Accurate pay is a must during cost-of-living crisis

Workers pay hit the headlines recently, when it was reported that retailers Asda and Next had underpaid staff by hundreds of pounds forcing some to use foodbanks and skip meals to make ends meet.[i]

Whilst in this case the retailers put the error down to payroll vendor issues, many of our clients say incorrect timesheets are one of the biggest payroll errors they face.

A study by QuickBooks Time also found that 44% of business owners struggle with timesheet errors – some of them on a weekly or even daily basis[ii].

Ensuring employee pay is accurate and paid on time is vital, especially when the UK is facing one of the biggest cost-of-living crises for decades.

With many struggling to make ends meet by the end of the month any delays in their pay is likely to cause stress and anxiety.

In fact, research by payroll specialists Zellis showed that with living costs increasing to record levels, 45% of employees say that money worries are affecting them at work and almost half (49%) said that payroll errors, such as being paid late or the incorrect amount, would have a negative impact on their mental health[iii].

Timesheets are something that many firms rely on not only to pay someone properly but to know how long a particular project or task has taken to accurately budget in the future.

With today’s workforce often not working in the same place because of the rise of hybrid and flexible working, as well as many companies making more use of freelancers, timesheets are even more vital in the post pandemic workforce.

To improve the accuracy of timesheets and ensure that employees always fill them in correctly then moving to digital timesheets are a great option. We recently wrote about the five key business benefits of using digital spreadsheets. Click here to read.

Digital timesheets can make errors less likely and ensure that workers are paid accurately and on time.

One of our clients, Age UK Cheshire East, has been using digital timesheets since 2013. Their spokesperson, Karen Wilson said, “We’ve not looked back. Our staff are pleased that they can access the software from any location; its makes life so much easier.”

With the cost-of-living crisis causing a lot of anxiety for people, making pay one less thing they must worry about, can be a big help.

[i] https://www.hrgrapevine.com/content/article/2022-07-18-next-asda-payroll-errors-are-hitting-staff-at-the-worst-possible-time

[ii] https://www.constructionnews.co.uk/tech/the-true-cause-of-timesheet-errors-and-how-to-avoid-them-23-07-2021/

[iii] https://www.zellis.com/resources/press-and-media/financial-wellbeing-2022/