Small Business

Employing staff, especially in the early years of any business, is a delicate balancing act. Depending on which way you see things and your ability to delegate responsibility and effectively spread the workload, staff can either be a costly addition to your business or an essential asset.

At the outset, small companies rarely have enough staff to cover all the work that needs to be done, and the frustrating thing is that taking on more staff can initially increase rather than decrease your workload. Time is also a precious asset which can easily be eaten up by having to manage your employees, provide for their requirements, stay up to date with changing tax and HR legislation and manage payroll and accounting software.

No matter how you look at things, it’s highly likely you’ll need to be an effective multi-tasker while your business finds its feet. However there are ways to make the best use of your precious time, such as outsourcing your HR and payroll requirements to a specialist company.

Payroll companies are dedicated providers of a complex service which otherwise would have to be kept accurate and up to date by yourself or one of your employees, diverting your resources and time away from the main tasks of your business. Many small businesses don’t consider payroll solutions because they mistakenly assume they’re designed for larger corporations, and will therefore be ineffective and overly expensive for a small number of employees. However, at Moorepay we specialise in services for small to medium enterprises, meaning we understand your needs and will create a tailored solution to fit the size of both your company and your budget.

In fact, the costs incurred pay for themselves in terms of time saved, and you’ll be left with enough energy to recognise your employees for the assets they are.

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A small to medium sized enterprise (SME) can consist of up to 250 employees, with the vast majority falling into the ‘small’ category, which implies that there is just between one and forty nine people on their payroll. At this level, managing HR and payroll becomes a question of logistics – delivering an accurate, efficient service with a minimum outlay. Many businesses of this size will have just one or two employees in place to manage the regular payments to staff and deal with tax issues, personal problems and sicknesses.

This situation, however, can present a difficulty when the trained members of staff are themselves sick or on holiday. Research has shown that a high proportion of employees would experience financial difficulties should their pay arrive just a few days late, and delayed or inaccurate tax submissions bring heavy penalties. Payroll is one sector of your business that absolutely must not be delayed, and as business owner, the responsibility will fall on you to ensure that the process continues as normal.

The difficulty arises from the level of training needed to maintain an efficient HR and payroll service. To be sufficiently prepared for the absence of your HR and payroll staff, you, or extra employees, will need to be continually up to date with complex tax and employment legislation, and the latest version of the payroll computer systems.

The alternative is to discuss your needs with a payroll company with every member of staff up to date with this specialist knowledge. Payroll solutions exist for enterprises of all sizes and here at Moorepay we specialise in helping SMEs meet their payroll needs so you can rely on us to provide a solution to fit your budget. And it is worth remembering that once you employ 10 or more people, the time saved by outsourcing your payroll is worth far more than the cost.

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