Auto Enrolment Putting Financial Strain On Small Businesses
Research suggests that small businesses are struggling with the costs of auto enrolment. IRIS offer free payroll software for SMEs to lower costs.
Both the Federation of Small Businesses (FSB) and Financial Times are reporting that many small businesses in the UK are struggling to meet the financial commitments raised by automatic enrolment. Whilst many believe that the Workplace Pension Reforms will ultimately be a good thing for the UK economy and their employees, the financial burdens placed on them are resulting in added pressure.
Around 1.8 million small businesses are staging for auto enrolment during FY17 and FY18, and when you put into perspective that 200,000 businesses have staged since back in 2012, that’s a lot of businesses starting workplace pensions.
John Allan, FSB National Chairman, says: “Our message for small employers is auto-enrolment is coming and will affect your business – and the sooner you get to grips with what you need to do, the better off you will be.
“Most of the businesses which have already set up a work place pension told us they found the process fairly straightforward, but we know many remain concerned about their ability to cope. These businesses should feel reassured that there is plenty of information and support available to help them through this process, both through the FSB and from the Pensions Regulator.”
To help small businesses and start-ups manage the financial commitments of payroll and reduce costs where they can, IRIS have developed IRIS Payroll Basics, the free payroll software for businesses with under 10 employees.
HMRC-recognised and user friendly, IRIS Payroll Basics helps you to manage costs within your company, whilst also being powerful enough to help your business to run an efficient and accurate payroll.
Download IRIS Payroll Basics today by clicking below and begin to see how IRIS can help your small business manage its payroll costs right from the start.