4th – 8th September 2023: Honouring the UK’s Payroll Heroes!

National Payroll Week is here, and it’s the perfect time to acknowledge the backbone of every company – the payroll professionals.

Benson Wood is proud to join in this nationwide celebration to honour the dedication, precision, and unwavering commitment of all payroll experts.

The heroes behind the payslips

Handling payroll is no small feat; it’s a complex task that necessitates a meticulous approach. Here are some intriguing statistics to ponder:

• The number of payrolled employees rose by 1.9 per cent in the last year.
• The 25th of every month remains the most popular payday.
• 52 per cent of businesses pay between 51 – 1,000 employees.
• 28 per cent of firms still handle their payroll in-house.
• A concerning 42 per cent of payslips were non-compliant with the latest requirements in the past year.

Given these statistics, it’s abundantly clear that payroll experts are indispensable.

The perks of outsourcing your payroll to Benson Wood

While in-house payroll can consume significant time and resources, outsourcing to Benson Wood offers multiple advantages:

Expertise

Our certified payroll professionals bring a wealth of industry experience, ensuring you remain compliant in every aspect of payroll management.

Technology

Leverage our state-of-the-art payroll software, designed to automate and streamline your processes, thereby saving valuable time.

Tailored Solutions

We understand that every business is unique. That’s why we offer bespoke payroll solutions tailored to meet your specific needs.

Dedicated Support

Our team stands ready to assist you whenever you need us, offering expert advice and solutions to all your payroll challenges.

Up-to-Date Compliance

Never worry about falling foul of the law. We keep abreast of all legislative updates, from pension rules to National Minimum Wage rates.

Ready to Make the Switch?

Don’t miss this opportunity to partner with Benson Wood this National Payroll Week. Together, let’s celebrate the unsung heroes who ensure that paydays are the highlight of the month for employees across the UK.

Contact us now to begin a new chapter in your payroll story. You handle your business; we’ll handle the payroll.

For more information, please get in touch.

Celebrate National Payroll Week in style, celebrate it with BENSON WOOD – Your partner in payroll excellence!

In a world where technological advancements are reshaping industries, small and medium-sized enterprises (SMEs) cannot afford to be left behind.

The hesitance to embrace new technologies, epitomised historically by movements like the Luddites in the 19th Century, can impede growth and competitiveness.

For SMEs open to innovation, Artificial Intelligence (AI) offers a host of opportunities beyond just financial functions – whether they choose to invest in existing platforms or develop their own innovations.

The crucial need for SMEs to embrace AI

The integration of AI isn’t merely a trend; it’s rapidly becoming a business necessity. While larger companies are often cited in discussions about AI, SMEs have much to gain from leveraging this transformative technology.

Yet, adoption rates remain surprisingly low, making this an opportune time for proactive SMEs to get ahead of the curve.

How AI can benefit your SME across various functions

• Enhanced customer engagement: AI-powered chatbots and customer service tools can handle routine queries 24/7, offering a superior customer experience while freeing up human resources for more complex tasks.
• Optimised marketing: AI can analyse consumer behaviour and market trends, enabling more targeted advertising and effective campaigns, thus maximising your return on investment.
• Streamlined supply chain: Real-time tracking and predictive analytics can make your supply chain more responsive and efficient, reducing costs and improving reliability.
• Human resources management: AI can help in talent acquisition by sorting through CVs more quickly and efficiently than a human can, as well as assist in ongoing personnel assessments and career development plans.
• Innovation and product development: AI algorithms can assist in product design by simulating how various factors could affect performance and durability, thereby streamlining the research and development process.
• Cybersecurity: Machine learning algorithms can identify patterns and anomalies in your network, offering an extra layer of security against cyber threats.

A balanced future with AI

While the prospect of full business operations automation may seem distant, incorporating AI in various aspects of your SME can provide a harmonious blend of human creativity and machine efficiency.

This balance is particularly vital for SMEs looking to innovate, streamline operations, and stay competitive.

At a time when efficiency and costs are a focus for many business owners, AI might provide useful solutions that merit investment.

If you’re interested in unlocking the potential of AI for your SME and need help with seeking investment to acquire the right solutions, find out how our funding experts can help.

You must file your company accounts, to avoid late filing penalties, Companies House is warning.

All companies must file annual accounts with Companies House each year, regardless of whether they are trading or not, or whether they are public or private. This applies to both large and small companies. LLPs are also subject to these rules.

Private companies and LLPs must file their first accounts within 21 months of the incorporation date, or three months from the accounting reference date, whichever is the longer period.

After this, companies and LLPs must file nine months before the end of the accounting reference period, while publicly listed companies have six months to submit their accounts.

Here are some simple steps to prevent your company from filing late:

• Mark your diary or calendar to remind you.
• Sign up for email reminders from Companies House.
• Allow for enough time for postage if you are filing via the post.
• File online to speed up the process.

The best way to avoid fines

The most effective way to submit your accounts on time is to outsource this responsibility to a qualified accountant.

A professional accountancy firm can maintain your financial records as well as submit all the relevant documentation to Companies House before the relevant deadlines. They will ensure you do not get handed a hefty fine, which can amount to £7,300.

To learn more about how an accountant could help you avoid fines and charges, get in touch.

After the fourteenth consecutive increase in interest rates since 2021, many business owners will be asking themselves the same thing: “When will interest rates finally fall?”

The higher the interest rates, the more money you pay on your debts like loans, overdrafts, and credit cards. Equally, many of your customers will also face higher costs on their debts.

Due to this and other economic conditions, your customers are likely to cut back on spending, which in turn can further restrict your cash flow and investment plans.

Earlier this year there were significant declines in inflation in both the USA and Europe, which is an encouraging sign for the UK, which has itself started to see more significant falls in inflation.

Rising like a rocket, falling like a feather

Inflation has already fallen slightly to 6.8 per cent in July 2023 (the latest figure at the time of publication), which is a good sign for struggling businesses, but don’t celebrate just yet.

At the moment the Bank of England (BoE) continues to increase the base rate, with it sitting at a recent high of 5.25 per cent at the end of August, with it expecting to reach a peak of 5.5 per cent during September 2023 and remain high for the following 12 months.

Any subsequent reduction in interest rates is likely to be slow, with forecasts suggesting that the BoE will have only cut interest rates to three per cent by 2026 as the Bank tries to meet its two per cent inflation target.

This is indicative of earlier predictions that despite the rapid increase in rates, they will be slow to come back down again. So, we are still going to be experiencing high-interest rates for the foreseeable future.

In addition to this, the UK economy witnessed a weakening of its position, with a further contraction likely in the coming year.

What does a fall in interest rates mean for your business?

Put simply, when the interest rate does eventually drop it will become cheaper to borrow and easier to pay back loans. The low interest rates should, therefore, offer an incentive to borrow and invest in your business.

Your customers and clients will likely have more money to spend once interest rates fall and the inflationary pressure on your employees’ wages should decline, helping you to manage costs.

In the meantime, businesses need to find ways to build resilience and manage the costs and challenges that come with high-interest rates.

An experienced accountant can also help you adapt to new market opportunities as interest rates fall and ensure that you have the capital to successfully ride out the current storm.

To receive expert advice on how interest rates affect your business, get in touch.