The end of the financial year is on the horizon, which has many businesses scrambling to ensure the books are balanced and everything is in order before the deadline on 5th April 2020. With Her Majesty’s Revenue and Customs (HMRC) cracking down on senior executives in an effort to hold individuals at medium-to-large enterprises to account, it is more important than ever to ensure you are fully prepared for year-end and supporting your company every step of the way. As global markets react to the outbreak of coronavirus, financial uncertainty is in the air and many staff are likely to be working remotely. As such, it is more important than ever for companies to prepare for the upcoming financial year.
With year-end in sight and in light of the above, Access Group Chief Financial Officer Rob Binns explains what you can do to prepare yourself and your finance team for a seamless end to the financial year. With more than 20 years in the technology sector at both public and private firms, Rob has a wealth of financial experience. At Access, he is responsible for all finance, accounting and tax matters. Read on for Rob’s top tips for the end of the financial year 2019–2020, which focus on how you can provide support for your business as you look to the year ahead.
- Topic:
- Finance
You’re probably thinking there’s nothing rock and roll about payroll, right? Rock and Roll is for bands, who play live shows, record albums and release music videos to keep their fans happy. Devoted fans, in return, give unconditional loyalty, merch/record sales and collectively sing less tuneful, passionate renditions of their songs back to them at gigs.
So how does payroll fit in?
Just as bands are influencers to their fans, your payroll team has a huge influence on your company’s morale. Efficient payroll keeps your clients stress free, your contractors cared for and your employees happy. Put it this way, a band might have the looks, but if they can’t play their instruments the fans obviously won’t listen. Similarly, no matter how great your recruitment business is, how much your employees enjoy the culture, or your contractors take on more roles, no one works for free.
So, don’t let your recruitment business slip down the charts with our tips for managing your payroll that we’ve learnt from experience:
- Topic:
- Recruitment
Your back office is the back bone of your business.
It will determine whether you grow straight and strong, or whether it’s a rocky and bent ride that throws you off balance at some point.
A huge part of that back bone is your payroll systems and processes, and your ability to bring in, and send out, the right amount of cash at the right times. Thankfully, the days of filling in the ledger with ink by candlelight are long gone and technology has made life easier, but that’s not to say we still don’t face challenges. A host of common mistakes and challenges remain and how we deal with them says a lot about the type of employer you are and will be.
Here’s some challenges and what you can do to conquer them:
- Topic:
- Recruitment
Do you know what the hardest part of running a recruitment agency is? It’s not finding the right office, or finding candidates or even getting clients. It’s not even retaining your recruiters. With enough persuasive arguments, charm and wit, you can keep anyone in the door. However, no amount of smart talking is going to keep cash in your business.
You cannot talk your way out of invoicing someone and nor can you tell contractors to wait for their paycheck at the end of the month. Cash is king for a reason, because it keeps everything working, and as long as you have cash in your agency, you have the ability to operate.
This is why payrolling becomes one of the biggest headaches for us all, especially if we’re recruiting in the contractor market. Money is flying out of your business before you have time to invoice clients for it.
- Topic:
- Recruitment
For many years, hiring contractors has been key for finance directors who are looking to cut costs while also recruiting as much talent as possible. With many finance directors priding themselves on skills of cost reduction and boosting profits, it’s easy to see why there are around 1.77 million full-time contract workers in the UK.
A change to the law is coming, however, and many finance directors are likely to find themselves wondering whether or not they will remain compliant once the law has changed. This article will explain what the main changes are going to be and will also explore some ways to ensure that hiring contractors can continue to be cost-effective in the future.
- Topic:
- Finance
The world of HR is constantly changing and 2020 looks set to continue in that vein with various challenges on the horizon. We’ve picked three and looked at what HR managers could do now to avoid being taken by surprise and to identify potential new opportunities for being more effective.
- Topic:
- Human Resources
The Employment Allowance (EA) reclaim continues into 2019/20 at the rate of £3,000 p/a. Notification of the reclaim to HMRC is via RTI and PSC we will continue to carry out this process on your behalf if you are a client.
- Topic:
- Human Resources
Do you know what the hardest part of running a recruitment agency is? It’s not finding the right office, or finding candidates or even getting clients. It’s not even retaining your recruiters. With enough persuasive arguments, charm and wit, you can keep anyone in the door. However, no amount of smart talking is going to keep cash in your business. You cannot talk your way out of invoicing someone and nor can you tell contractors to wait for their paycheck at the end of the month. Cash is king for a reason, because it keeps everything working, and as long as you have cash in your agency, you have the ability to operate. Which is why payrolling becomes one of the biggest pain points for us all, especially if we’re recruiting in the contractor market. Money is flying out of your business before you have time to invoice clients for it.
- Topic:
- Recruitment
