Technology is continuously developing and every aspect of how businesses operate is advancing, including how employees get paid. Online payslips are being widely adopted by businesses, and according to a recent survey by the Chartered Institute of Payroll Professionals (CIPP), 47% of respondents are now using online payslips to pay employees. Within this blog post we will explore the benefits of online payslips and how they could improve your business. read more...
This week we are witnessing the latest ramifications of the Covid-19 pandemic, which has been dubbed the “pingdemic” whereby over 1 million people across the UK have been notified to isolate by Test and Trace after coming into contact with a Covid-19 positive case. As a result, supply chains up and down the country are already starting to buckle under the strain and many supermarket shelves are empty as a result.
Businesses have faced over a year of uncertainty, and whilst Covid-19 restrictions are set to be lifted next week, the ramifications of the Covid-19 pandemic will continue for business owners for a long time to come. Late payments have been a persistent problem for many businesses over the years, but Covid-19 saw late payments rocket to record highs causing significant problems for many businesses, particularly SME’s.
Over the past 18 months we’ve seen lots of buzz words and phrases come from the Covid-19 pandemic such as furlough, job retention scheme, shielding and social distancing. The latest buzz phrase “hybrid working” comes as the country is beginning to reopen and the government’s work from home guidance is due to end on 19th July. The end of the work from home guidance gives businesses three main options; bring your entire workforce back to the workplace, let employees continue working from home indefinitely or do a mix of both, known as hybrid working. But what is hybrid working and what would it mean for your business?
The Covid-19 pandemic bought the world to a standstill almost overnight and threw businesses into pandemonium. However, 18 months later and normality is finally on the close horizon with businesses reopening, restrictions lifting and the government attempting to stimulate economic recovery. Within this blog post we’re going to look at some things to consider, and opportunities for businesses, as we enter life post-Covid-19.
When it comes to growing your business, supply chains need additional levels of attention because if your business grows too quickly and your supply chain or logistics cannot keep up then you’re headed for trouble. Within this blog post we will examine our tips for smooth supply chain management and things to consider when looking to grow your business.
Covid has changed the way we work forever, seeing businesses forced to change and evolve at a faster pace than anyone might have imagined pre-pandemic. In many cases, cloud has been pivotal in enabling these critical shifts, expediting digitisation and rapidly transforming businesses to increase resilience and efficiencies in the face of unprecedented change.
A survey revealed in 2020 that 33% of employees say that they won’t stay in their current job for more than a year and employee turnover for businesses is bad news because it costs the business in terms of recruitment, training and downtime whilst training up a new recruit. It’s also demotivational for other employees when colleagues leave. Therefore, keeping your employees satisfied should be at the heart of any business growth strategy to ensure your employees give their best effort and to reduce the chances of them leaving or giving a poor service to customers.
What is even more valuable than gaining new customers? It’s keeping them. It’s very exciting gaining new customers and new customers are undoubtedly needed to grow your business, but you shouldn’t’ underestimate the value of keeping your existing customers happy. Afterall, according to Kissmetrics, it’s 7 times cheaper to keep an existing customer than to gain a new one, and returning customers are likely to spend 33% more than new customers so it’s actually pretty profitable too.
According to research 53% of CEOs want to focus on growth but one in three business don’t know where to start. That’s where we step in, here at Pegasus we’re sharing with you a blog series based on all things growth to help you recover from the turbulent year we have experienced. and to get SME’s back on track and doing what they do best. First up in the series is growing your customers, who are ultimately the lifeblood of your business, so it is crucial to keep generating leads and building your customer base.
The Covid-19 pandemic fuelled the rise in remote working and it has changed the workplace norm indefinitely. The number of permanent remote-based employees is set to double in 2021 as employees have settled into a work-life balance. What does this mean for managers and business owners? It inevitably brings new challenges to overcome to ensure both productivity and morale remain high, so within this blog post we’ll discuss ways in which you can manage remote working and support remote workers.
It has been a turbulent year for businesses and things have never been more competitive with everyone striving to recover financially from the Covid-19 pandemic. Efficiency, accuracy, and timely business decision making have become key drivers for success or failure. Running a business, large or small, involves making numerous decisions every day from deciding when to place the next stationary order to implementing vital growth strategies for the business. Advancing technology has made it easier to pinpoint accuracy rather than using guesswork, but even so, it can be hard knowing where to start but standing still is not an option.
Late customer payments have long been a challenge for SME’s, but the Covid-19 pandemic has increased this to unmanageable levels for some. According to research by Bibby Financial Services (BFS), 55% of UK SME’s are being paid late due to the Covid-19 pandemic which is significantly hindering economy recovery. Unfortunately, this has resulted in 14% of SMEs needing to turn down new work because they don’t have the cash to buy materials, as their funds are tied up in unpaid invoices. Now more than ever before, it is critical for SMEs to get on top of their credit management. But how?
While many distribution businesses are understandably focussed on how best to navigate their way through the slowly-lifting fog of COVID-19, what about long-term? The global pandemic shone a harsh light on existing supply chain weaknesses and while another pandemic might not be on the horizon, that’s not to say that other disruptive events won’t occur, especially in light of the turbulent socio-political-economic times. The buzzwords of ‘digital transformation’ supposedly hold the key to preparedness for all eventualities, but what does it actually mean for the distribution sector?
The last few years have been all about digital transformation, with much being made of the need to integrate digital technology into all areas of a business. When done ‘by the book’, it’s actually about so much more than that, requiring a drastic cultural change and asking organisations to challenge the status quo on a daily basis with a view to experimenting with new processes and technology until the optimum way of working is found. But for manufacturers in particular, what does digital transformation actually mean? It’s all too easy to get swept along with digitisation for digitisation’s sake, rushing to digitise everything without fully considering the benefits to the business.
Regardless of whether or not it’s here to stay, the UK’s furlough scheme has had a dramatic effect on payroll. Since March last year, the payroll function has faced some unprecedented challenges, having to deal with a newly dispersed workforce, many of whom will have been furloughed, meaning that many businesses had to adapt their payroll processes almost overnight. In many cases, businesses have strived to put in place flexible, more agile ways of working to manage these changes, with some turning to technology for help.
Today (22nd April 2021) is Earth Day; a day where people around the world show what they’re doing to be environmentally friendly, and an opportunity for others to follow suit. With this in mind, we thought we would share four new ways of working which could make your business environmentally friendly, and you might even reduce costs and see other benefits in the process.
The past 12 months have seen a drastic shift in buying habits. New data from IMRG shows that online sales grew by 36% in 2020 – the highest rate of growth seen in 13 years. This figure is even more impressive when you compare it to overall retail sales across the same period, which fell by 0.13%, the lowest annual growth in 25 years. While it may be difficult to confidently predict what’s to come, it’s safe to say that ‘etail’ is definitely not going anywhere for the foreseeable future.
Cloud technology is becoming more popular, but some businesses remain wary about a move to the cloud arguing “if it’s not broken, don’t fix it”. However, what is not broken today, may be tomorrow and a move to the cloud could proactively help prepare your business for an otherwise disastrous situation. In this blog post we look at six scenarios that could devastate your business and prove the benefits from moving to the cloud.
Chancellor Rishi Sunak’s recent Budget unveiled a host of measures designed to help stimulate business growth and recovery following the disruption of the global pandemic. One of these measures was the introduction of a ‘super deduction’, whereby UK businesses are able to use this super deduction to reduce their tax bill.
While the economic ramifications of Covid have been felt far and wide, the full extent of the pandemic on businesses is yet to be realised. The last 12 months have, in the main, seen businesses focus on identifying risk, protecting employees and in some cases, spinning up new business models to compensate for lost revenue.
It would be easy to reflect on 2020 as a disastrous year for businesses, the economy, and workers, but there were positives to come out of the Covid-19 pandemic too. With the vaccine bringing hope of restrictions lifting in the UK, it provides a good opportunity to look at how work lives have changed due to the pandemic and the lessons that can built upon in our post pandemic lives
2020 presented an unprecedented number of challenges for Payroll departments large and small. Businesses had to understand and implement new regimes like furlough quickly and adapt to remote working, with in some cases, entire workforces working from home. In this blog post we aim to cover the significant payroll changes coming into effect for the 2021/22 tax year which starts on 6th April 2021, and how Opera 3 Payroll has been updated to reflect these changes.
Reverse Charge VAT was originally due to be released in October 2019, but came into force on the 1 March 2021. Reverse Charge VAT changes the way you invoice your customers and sub-contractors in the construction industry. This blog post explores the changes, who will be affected and why the changes have been introduced.
Right across the supply chain, manufacturers, wholesalers and distributors are facing a common set of challenges: how to get the right product, to the right place, at the right time. In addition, they’re all facing increasing pressure to optimise customer service, meeting ever-increasing customer demands while maximising margins wherever possible. Although not the answer to all business problems, technology has a crucial role to play in managing these increasingly complex operations, at the same time as boosting customer satisfaction and ultimately having a positive effect on profitability.
COVID-19 has been a game-changer for many organisations. With radical changes to standard processes and procedures introduced almost overnight, the global pandemic has led many businesses to reassess their entire operation, re-evaluating not only how things are done but examining just how resilient their current systems are. For many decision-makers, the key question is whether or not their systems are robust enough to withstand the current economic environment.
According to research, over 80% of organisations reported that Covid-19 had a negative impact on their supply chains. In this blog post we examine how supply chain resilience is a pressing priority in light of Covid-19 and leaving the EU. Is your supply chain robust enough for unexpected challenges?
We’re all dealing with masses of data, both in our home and work lives. Making sense of all this is a daily challenge, wading through swathes of information from multiple sources in an attempt to seek out the bigger picture. In light of this, never has it been more important for businesses to try and get to grips with the information available to them, taking full advantage of the data to try to establish an up-to-date, 360° view of the business to improve decision making, profitability and productivity.
As the vast majority of us are well aware, the transition period with the EU and the UK will end on 1st January, 2021. From this date, the UK will operate a full external border meaning controls will be placed on the movement of goods between Great Britain (the UK excluding Northern Ireland) and the EU. In light of this, what are the key points for businesses to consider and what are the deadlines involved?
2020 has been an unprecedented year with many unforeseen challenges arising for businesses. This has highlighted the need for businesses to press pause on certain areas, with once pressing priorities slipping further down the list. It has led to increased pressure on SMEs to become more agile in the face of this new world, resulting in more SME's turning to a single, centralised platform.
The 2017/18 payroll year ends on 5 April which means it’s almost time to process your year end, a busy time for any business running a payroll. Before that, another deadline looms: the de-commission of the Government Gateway, which goes offline on 13 February and has been replaced by the HMRC Multi Digital Tax Platform (MDTP).
Every growing business will inevitably face challenges when it comes to choosing the right software. In many cases, investment in solutions that can bring together different areas of the organisation can take a back seat whilst short-term goals are managed. This leaves many businesses running separate systems for various departmental functions such as payroll, CRM, reporting, supply chain and cashflow management. Phrases like “if it works, why change it?” and “it’s too much work to switch” may sound all too familiar, but the truth is your business might not be running as efficiently as it could be. In this blog post we are going to look at some of the benefits of integrating different areas of your business.
One of the latest buzzwords echoing around manufacturers worldwide is digitalisation, a means of using a technology-driven business model to deliver new revenue and value-driven opportunities. A response to the need to develop greater levels of agility and efficiency in order to keep pace with an increasingly unpredictable marketplace, digitalisation has the potential to equip organisations with the tools they need to thrive in a modern economy. But what does it mean in practice, particularly for smaller manufacturers? And what’s the right approach?
The most successful players in the wholesale and distribution sector find that margins and customer service come together to create business excellence.
The rise of mobile and cloud technology has made the possibility of flexible working a reality for many businesses and their employees.
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.
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.