As the Autumn Budget looms ever closer, there is equal parts fear and hope from many small businesses who are already struggling to keep pace with operational costs.
One of the biggest challenges comes in the form of employee expenses, as it is difficult to balance the cost of extra staff with the burden of additional work for smaller teams.
Your clients may be feeling the pressure of managing employee expenses and a technological solution could be the key to helping them out with their payroll needs.
Why are small businesses struggling with employee expenses?
Small businesses are struggling with a range of financial pressures, but employee expenses could be the thing that stifles growth further.
According to a recent report, 24 per cent of small businesses have had to stop hiring due to financial uncertainty, while 16 per cent have had to reduce employee hours.
These are troubling numbers, as a healthy workforce is the key to productivity, while reducing staff numbers may result in future struggles.
For many businesses, payroll can seem like a complicated issue that might make them hesitant to take on new staff, as there is a fear that it will bring with it additional expenses and administrative work.
More specifically, higher employee expenses are being linked to 9 per cent of small businesses letting go of existing employees.
This suggests that businesses are seeing offloading staff as an efficient way of getting their finances back under control.
As a small light in the darkness, 16 per cent of businesses believe that hiring additional staff would be helpful if the business had a bad year.
This speaks to the core tension with employee expenses, where businesses understand the value of investing in staff but may be struggling to meet the requirements.
Fears of noncompliance that, in turn, bring fines and penalties could also be causing hiring to stagnate.
How can I support clients who struggle with employee expenses?
Where clients may feel that payroll is too complicated to be managed effectively, you can show them a more efficient way of operating.
To achieve this, it is necessary to embrace the latest technology to streamline the process of compiling payroll information.
Glasscubes is an easy-to-use tool that uses automated reminders to ensure that payroll information is compiled regularly and effectively.
For clients who are already feeling the pressures of keeping their business going, Glasscubes manages to cut back on administrative hassle.
Glasscubes is as easy to use as an email and has no obligation for clients to remember usernames or passwords.
The secure link lets them submit their information with ease, so you can get to work faster on sorting out the payroll.
We may not be able to improve the overall economic situation of the country, but we can make life easier for those who have to work with it.
By easing the administrative burdens, we hope that small businesses can find their way back to growth and can sustain the right number of employees for the job.
Help support your clients as they battle towards growth. Book a demo today!
