Research indicates that 84% of small businesses experience payroll errors, leading to substantial fines. A survey of 1,000 small business leaders reveals that 40% incurred penalties due to payroll issues. Many businesses invest an average of £2,724 monthly for outsourced payroll yet still struggle with compliance, often relying on outdated processes like spreadsheets. Common errors include incorrect wage calculations and late payments. There is growing concern about evolving employment legislation and technology, with 70% of SMEs worried about adapting to new payroll requirements, particularly among slightly larger businesses.
Previously, there were multiple systems that required constant manual intervention which led to errors and waste of time. By switching to integrated software, efficiency improved significantly.
Despite spending an average of £2,724 a month on payroll outsourcing, many businesses are still experiencing non-compliance due to outdated processes and systems.
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