As a business in the 21st century you are up against constant pressure to operate efficiently and competitively, and technology advancements like the cloud have made it achievable. With 48% of SME’s set to increase spending on cloud services this year, we take a look at 7 reasons why you should consider moving your accounting practices to the cloud.
Believe it or not, accessing data in the cloud is far safer than accessing your data on premise. Cloud server providers invest in the strictest physical and digital security processes, more than any business can usually afford in house. Plus, by accessing data online you’re eliminating the risk of storing sensitive information on your device which becomes open to all if it’s lost or stolen.
One of the biggest benefits of cloud is the flexibility it brings. You are no longer tied to your desk and can access your data wherever you are at the click of a button, as long as you have an internet connection. This is ideal for businesses that are constantly on the go.
3. Cost savings
Moving to the cloud can actually bring you cost savings as you don’t need to pay large fees upfront for software, or pay for users that you don’t know if you’ll need a year or so down the line. Cloud based software is scalable and can easily be upgraded as and when you need. Software and security upgrades can also be managed easily by the server provider so you don’t need to experience lengthy downtime or the inconvenience of running them yourself. Plus you no longer need your own in-house servers which could save you thousands.
4. Routine back-ups
Back-ups are done routinely as a matter of course, reducing your risk of data loss from human errors and system failures. Plus, it’s a big job that is passed over to someone else, freeing up your time so you can focus on running your business.
5. Real-time information
To run your business efficiently it’s important you have accurate information at your fingertips when you need it. Cloud technology gives you just that, real-time information at the click of a button so you can make smarter business decisions, even when you’re away from your desk.
5. Keep up with the competition
The market is changing at a fast pace and if you don’t move with the times then your competitors will. Can you afford not to adopt cloud based accounting software?
5. Free up your hard-drive
With cloud technology everything is stored online so you don’t actually need to install software onto your system, freeing up space on your systems for everything else you need to run your business.
These advantages are some of the many reasons why 48% of SME’s are looking to increase spending on cloud based accounting software this year. If your business is looking to increase productivity, efficiency and flexibility then a move to cloud based software could be what you need.
Replacing an on-premise solution with the cloud removes a host of associated direct and indirect costs with a simple, single monthly subscription fee. When comparing ongoing on-premise against cloud, they can look comparable at first but the real savings are from looking at your indirect costs as well which include.
The 2016/17 payroll year end ends on 5 April 2017 which means it’s almost time to process your year end, a busy time for any business running a payroll. The introduction of RTI back in 2013 made the process much simpler, but it can still be an understandably daunting task for some. Here at Pegasus we’re with you every step of the way to help things run smoothly, so let’s go through the key steps and dates for your diary.
Send your final FPS and/or EPS by 5th April 2017
You should send your final Full Payment Submission (FPS) on or before your employees last payday before the tax year ends on 5th April. If you don’t send your FPS by 5th April 2017 it’ll be classed as a late submission but HMRC will actually accept them until 19th April 2017. After this date they’ll no longer be accepted and you will need to send an Earlier Year Update submission (EYU) instead which highlights the difference between your last submitted report and the final figures for the 2016/17 tax year.If you need to send an Employer Payment Summary (EPS) then you should send this by the 19th April 2017. If you make submissions after this date you may be charged a penalty of £100 per 50 employees for each month your report is late.
Update employee records to transfer payroll into new tax year – as soon as possible
A large, but essential, task is updating the payroll records for every employee working for you on or before 6 April 2017 (throughout the tax year), regardless of how much you pay them or whether they have now left the business. You’ll need to prepare a payroll record, identify the correct tax code to use for them in the new tax year and enter it into your payroll software. The tax code increases are as follows for the 2017/18 tax year commencing 6th April 2017:
HMRC may send you tax code notices for individual employees. If this happens then you should overrule the standard increase values.
For new employees, use the information provided on their P60 from their previous employer.
For employees who pay Scottish rate of Income Tax, make sure they are set as being a Scottish taxpayer.
Update your payroll software – as soon as possible
It’s important to update your software so you’re using the new rates and thresholds for the new tax year on 6 April 2017.For Opera 3 the updated software also includes a new advanced payments and deductions list that can assist with gender pay gap reporting.. If you’re using a Pegasus payroll solution it’s easy, and your fully trained Pegasus partner can guide you on this.
Give your employees a P60 by 31st May 2017
A P60 outlines everything you have paid your employees throughout the tax year, along with any deductions, and should be given to every employee by 31st May 2017.
Report expenses and benefits by 6th July 2017
If you’ve paid employees any expenses through your payroll then you’ll need to tell HMRC about these via a P11D submission. The P11D will show HMRC how much Class 1A National Insurance you owe – which must be paid by 22nd July 2017. Take a look at the Pegasus P11D Organiser for help with this.
For further advice on running your payroll year end take a look at the guidance information on the HMRC website or call the o-a-sys team on 01233 812050.
For any business there is no greater asset than its employees, and it’s no secret that keeping them happy leads to greater efficiency and productivity. A happy employee makes a happy business but the question is; how do you keep employees happy, motivated and loyal? You’re first idea may be to offer a pay increase or a generous bonus, but as the old saying goes “money doesn’t always buy happiness”. In fact, some of the simplest and cost effective things can increase employee satisfaction the most.
1. Work-life balance
For many employees having some balance between their work and personal responsibilities is important. If possible, why not give employees the option to work from home occasionally or offer flexible working hours?
2. Career progression
Don’t wait for good workers to come to you saying they’re moving on, use your foresight and plan their career progression from their very first interview. Most good employees will be eager to learn and develop their skills so show them they’re valued with regular reviews and training opportunities.
3. Communication and be transparency
Employees don’t like to be left in the dark when it comes to business operations. Breaking down the barriers between management and workers with regular communications in the form of staff conferences, emails and one-to-one catch ups about the state of the company can build trust and go a long way in improving employee satisfaction.
You’d be surprised how a humble “thank you” or “well done!” influences workers’ self-esteem. Nobody likes to feel their efforts are going unnoticed and a bit of gratitude will always be appreciated.
5. Good working environment
Your office doesn’t need to be full of state of the art equipment and the latest technology, but having a clean, tidy and most importantly, a safe work space is essential.
6. Allow freedom
When you give your employees freedom and responsibility you’d be surprised by what they can achieve. Where possible, cut the restrictions and let them develop their ideas creatively.
7. Have fun
Enjoyment is one of the simplest and easiest things to implement and can make a huge difference to the work environment. Work doesn’t always have to be serious and initiatives such as dress down days, competitions, team building days, fundraising activities and social activities such as drinks after work on a Friday and team lunches can work wonders. You’ll also get to know your employees on a personal level rather than just by job title, particularly new starters and those in other business departments who you don’t work closely with on a day-to-day basis.
8. Pay employees accurately and on time
The last thing employees want is a headache when they receive their monthly pay cheque. Clunky, out of date payroll systems can often cause inconsistencies resulting in late payments and incorrect tax, which can quickly disgruntle employees. New initiatives such as auto enrolment contributions, childcare vouchers and salary sacrifice create additional challenges for payroll departments and potential errors if systems can’t keep up. Make sure your payroll system is up to the job of catering for the demands of a twenty first century payroll, such as Opera 3 Payroll & HR .
9. Be a good leader
Do you flourish under pressure or turn into a wreck? A good leader will remain calm, organised and offer employees clear guidance and expectations. If employees don’t know what they’re doing, or feel their leader isn’t up to the job they’ll quickly lose interest.
Of course there are many other ways too in which you can boost your employee happiness, the list is endless. However the most important note is not take your employees for granted, and don’t make the common assumption that throwing money at them will increase satisfaction, as it won’t, at least not in the long term.
Summer has arrived and it’s the time of year when unplanned absence might be on the increase among your employees. Whilst the majority of staff illness will be genuine, popular sporting events such as the Euros, Wimbledon and Olympic Games, coupled with good weather could encourage some employees to push their luck and ‘pull a sickie’. In this blog post we’ll look at monitoring employee attendance so you can identify patterns and introduce processes to manage it.
The true cost of unplanned absence
According to government research , 140 million working days are lost each year to sickness and cost businesses £9 billion in sick pay. Unplanned absence can have a significant impact on productivity and profitability, especially within small organisations. Large amounts of absenteeism can also affect the morale within an organisation.
Monitoring employee attendance
For any absence policy to be effective, it’s vital to have accurate measurement in place as it’s impossible to manage absenteeism if you don’t measure it.
Most payroll and HR systems allow you to enter employee sick days, such as Opera 3 Payroll & HR . Recording your employee sick days accurately means the data is easily accessible for analysis. If you’re an Opera 3 user, you can export your data into Microsoft Excel using Pegasus XRL . This makes it easy to sort your attendance data and create graphs to highlight trends.
Analysing and tackling employee attendance
If you’ve recorded employee sick days in an accurate manner, you can then begin to analyse them to identify trends, discover possible reasons for absence and detect employees who have significantly higher absence levels than others.
Where should you start? Some key factors to look at are:
Learn more about Opera 3 Payroll & HR and its capability for monitoring and managing employee attendance.
Overview of Pegasus CIS Webinar 28th April 2017 Join our Product Specialist for an online introduction to our construction software - Pegasus CIS- Ideal for Contractors and Sub-contractors in the construction industry
Overview of Mobile Sales App 28th April 2017 Join a Product Specialist for an overview of Pegasus Mobile Sales App. If you have Sales people out on the road who need to take orders this is an ideal application for your business. With Pegasus Mobile Sales, the turnaround time between a customer placing an order and that order being processed is reduced significantly. This improves delivery and invoicing times, ultimately enhancing cash flow. Processing orders in this way saves time and money and improves the customer’s experience of your company.
Benefits of the Cloud Enviroment 2nd June 2017 Join our product specialist for an overview of Pegasus Business Cloud.This cloud solution delivers flexibility and adaptability, allowing you to adapt to the changing nature of technology in an ever increasingly 'mobile' world.
Pegasus CIS: helping you to run your contracts profitably 2nd June 2017 A Product Specialist will demonstrate to you how Pegasus CIS (Construction Industry Solutions) gives you complete control over all aspects of contract management, from costing and timesheets through to payment applications and debt chasing, enabling you to run your projects profitably. You will know what is owed to you and when it is due - ensuring that your business remains healthy.