaders that do not result in a stressed or unhappy workforce.
Moving forward, business owners need to consider using automation and cloud-based software to take the pain out of payroll.
Robert Bradman, Head of Accounting Support at Wilder Coe, acknowledges the challenges business owners are facing. “From the start of the pandemic, we supported our clients with their various business needs, and none more so than with their payroll requirements.
Our SME clients outsource their payroll work to our specialist team to free up internal resources so they can develop and grow their businesses. Particularly over the past 10 months for clients, it is all about survival and resilience, and in that respect, helping employers access the right Government support through the furlough scheme has been significant.
The team continue to manage all aspects of payroll on behalf of our employer clients. Including, dealing directly with HM Revenue & Customs in respect of the furlough scheme process and where required, also providing any related HR support services.”
Looking forward to the year ahead, perhaps now is the perfect time to consider the changes you can make to streamline your payroll process?
If you have any questions or would like to speak with a member of our team to find out the steps you can take, then email payroll@wildercoe.co.uk or call on 01438 758 100.
Don’t forget you can also listen to our podcast episode on how payroll can benefit your business!
All figures within this blog are from YouGov plc unless otherwise stated. The survey was conducted online (4th – 12th November 2020), with 101 business owners (10-49 employees)
