5 Ways a Delayed Payroll Can Negatively Affect Your Business
When you’re a small business owner, there are a lot of things on your plate. You’re in charge of the business operations, the quality control, the accounting, the product/service development, and everything else in between.
While that in itself may be a fulfilling experience, you can’t help but admit that there are times when there’s just too much to do. As an effect, your workflow and payroll get out of sync from your established schedule. And that’s a bad thing because when your payroll gets delayed…
- It lowers the morale of your workers.
Just like you, your employees depend on their salary to get by. Without it, they’d have no means of sustenance for their daily lives. If a delayed payroll continues over time, it can breed dissatisfaction in the workplace.
- It negatively affects your business.
Your employees will no longer be motivated to do their best at work. This results in poorer customer service and productivity, both of which definitely spells trouble for your business. Consider outsourcing your accounting and other operations so you can maintain an efficient workflow.
- It tempts your key employees to resign and look for work elsewhere.
Again, just like you, your staff is working to improve their quality of life. If they aren’t able to receive proper compensation for their hard work, there’s a great chance that they will jump ship. And that’s a big no-no! Hiring new personnel costs time and money, plus they won’t have the expertise your key personnel has. Your business will greatly suffer if that happens.
- It scrambles your schedule for tax filing.
As if filing taxes on their own weren’t troublesome enough, filing them late will cost you a pretty penny, too. Keep your payroll on time with Unified Accounting & TAX, so you don’t have to worry about tax penalties anymore!
- It puts you at risk for a lawsuit.
Depending on how long you’ve been delaying your employees’ wages, they might come together and sue you. It’s the worst possible scenario any business can face. Not only will you lose a huge chunk of your manpower, but it will also affect your production quota, and possibly, even your reputation as well.
Don’t let it get to that point. You wouldn’t want the business you’ve worked hard to establish to simply crumble away because of a simple thing such a delayed payroll, would you?
If there’s too much work to be done, choose to delegate other business functions to a professional tax and accounting firm in San Francisco Bay Area California, such as Unified Accounting & TAX.
With our service by your side, your business will not just enjoy prompt payrolls and happier employees, but we can also assist you with filing your business taxes and balancing your finances! Team up with us today and enjoy reliable tax and accounting solutions in Fremont California.